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Freshworks announces new unified CRM solution for startups called Freshstack

Freshworks also unveiled new capabilities for its cloud-based service desk and IT service management Freshservice to go deeper into the $34 billion IT Operations Management market.

November 11, 2021 / 06:41 PM IST

Business software maker Freshworks on November 11 announced a new unified customer relationship management (CRM) suite targeted at startups called Freshstack that allows them to manage their customer support, sales, and marketing operations.

The new suite, which was unveiled at the company's annual Refresh conference, combines three of Freshworks' products including its customer support solution Freshdesk, sales intelligence solution Freshsales, and marketing automation software Freshmarketer apart from access to the Freshworks Marketplace that comprises hundreds of apps for firms to customise the CRM suite to their needs.

“Startup founders should ensure that their developers are focused on building their core technology, not babysitting their CRM stack,” said Freshworks CEO Girish Mathrubootham “From day one, Freshworks has built products that democratise access to modern, easy-to-use software. Freshstack builds on that commitment by helping the titans of tomorrow get going faster today.”

This initiative is part of the firms' startup programme, through which startups gain access credits on its products as well as access to a global community of more than 200 venture capitalists, accelerators, incubators, and startup communities across more than 87 countries.

At launch, Freshworks said it was offering $3,000 in credits for Freshstack as part of this programme. These credits are only available on the Pro plan for Freshsales Suite and Freshdesk Omnichannel and will cover all the features available in the plan, it said.

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The company, which recently made its public market debut on NASDAQ, said the programme has helped more than 2,500 startups with critical resources, mentorship, and community since 2019. It added that more than 20% of the world's unicorns including the likes of PhonePe, Zomato, Databricks, Klarna, Browserstack, and Chargebee are currently using its products.

"Companies who want to build for the future can't win using software of the past. A well-designed, scalable technology stack is critical for the growth and efficiency of a startup - and this is true for all stages. Organisations like Freshworks help founders around the world get access to resources that help them scale from day one - and at every step of their company-building journey," said Rajan Anandan, MD, Sequoia India.

At its annual Refresh conference, Freshworks also unveiled new capabilities for its cloud-based service desk and IT service management Freshservice to go deeper into the $34 billion IT Operations Management (ITOM) market.

The new capabilities, which will be available later this month, help IT and engineering teams increase efficiency and reduce downtime since they can focus on root-causing and fixing the problem at hand instead of many manual hours spotting critical alerts and creating or routing tickets in IT service desks.

The on-call management capability will help IT teams to immediately respond to critical incidents and kickstart collaboration between IT and devops teams to prevent service outages while the automated alert grouping with machine learning capabilities helps reduce alert noise to identify the most pressing issues first and minimise business impact.

"By unifying major incident response and IT service request management in one easy-to-use system, we’re expanding our footprint in a market where modern affordable applications differentiate us amid a sea of costly and complex third-party software," said Prakash Ramamurthy, chief product officer at Freshworks.

Freshworks said that more than 10,000 companies currently use Freshservice to manage their IT operations on a single platform including Coupa, Databricks, TaylorMade, Vice Media, Shopify, RingCentral, PowerSchool, and Multichoice.

On November 3, the software-as-a-service (SaaS) major had posted a loss of $107.4 million in Q3 2021, its first earnings report as a public company. This was largely driven by stock-based compensation and related expenses of $138 million during the quarter. The firm had posted a profit of $1.3 million in Q3 2020.

Total revenue grew by 46 percent year-on-year to $96.6 million for the quarter, from $66.18 million revenue in the corresponding quarter last year.
Moneycontrol News
first published: Nov 11, 2021 06:41 pm

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