Freshworks quarterly revenue surges past $100M in 2021
— the San Mateo, California-headquartered Software-as-a-Service (SaaS) company — reported it reached the $100 million quarterly revenue milestone as part of its fourth quarter and full year of 2021 earnings report.
“We had a strong finish to the year as we surpassed $100 million in quarterly revenue and achieved 44 percent year-over-year growth in the fourth quarter,” said Girish Mathrubootham, CEO and Founder, Freshworks, in a statement.
For the fourth quarter of 2021, Freshworks reported Non-GAAP (Generally Accepted Accounting Principles) losses of $10.7 million, up from $2.3 million for Q4 of 2020.
The company also saw a 28 percent rise year-on-year in the number of customers contributing more than $5,000 in ARR (annual recurring revenue). Freshworks also signed on new customers, including British Museum, Databricks, Humanscale, Jollyroom, and others, during the quarter. The net dollar retention rate stood at 114 percent, a slight dip from Q3 of 2021.
The company’s full-year revenue grew 49 percent over 2020 to $371 million. The company reported Non-GAAP losses from operation at $18.3 million for the year 2021 as compared to $8.3 million in the previous year.
In a statement, Freshworks said it expected to clock total revenue between $486.5 and $495 million for the full year of 2022. It expected its Non-GAAP loss from operations to rise from $48.5 million to $56.5 million.
The first Indian business-to-business SaaS player to list in the US public markets, Freshworks made its debut on Nasdaq in September 2021, valued at $10.13 billion. The initial offer price of shares was $36 apiece. Freshworks shares closed at $22.46 apiece at market close on February 10.