UPDATED 20:46 EST / AUGUST 29 2021

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SaaS customer relations management startup Freshworks files for IPO

Software-as-a-service customer relations management startup Freshworks Inc. filed its paperwork late Friday with the U.S. Securities and Exchange Commission for an initial public offering.

The company is seeking to list on the Nasdaq Global Select Market and is looking to raise $100 million through the sale of Class A stock.

Founded in 2010, Freshworks was initially known as Freshdesk and provided helpdesk software for customer support teams. As noted when it raised $150 million in late-stage funding in 2019, the company has come a long way since then, expanding to offer additional products for sales, marketing and human resource management teams.

Having rebranded as Freshworks in 2017,  the company pitches itself as offering innovative customer management engagement software for businesses of all sizes to make it easy to acquire, close and keep customers for life.

Freshworks says it has 50,000 customers in 120 countries. Notable customers include Bridgestone Corp., Delivery Hero SE, ITV plc, OfficeMax, Vice Media, TaylorMade Golf Co., Cisco Systems Inc., the U.K. National Services and Honda Motor Co. Ltd.

Tejas Bhandarkar, head of product at Freshworks, along with Bratin Saha, vice president and general manager of Amazon Web Services Inc., spoke to theCUBE, SiliconANGLE Media’s mobile video studio, in December 2019 on how the company uses AWS (below).

“The big focus that we have always had is to deliver the right experiences that really impact end-users for those particular functional use cases around marketing, sales, support and customer success,” Bhandarkar said at the time.

Freshworks also deploys machine learning, with Bhandarkar noting that the company builds applications around functional use cases that require machine learning assistance.

“We have now thousands and thousands of these ML models that we have built geared to addressing specific pinpoints of that particular customer,” Bhandarkar highlighted. “And then it’s not only just about building it; it’s also about maintaining it over time, making sure that it stays relevant and fresh and so on.”

Coming into its IPO, Freshworks has raised $484 million, according to data from Crunchbase. Investors include Accel, Sequoia Capital, Tiger Global Management, CapitalG and Steadview Capital.

Photo: Freshworks/Facebook

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