Salesforce rival Freshworks files for IPO

Freshworks, one of the rivals, on Friday made public its filing for an initial public offering in the United States, reporting a nearly 53 percent growth in revenue as more customers signed up for its services.
US dollarFreshworks is backed by investors including Sequoia Capital and Tiger Global Management.

Business and customer engagement software company revealed it had earned $168.9 million in revenue for the six months ended June 30 this year in a regulatory filing, up from $110.5 million in the same period last year.

Freshworks reported net loss of $9.8 million for the same period, down nearly 83 percent from a year earlier.

San Mateo, California-based Freshworks has not yet set the terms for its offering, but Reuters reported in April it could aim for a valuation of up to $10 billion.

Launched in 2010 as Freshdesk from the Indian city of Chennai by Girish Mathrubootham and Shan Krishnasamy, Freshworks raised its first round of funds in 2011.

Freshworks’s products help business with customer management, like a messaging platform, an artificial-intelligence powered chatbot for customer support and call center solutions that promise shorter wait times.

It also allows for automation of routine, repetitive tasks and managing of various HR functions like hiring, onboarding and tracking employee data.

Freshworks said its technology is used by more than 50,000 companies, including Delivery Hero, payments firm Klarna, Cisco Systems and General Electric.