Girish Mathrubootham led Freshworks through an IPO on Nasdaq in September 2021 (File)
Girish Mathrubootham has announced his decision to step down as the Chief Executive Officer (CEO) of Freshworks, a cloud-based SaaS (software as a service) company, and will now take on the role of executive chairman. Dennis Woodside, the president, will succeed him as the new CEO.
Mr Mathrubootham was excited to be taking on the new role. He said in a statement that he was looking “forward to continuing to serve Freshworks” and will continue to “focus on our long-term product vision and AI, spending more time with our teams in India, and being a trusted advisor to Dennis."
Mr Mathrubootham, the founder of Freshworks, started the company in Chennai in 2010 and transformed it into a major force in the SaaS industry. The company is now headquartered in San Mateo, California.
He led Freshworks through an initial public offering (IPO) on Nasdaq in September 2021, marking it as the first India-born SaaS firm to trade on a US exchange.
During his tenure, Freshworks expanded its global reach, serving over 67,000 customers worldwide. The company now has a workforce of approximately 4,900 employees across 13 global locations, according to his statement.
Mr Mathrubootham revealed that he "brought Dennis (Woodside) on board" initially so he could help him in creating "an ambitious growth plan." He hoped that Mr Woodside would eventually lead the team, allowing Mr Mathrubootham to spend time on "the long-term product vision, innovation, and AI strategy."
In the first 3 months of this year, Freshworks made $165 million in revenue -- 20% more than the same period last year. Their profit, excluding certain expenses, increased to $21.8 million from $3.9 million last year. They also had more cash on hand, with $38.7 million compared to $9.1 million a year ago. "Together, we have built a remarkable company, and together, we will continue to build an even brighter future," Mr Mathrubootham said, signing off.