Sign In
Venture Capital
For SaaS major Freshworks, the joy of surpassing the market cap of old rival Zendesk was short-lived. Its market cap reached nearly $15 billion last November, but a share slide has brought it down to $4.7-4.8 billion. Zendesk is comfortably ahead again with a figure of $13.6 billion.
The reversal of fortune has happened in months. Just in September, the Chennai-based company had landed a market cap of $10 billion for its initial public offering. (It is listed on Nasdaq.) Bottom line: New investors are underwater, and it does not bode well for Indian SaaS players that the sector’s bellwether stock is underperforming.
Enter Sequoia: Some investors see this slump as an opportunity. In the past few weeks, Sequoia Capital has bought Freshworks shares worth about $95-96 million, which represents a stake of nearly 2%.
In addition, access 50+ archived articles and 3 new articles every month
Sign In
Join our community of 100,000+ top executives, VCs, entrepreneurs, and brightest student minds
Blume Ventures
The CapTable brings a refreshing set of insights for us at the Blume team, highlighting stories that bring together the underlying business and founders with that of investors' journeys with these startups. It's an important perspective that very few bring to startup ecosystem enthusiasts.
Convinced that The Captable stories and insights
will give you the edge?
Convinced that The Captable stories
and insights will give you the edge?
Subscribe Now
Sign Up Now
