Over 10 percent of the employees of Freshworks Inc, a software-as-a-service (SaaS) company, have become “crorepatis” after being listed on the US Nasdaq stock exchange.
Freshworks Inc is the first Indian SaaS company to be listed on Nasdaq after starting operations in Chennai in 2010 with just six members.
On Thursday, the company’s market capitalization surpassed $ 13 billion after it debuted on the Nasdaq, and around 500 employees at the India-based company – roughly 12 percent of its 4,300 employees – became Crorepatis. Of the 500 employees, around 70 are under 30 years of age, which makes the performance all the more impressive.
Girish Mathrubootham, co-founder and CEO of Freshworks Inc, said the company’s initial public offering (IPO) brought a lot of wealth to its employees through its employee stock option plan (ESOP).
Speaking to the media, he said, “I really believe that wealth needs to be shared with the people who made it, not just so that the founders get richer.”
“I believe it is well deserved and they all deserve it as they have all contributed to the growth,” added Mathrubootham.
After yesterday’s closing price, the share was quoted at USD 47.55, an increase of 32 percent over the issue price. The IPO price was $ 36 per share.
It should be noted that 76 percent of Freshworks Inc’s 4,300 employees worldwide hold stock options in the company. Mathrubootham added that the IPO gave him the opportunity to live up to his responsibilities to all of those employees who have believed in the company for over a decade.
“This is really something India has to do more often. This will have a life-changing impact on many employees, ”he added. It’s an amazing feat for the company that only had 500 employees in 2015 before it reached its current level.
While Mathrubootham is proud of Freshworks’ achievement, he believes the company’s listing will pave the way for other Indian SaaS companies to go public. Mathrubootham said the SaaS sector is also poised to take on the massive information technology services industry.
He shared a message with aspiring startups and entrepreneurs saying, “I’m excited to see what this means for India. We have a whole list of entrepreneurs building businesses. We all share the dream of seeing India as the next product nation. I look forward to seeing the next companies. “
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