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A more accessible, integrated Salesforce for small to mid-sized businesses.

Like HubSpot, but with a stronger focus on help desk and IT service management.

An integrated alternative to Zendesk for customer support and ServiceNow for IT management.

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• Freshdesk: Provides a cloud-based platform for businesses to manage customer inquiries and support tickets across various channels.
• Freshservice: Offers a cloud-based solution for IT teams to manage IT incidents, requests, assets, and service delivery.
• Freshsales: A comprehensive CRM that helps sales teams manage leads, contacts, deals, and automate sales processes.
• Freshmarketer: Combines marketing automation, conversion optimization, and analytics tools to help businesses engage customers and drive growth.

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Freshworks (symbol: FRSH) primarily sells its software products and services to other companies (B2B).

Freshworks does not have "major customers" in the sense of individual companies accounting for 10% or more of its revenue. According to its annual reports filed with the SEC (e.g., its 10-K report for the fiscal year ended December 31, 2023), no single customer accounted for 10% or more of its revenue for recent fiscal years. This indicates a highly diversified customer base rather than reliance on a few large clients.

As such, specific customer company names and their symbols cannot be provided. Instead, Freshworks serves a broad range of businesses across various industries globally, primarily focusing on:

• Small and Medium-sized Businesses (SMBs): A significant portion of Freshworks' customer base consists of SMBs seeking scalable and user-friendly software solutions for customer support, IT service management, sales, and marketing. Freshworks' suite of products (Freshdesk, Freshservice, Freshsales, etc.) is often adopted by these companies due to its ease of use and affordability.
• Enterprises: While historically strong in the SMB segment, Freshworks has been increasingly expanding its reach into larger enterprise accounts. These customers utilize Freshworks' more comprehensive solutions and integrations for managing complex operations across different departments.
• Companies across diverse industries: Freshworks' products are sector-agnostic and are utilized by businesses in a wide array of industries. These include, but are not limited to, technology, retail, healthcare, education, financial services, logistics, e-commerce, and SaaS companies that require tools for customer engagement, internal IT support, and sales automation.

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• Amazon Web Services (parent company: Amazon.com, Inc., Symbol: AMZN)
• Google Cloud Platform (parent company: Alphabet Inc., Symbol: GOOGL)
• Microsoft Azure (parent company: Microsoft Corporation, Symbol: MSFT)

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Dennis Woodside, CEO and President

Dennis Woodside became CEO of Freshworks in May 2024, having previously served as President since joining in 2022. He has over two decades of experience with innovative companies in Silicon Valley. Prior to Freshworks, he was Chief Operating Officer of Dropbox, where he was crucial in the company's growth and successful IPO. He also held sales and strategy leadership roles at Google for over 10 years, including serving as CEO of Motorola Mobility after its acquisition by Google. Woodside also served as President of Impossible Foods from 2019 to 2022. His career began as a corporate lawyer and a consultant at McKinsey & Company. He previously served on the boards of ServiceNow and the American Red Cross.

Tyler Sloat, COO and CFO

Tyler Sloat was named COO and CFO in 2024, having initially joined Freshworks as CFO in 2020. He is responsible for overseeing accounting, finance, IT, workplace, corporate strategy, revenue operations, and revenue enablement teams. Sloat is recognized as a seasoned cloud finance leader and board member, having played a pivotal role in several successful IPOs and acquisitions. His prior experience includes serving as CFO at Zuora and holding executive finance positions at technology leaders such as NetApp and Siebel Systems. He has also served on the boards of companies like Oanda and Compass and currently invests in and advises various private companies.

Girish Mathrubootham, Founder and Executive Chairman

Girish Mathrubootham is the Founder and Executive Chairman of Freshworks. He served as CEO from the company's inception in 2010 until 2024. Under his leadership, Freshworks grew from an idea to a software company listed on Nasdaq, expanding its operations to 13 global locations serving over 67,000 customers. Mathrubootham is also a prominent venture capital investor and advisor to more than 60 companies. He is a founding member of SaaSBoomi, a large community for founders and product builders in Asia, and a founding partner of Together Fund, a founder-first VC. Before founding Freshworks, he was the Vice President of Engineering at Zoho Corporation.

Mika Yamamoto, Chief Customer and Marketing Officer

Mika Yamamoto joined Freshworks in November 2023 as Chief Customer and Marketing Officer. She brings global experience in leading diverse teams, focusing on transforming organizations to achieve growth. Before Freshworks, Yamamoto was Executive Vice President and Chief Customer Engagement and Marketing Officer at F5. Her previous roles include serving as Global President of Marketo, and subsequently Senior Vice President and General Manager of Marketo at Adobe after its acquisition. She also held positions as Chief Digital Marketing Officer and CMO of SMB for SAP.

Murali Swaminathan, Chief Technology Officer

Murali Swaminathan joined Freshworks as Chief Technology Officer in September 2024. With over 30 years of experience in software engineering, he is responsible for Freshworks' technology roadmap and strategy, leading the global engineering and architecture teams. His past leadership roles include positions at ServiceNow, Recommind (now OpenText), and CA Technologies (now Broadcom), where he delivered scalable and secure solutions for digital transformation and business agility.

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The key risks to Freshworks (FRSH) business include:

1. Intense Competition and the Challenge of AI Differentiation/Monetization: Freshworks operates in a highly competitive Software-as-a-Service (SaaS) market, directly competing with larger and more established players such as Salesforce and ServiceNow in its core product categories like CRM and IT service management. The rapid advancements in generative AI pose a significant challenge, potentially disrupting traditional customer service business models and leading to pricing pressure and limited differentiation for Freshworks. Concerns exist regarding the company's ability to effectively monetize its AI investments and whether these enhancements will be sufficient to meaningfully accelerate growth amidst intense competitive pressures.
2. Slowing Growth Rates and Net Revenue Retention (NRR) Challenges: Freshworks has experienced a deceleration in its revenue growth rates. The company's net revenue retention rate, a crucial metric for SaaS businesses, while adequate, lags behind top-tier competitors and has shown signs of pressure. This challenge is partly attributed to factors such as headcount reductions within client companies and a broader economic slowdown impacting IT spending, particularly among its small and midsize business (SMB) customer base.
3. Potential Bankruptcy Risk: Freshworks has an Altman Z-Score of 1.32, which places the company within the "distress zone." This score implies a potential risk of bankruptcy within the next two years. Despite other financial indicators suggesting liquidity and low debt, this specific metric highlights a significant financial concern.

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The increasing commoditization and accessibility of advanced AI capabilities, particularly generative AI, poses an emerging threat. As powerful large language models (LLMs) become more sophisticated, accessible via low-cost APIs, and integrated into broader enterprise platforms, businesses may find it easier and more cost-effective to build or augment their own internal customer support, IT service management (ITSM), and sales automation solutions. This shift could reduce reliance on comprehensive, subscription-based SaaS platforms like Freshworks for core functionalities, potentially diminishing demand for Freshworks' specialized offerings and impacting its market share and pricing power as the "build vs. buy" equation shifts.

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Freshworks (FRSH) operates in a total addressable market estimated at $78 billion, according to Gartner. This market encompasses their main products, Freshdesk for customer support and Freshservice for IT Service Management (ITSM).

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Freshworks (FRSH) is expected to drive future revenue growth over the next 2-3 years through several key strategies and product advancements:

1. Expansion of Customer Base, particularly Mid-Market and Enterprise: Freshworks is strategically focusing on increasing its customer base, with a particular emphasis on attracting and retaining mid-market and enterprise clients. By the end of 2023, the segment of customers contributing over $5,000 in annual recurring revenue (ARR) grew by 22% year-over-year to 19,622 customers. The company's Q3 2025 results further underscored this pivot, with over 60% of ARR now originating from mid-market and enterprise segments. Freshworks aims to increase its market share in the CRM and ITSM markets, displacing legacy competitors and expanding its footprint in these larger customer segments.
2. Growth in Employee Experience (EX) and Customer Experience (CX) Segments: The company is heavily investing in and seeing strong traction from its Employee Experience (EX) and Customer Experience (CX) solutions. As of Q3 2025, the Employee Experience segment achieved over $480 million in ARR, growing 24% year-over-year, significantly supported by Enterprise Service Management (ESM) and IT asset management. The Customer Experience segment reached over $390 million in ARR, with an 8% year-over-year growth.
3. Advancements and Adoption of AI Capabilities and AI-Driven Products: Artificial intelligence is a critical driver for Freshworks' future revenue growth. The company has over 50 AI-driven applications currently in customer hands, and its AI annual recurring revenue (ARR) doubled year-over-year. Specifically, Freddy Copilot's ARR grew an impressive 160% year-over-year in Q3 2025 and was included in over 60% of new customer deals exceeding $30,000. Freshworks is expanding the monetization of its AI platform, with management expecting AI solutions to fuel future revenue growth.
4. Launch and Expansion of Standalone Enterprise Service Management (ESM) Products: Freshworks is broadening its market reach by making Freshservice for Business Teams available as an independent product for non-IT functions. This strategic move allows direct sales to departments such as HR, finance, facilities, and legal, even if these companies already utilize a different ITSM tool. The standalone enterprise service management product, aimed at these business teams, currently has an annual run rate of $35 million, which doubled year-over-year.

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Share Repurchases

• Freshworks announced a $400 million share repurchase program in November 2024.
• The company successfully completed this $400 million share repurchase program by Q3 2025.
• Approximately 27.9 million shares were repurchased at an average price of $14.35 during the program.

Share Issuance

• Freshworks completed its Initial Public Offering (IPO) on Nasdaq on September 22, 2021, raising $1.03 billion by offering 28,500,000 shares of Class A common stock at $36.00 per share.
• The company consistently manages share count dilution by net settling vested equity amounts, with approximately $15 million used for this purpose in Q3 2025.

Outbound Investments

• Freshworks acquired Device42, an American IT-management firm, for $230 million in May 2024.
• This acquisition was made to strengthen Freshworks' Employee Experience (EX) offerings and enhance its competitive position, particularly against rivals like ServiceNow.

Capital Expenditures

• Capital expenditures were reported as $9.01 million in 2020, $8.50 million in 2021, $12 million in 2022, $8.23 million in 2023, and $14 million in 2024.
• Investments are focused on product AI capabilities, global expansion, and strengthening Employee Experience (EX) products.