1947 Tech Newsletter 🇮🇳

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1947 Tech 🇮🇳: 171
1947tech.substack.com

1947 Tech 🇮🇳: 171

Freshworks has become the first India-born software-as-a-service firm to trade on a US exchange.

shiva singh sangwan
Sep 29, 2021
Share this post
1947 Tech 🇮🇳: 171
1947tech.substack.com

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.

FreshWorks lists; valued at $13 billion

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.

India's Oyo seeks $1.2 billion in IPO, eyes $12 billion valuation

Worth your attention:

  1. Indian online learning platform Vedantu becomes unicorn with $100 million funding Link

  2. Exclusive: Spinny set to become a unicorn with $1.9 Bn valuation Link

  3. Addition invests $125 mn more in Delhivery Link

  4. Fidelity may lead Meesho’s new $550–600M round taking valuation up to $5B Link

  5. Reliance may invest $250 million in InMobi’s Glance Link

  6. B2B platform for factories bijnis raises $30 million in Series B funding Link

  7. Invesco in talks to invest in Swiggy at $10 billion valuation Link

  8. Exotel bags $35 million in funding led by Sistema, others Link

  9. ZestMoney gets $50 mn from BNPL provider Zip Link

  10. Medikabazaar raises $75 mn in series C funding Link

Thank you for reading. Please share any feedback, questions or comments with me on Twitter :)

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1947 Tech 🇮🇳: 171
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