Freshdesk raises $55 million in latest round; valuation tops $700 million

Freshdesk, an enterprise software maker, has raised $55 million in a funding round led by Sequoia Capital India and Accel Partners. The company is valued at $700 million after the current funding round, and has raised a total of $149 million venture capital funding till now. It was valued at $500 million a year back when it raised some capital in Series-E funding. Besides Sequoia and Accel Partners, other investors in the startup are New-York based Tiger Global and Google Capital.

Founded in 2010 by former Zoho employees Mathrubootham and Shan Krishnasamy, Freshdesk is a software-as-a-service (SaaS) based firm with its proprietary helpdesk software used by customer support agents from around the world on various channels like email, phone and social media. The company has offices in the US, Chennai, London, Sydney and Berlin, and competes with global firms like Zendesk and Salesforce.com. Out of its 886-member team, 845 employees work out of the Chennai office.

The company doubled its customer base to over 80,000 since its last round of funding in April 2015. It also opened a new office in Europe and added two new products since then. While several of its 80,000 customers are small and medium businesses, Freshdesk also counts marquee names such as 3M, Sony Motion Pictures, Cisco, SolarC as its customers.

Sameer Gandhi, Partner, Accel Partners said that “We have been backing Freshdesk since our seed investment. We are excited about Freshdesk becoming one of the global iconic SaaS companies in the future.”