Sequoia buys Freshworks dip; SoftPOS is new big bet in payments

Sequoia buys Freshworks dip; SoftPOS is new big bet in payments

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Madhav Chanchani

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Pratik Bhakta

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Madhav Chanchani

105 reads
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Pratik Bhakta

122 reads

The Crux newsletter this week. The venture-capital firm has snapped up a large number of shares of Nasdaq-listed Freshworks in recent weeks. What signal is it sending to the markets? Software-based payment solutions are helping merchants avoid the costs and hassles of traditional POS terminals

March 17, 2022

5 Min Read

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%. 

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