Freshworks: 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 through the July-September interval, in line with a submitting made with the US Securities and Trade Fee (SEC).

The investor bought 275,000 shares of Freshworks through the quarter and at present holds just a little over 4% stake price $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 value of $24.97.

Through the September quarter, whereas Westbridge Capital Administration diminished its stake within the firm, a number of marquee buyers equivalent 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 corporations. Its portfolio consists of unicorns equivalent to Meesho, Rapido and PhysicsWallah, along with public corporations equivalent to HDFC Financial institution, ICICI Financial institution and ZScaler.

Earlier this month, Freshworks laid off 13% of its workforce, impacting round 660 workers 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 complete 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 12 months, with complete 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 present, 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.