Private Equity Liquidity Events
WestBridge Capital sells 2% stake in IT services co. Freshworks
Source Economic Times (opens in a new tab)Inc42 (opens in a new tab)
Westbridge Capital has offloaded a 2% stake (275,000 shares) in Nasdaq-listed software-as-a-service (SaaS) firm Freshworks during the quarter ended September 2024. WestBridge currently holds a little over 4% stake worth USD 221 million.Earlier this month, Freshworks announced that it will lay off 13% of its global workforce. The company also announced a stock buyback programme worth USD 400 million of its outstanding Class A common stock.Freshworks, founded in 2010 by Girish Mathrubootham and Shanmugam Krishnasamy, offers a suite of software for customer service and support, customer engagement and IT service management.
Company website ↗ (opens in a new tab)
In Dec 2022, WestBridge had invested USD 200 M in the then newly listed Freshworks via open market purchases.