Enterprise software maker Freshdesk has created a new umbrella brand, Freshworks, that brings together the company’s growing suite of business software.
While the company’s customer support software has had breakout growth, it also introduced new products for IT service management, customer relationship management and cloud-based call centres. These are in addition to the flagship helpdesk product from which Freshdesk derived its name.
In the last six years, the company named after its flagship product Freshdesk went on to become a multiproduct company gaining significant traction for its new products. Mathrubootham said the company felt the need to differentiate and rename itself to identify with their growing product portfolio.
The rebranding comes at a time when large companies, including Zoho and Zendesk, are scouting in new maturing markets for business expansion. Zoho announced an annual investment of more than Rs 10 crore in India for customer acquisition. Zendesk has 1,700 paid customers here and is focused on the country as its top priority for this year.
For Freshworks, its top markets U.S and U.K contribute towards 80 percent of the company’s revenue. The company however is looking at other markets like middle east to expand its portfolio. It also has a solid presence in India.
Since its incorporation in 2010, Chennai and San Bruno-based Freshworks went on to become one of the most touted software-as-a-service (SaaS) startups to have emerged from India. It has more than 1,00,000 customers across 145 countries and is valued at about $700 million.
Mathrubootham estimates that the company will shortly cross the $100 million revenue milestone. While he declined to disclose Freshwork’s revenue, industry analysts estimate the top line to be north of $70 million from providing cloud-based customer engagement mer engagement software.
The market that Freshworks operates in, however, is highly fragmented and competitive. There are other companies, including Microsoft and Salesforce, fighting for a larger share of the pie.
While North America remains the biggest market for SaaS providers, companies are now looking at other maturing markets including the UK, the Middle East and Southeast Asia to set shop. Freshdesk’s rebranding to Freshworks is likely to help the company achieve a fresh start in these markets.
Freshworks has raised a total $149 million from Sequoia Capital, Tiger Global, Google Capital and Accel Partners, and has acquired seven startups in the last 18 months to enhance its product offering. The company has offices in the US, Chennai, London, Sydney and Berlin.