Girish Mathrubootham: The Visionary Leader behind Freshworks’ Historic Nasdaq Debut

Girish Mathrubootham, the CEO and driving force behind Freshworks, has made history as the leader of an Indian-founded cloud software venture that successfully went public in the United States. Freshworks achieved this monumental milestone with a triumphant initial public offering on the Nasdaq stock exchange on September 22.

The company, which was founded 11 years ago, listed its shares under the symbol FRSH and made a remarkable debut on the stock exchange. Freshworks’ shares concluded normal trading on the exchange at a staggering 32 percent higher, closing at $47.55, and even surged to over $49 during after-hours trading. This outstanding performance showcased the strong demand for Freshworks in the market. Under Girish Mathrubootham’s leadership, Freshworks is making a significant impact on the tech industry. The company raised approximately $1 billion through the sale of 28.5 million shares, in addition to a ‘shoe’ option of 2.85 million shares, equating to approximately 10 percent of its stock. These shares were sold at $36 each, valuing Freshworks at an impressive $14.9 billion.

The Nasdaq listing marks a significant milestone for Mathrubootham and Freshworks. During an online conference call following the listing, he shared his reflections on the journey. “It’s still sinking in, (the idea of) a public company’s CEO, but one of my colleagues told me ‘G, you look ready,’ and I feel I’m ready,” he conveyed. This achievement is not just a personal milestone for Mathrubootham but a testament to the dedication and hard work of his entire team.

The Nasdaq listing event was a moment of immense pride, with Freshworks staff and invitees celebrating the occasion by waving the Indian flag. Mathrubootham was joined on the listing podium by his wife, Shobha, and their two sons. Interestingly, their two-year-old Shih Tzu dog, named Neo after the iconic character ‘the chosen one’ in the Hollywood movie Matrix, was also present, adding a unique touch to the celebration. Freshworks, a San Mateo-based company with a substantial portion of its development work and staff based in Chennai, offers subscription-based software solutions designed to help businesses manage customer support, internal IT requests, and sales and marketing automation. The company’s vision extends to competing with major industry players such as Zendesk and Salesforce, highlighting Mathrubootham’s ambitions.

One of the remarkable aspects of Freshworks’ IPO is that it was primarily a sale of new shares, meaning the company’s venture capital investors, including Accel and Sequoia Capital, did not sell their shares at the time of the listing. However, there is the possibility that they may sell or distribute shares to their limited partners over time. CFO Tyler Sloat expressed optimism about the investors’ future prospects, emphasizing their potential for success.

Mathrubootham highlighted that the IPO also aimed to create wealth for Freshworks’ employees. With a workforce of approximately 4,400 individuals, an impressive 76 percent of them are shareholders. At the listing, around 500 employees became ‘crorepatis,’ a term used in India for individuals with assets valued at Rs 1 crore or more. Remarkably, approximately 70 of these ‘crorepatis’ were under 30 years of age, underscoring the significant contributions of young talent to the company’s growth over the past decade. Mathrubootham believes that their newfound wealth is well-deserved recognition for their role in Freshworks’ journey.

Girish Mathrubootham’s journey from a humble beginning to leading a publicly-traded company is a remarkable story of vision, determination, and hard work. His leadership and the success of Freshworks showcase the potential of Indian tech startups to make a global impact, cementing Mathrubootham’s position as a prominent figure in the tech industry.