1947 Tech 🇮🇳: 171
Freshworks has become the first India-born software-as-a-service firm to trade on a US exchange.
1. FreshWorks lists; valued at $13 billion
Shares of Freshworks Inc. surged in their trading debut on Nasdaq, reflecting soaring demand. The company’s shares started trading at around $46, a 28% gain over the IPO price of $36. At 10.10pm India time, the company’s market value rose to $13 billion.
With the listing under the ‘FRSH’ symbol on the Nasdaq Global Select Market exchange, Freshworks has become the first India-born software-as-a-service firm to trade on a US exchange.
The company, which was co-founded in 2010 in Chennai before shifting its headquarters to San Mateo in the US, continues to have a large workforce in India, catering to more than 52,000 customers globally. It has close to 4,300 employees.
2. India’s Oyo seeks $1.2 billion in IPO, eyes $12 billion valuation
Indian budget hotel chain startup Oyo is looking to file for an initial public offering as soon as next week, people familiar with the matter told TechCrunch, joining a handful of firms in the world’s second-largest market that are working to explore the public markets.
The seven-year-old startup, founded by 27-year-old Ritesh Agarwal, is planning to raise as much as $1.2 billion in primary and secondary sales in the IPO and is aiming for a valuation of over $12 billion, the people said requesting anonymity discussing private matters.
The aforementioned terms could slightly change in the next few days and the startup may take an additional few days to file the paperwork, the people said.
Like Zomato, and a handful of firms, including Paytm and PolicyBazaar, Oyo plans to list on Indian stock exchanges, one person said. Agarwal doesn’t plan to sell any stake at the IPO, the person added.
Worth your attention:
Indian online learning platform Vedantu becomes unicorn with $100 million funding Link
Exclusive: Spinny set to become a unicorn with $1.9 Bn valuation Link
Addition invests $125 mn more in Delhivery Link
Fidelity may lead Meesho’s new $550–600M round taking valuation up to $5B Link
Reliance may invest $250 million in InMobi’s Glance Link
B2B platform for factories bijnis raises $30 million in Series B funding Link
Invesco in talks to invest in Swiggy at $10 billion valuation Link
Exotel bags $35 million in funding led by Sistema, others Link
ZestMoney gets $50 mn from BNPL provider Zip Link
Medikabazaar raises $75 mn in series C funding Link