Over 500 Indian employees working in a software-as-a-service (SaaS) company became crorepatis after a stellar listing on the Nasdaq stock exchange.
Over 10 percent of employees working in Freshworks Inc, a software-as-a-service (SaaS) company, have become ‘crorepatis’ after it got listed on the Nasdaq stock exchange in the US.
Freshworks Inc is the first Indian SaaS company to get listed on Nasdaq after it started operations in Chennai with only six members in 2010.
On Thursday, the company’s market capitalisation crossed $13 billion after it made its debut on Nasdaq and around 500 employees of the company working in India — around 12 percent of the total 4,300 employees — became crorepatis. Of the 500 employees, roughly 70 are below the age of 30, making the achievement all the more impressive.
Girish Mathrubootham, the co-founder and chief executive officer of Freshworks Inc said the company’s initial public offering (IPO) created a lot of wealth for his employees through the employee stock ownership plan (ESOP).
Speaking to the media, he said, “I truly believe that wealth has to be shared with the people who created it, not just for the founders to get richer.”
“I believe that it is well deserved and they all earned it as they all contributed to the growth,” Mathrubootham added.
After yesterday’s closing, the stock was trading at $47.55, up over 32 percent compared to its issue price. The price of the IPO was $36 per share.
It may be noted that 76 percent of Freshworks Inc’s 4,300 employees globally hold equity options in the company. Mathrubootham went on to say that the IPO has given him the opportunity to fulfill his responsibility to all those employees who have believed in the company for over a decade.
“This is truly something that India needs to do more often. This is going to have a life-changing impact for many employees,” he added. It is an amazing feat for the company which only had 500 employees in 2015 before it reached its current level.
While Mathrubootham is proud of Freshworks’ achievement, he believes that the company’s listing will pave the way for other Indian SaaS firms to go public. Mathrubootham said the SaaS sector also has the capability to take on the massive Information Technology services industry.
Sharing a message with upcoming startups and entrepreneurs, he said, “I am excited about what this means for India. We have a whole list of entrepreneurs who are building companies. We all share the dream of seeing India as the next product nation. I am excited to see the next set of companies.”