Over 500 India-based employees of this IT company are now ‘crorepatis’. Here’s how

Software firm Freshworks on Wednesday (local time) made its debut on the Nasdaq stock exchange after a billion-dollar initial public offering (IPO). In doing so, the company, headquartered in San Mateo in California, became the first Indian Software as a service (SaaS) enterprise to be listed on the iconic New York-based stock exchange.

Freshworks shares rose by 32 per cent after raising $1 billion in an IPO offering priced above a marketed range. The IT company’s shares stood at $47.55 at New York trading closing time on Wednesday, giving it a market value of $13 billion. This resulted in more than 500 of the company’s India-based employees becoming “crorepatis” (1 crore=10 million), with around 70 of them being under 30 years of age.