NASDAQ-listed SaaS company Freshworks’ CTO makes a silent exit

Shanmugam Krishnasamy, the co-founder and Chief Technology Officer of NASDAQ-listed Software as a Service (SaaS) company Freshworks has called it quits. A report by Yourstory revealed that Girish Mathrubootham, the company’s co-founder and Chief Executive Officer announced Krishnasamy’s departure in a town hall meeting with employees. 
 
“Performing the role of CTO, his duty was to solve complex engineering problems for Freshworks. He is out of Freshworks now. The development happened almost six months ago. He wanted to travel and follow his passions like cars. He wanted to do it on his own terms,” said a source aware of the development. 
 
Sources told YourStory that the exit happened six months ago but the news was not public. In addition, the SaaS company has been operating without a CTO for months now. 
 
Krishnasamy ceased to be a director on the board of directors from February 6, the report stated. 
 
Freshworks, founded in 2010 in Chennai, moved its base to San Mateo, California in 2019. More than 40 per cent of its revenues then came from the North American region. It was earlier called ‘Freshdesk’ and its name was rebranded in 2017. The company made its debut on NASDAQ in September 2021. At that time, it was valued at over $12 billion after shares opened 21 per cent above the IPO price. 
 
The SaaS firm hit headlines when it got into trouble in the US. In November, the India-born and California-headquartered start-up was sued by US-based law firms, Scott+Scott and The Schall Law Firm, for misleading investors during its IPO. The company has also been charged with “violations of the federal securities laws”. 
 
Both firms alleged that Freshworks offered misleading documents at the time of its IPO, concealing key challenges in its business at the time. Freshworks responded to the queries sent by Business Today, by saying, "We don't comment on pending litigation and intend to defend this and any similar case vigorously.” 

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