Steadview Capital, an asset management firm headquartered in Hong Kong, has invested as much as $85 million in California and Chennai-based customer engagement software maker Freshworks in a secondary transaction, per a report by The Economic Times.
The transaction, which was reportedly closed in January, paved the exit of some early angel investors in Freshworks, the report added.
A regulatory filing issued a few weeks ago had stated that Freshworks had raised as much as $250 million in fresh funding from three undisclosed investors. It is not clear if the current transaction is a part of that.
“Your request pertains to our Series H funding, which was closed in November 2019. As noted in our announcement at the time, the primary investment was for $150 million. There were also some secondary transactions that were made by some of our earlier investors. Due to confidentiality terms, we can’t go into further details,” a spokesperson of Freshworks said.
Freshworks made headlines late last year when it raised $150 million in its Series H round at a post-money valuation of $3.5 billion. The round then was led by its existing investors Sequoia Capital, CapitalG, and Accel to accelerate investment in the company’s integrated SaaS platform.
Established in 2010, Freshworks enables small and medium businesses to support customers through e-mail, phone, website, and social networks. A significant portion of the company’s revenue comes from small enterprises in the US.
Apart from India, Freshworks has offices in the UK, Germany, and Australia, and counts NHS, Honda, Rightmove, Hugo Boss, and Citizens Advice among its clients.
The company’s products include Freshdesk, Freshservice, Freshsales, Freshcaller, Freshteam, Freshchat and Freshmarketer. Freshworks has also acquired at least 10 firms since 2015.
Freshworks’ latest acquisition is Flint, an India-based IT orchestration and cloud management platform. Prior to that, it has bought Natero Inc and AnsweriQ Inc.