IPOs

September 22, 2021

The “Salesforce of India” Comes to Market

As it turns out, Toast wasn’t the only big IPO of the day. Freshworks, dubbed “Salesforce’s Indian rival,” hit it big in its own market debut today. 🦄 ✨

Freshworks is India’s oldest unicorn in the software-as-a-service (SaaS) biz, making it one of the most prominent Indian startups to IPO this year. Among the other high-profile names gearing up to go public are Paytm and Flipkart. Because of India’s tech prospects, these listings have become buzzy among investors worldwide. 🐝

In 2020, the company reported revenue of $249.7 million. So far in 2021 (Q1 and Q2), the company has reported $168.9 million in revenue. Freshworks also reports having over 50,000 customers, which includes international clients.

The company is expected to become profitable partially because of the favorable economics resulting from its India location, according to several analysts. In early 2021, the company’s net loss began to narrow.

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$FRSH rose 32% today from its offering price of $36. Freshworks closed out the day at $47.55, which values the company at over $10 billion. 💰 💰

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Shein To Test Markets & Regulators

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IPOs

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$GRAB, The Super App

Grab, a Singapore-based “super app,” listed on the Nasdaq today via SPAC. Grab started out as a ride-hailing platform in 2012, but has since-branched into everything from food delivery to digital payments and investments. 🤑

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IPO Weakness

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