Westbridge Capital trims stake in SaaS firm Freshworks by 2%

India-focused funding fund Westbridge Capital Administration offloaded 2% of its holding in Nasdaq-listed software-as-a-service (SaaS) agency Freshworks in the course of the July-September interval, in line with a submitting made with the US Securities and Alternate Fee (SEC).

The investor bought 275,000 shares of Freshworks in the course of the quarter and at the moment holds somewhat over 4% stake value $221 million within the California-based firm.

Freshworks’ shares final traded at $16.54 on Thursday – 34% decrease than the corporate’s 52-week excessive worth of $24.97.

Throughout the September quarter, whereas Westbridge Capital Administration lowered its stake within the firm, a number of marquee traders comparable to Vanguard Group and Blackrock elevated their publicity to Freshworks.

Vanguard is Freshworks’ largest institutional shareholder, adopted by Blackrock, Peak XV Companions and Westbridge Capital Administration.

Westbridge Capital is an India-focused fund, which invests in each private and non-private firms. Its portfolio consists of unicorns comparable to Meesho, Rapido and PhysicsWallah, along with public firms comparable to HDFC Bank, ICICI Bank and ZScaler.

Earlier this month, Freshworks laid off 13% of its workforce, impacting around 660 employees globally, as a part of its efforts to streamline operations.The corporate additionally introduced that it plans to conduct a $400 million share buyback programme.

Within the July-September interval, Freshworks noticed its whole income improve by 22% to $186.6 million, in comparison with $153.6 million within the third quarter of 2023.

The corporate expects to clock between $187.8 million and $190.8 million in income for the fourth quarter. It expects a 20% progress for the total yr, with whole income projected to achieve between $713 million and $716.6 million.

Following Freshworks’ announcement of the layoffs and share buyback programme on November 6, its shares surged.

At the moment, the corporate has a market capitalisation of $5 billion.

Freshworks, based in 2010, primarily targets small and medium companies with its buyer relationship administration (CRM) software program. The Chennai and San Mateo, California-headquartered SaaS agency serves greater than 68,000 clients, together with American Categorical, Bridgestone, Databricks, Fila, Nucor and Sony.