Startup of the year: Freshworks aims to become a $1-bn company in 5 years

Freshworks has set its sights on increasing revenue to over $1bn inthe next five years as it prepares to take advantage of the vast untapped SaaS market

Early this year, customer engagement software company Freshworks announced that it had crossed $300 million in annual recurring revenue (ARR). In May 2020, it had said its ARR was $200 million. This is impressive growth in a year when businesses were hit hard by the Covid-19 pandemic.

The pandemic did not stop Freshworks from releasing new products and making strategic acquisitions in the AI (artificial intelligence) space, with the company remaining focused on its goal to become a $1 billion revenue firm.

Staying relevant to customers is what worked for the company, says Freshworks founder and CEO Girish Mathrubootham. “Many