MC interview: “Together Fund is my startup now, will watch Freshworks grow as a shareholder,” says Girish Mathrubootham after exit

In his recently released memoir All In, Mathrubootham revealed that his initial ambition was modest: “25 employees and $1 million in revenue.” Today, Freshworks employs over 3,000 people and generates more than $800 million in annual revenue. “Dreams grow in installments,” he reflected.

“This is the right time to exit. We created a company with an amazing culture, more than anything else. And everybody enjoyed their stint,” he told Moneycontrol shortly after his departure.

Freshworks informed US regulators that Mathrubootham will step down as executive chairman and retire from the firm effective December 1, 2025. In September 2024, he had stepped down as CEO, handing over the reins to Dennis Woodside while transitioning to the executive chairman role.

Edited excerpts:

Why step back now, what was the trigger?

From your vantage point, it may look sudden, but it is not. This was always part of the plan. I was thinking about the right time, but there is no "right" time.

When I started Together Fund in 2021, I told the board that I wanted to work on this. Even before Freshworks’ IPO, we launched Fund I. Building India as a product nation has always been my dream. The board agreed, and we ratified it. They know this mission is close to my heart.

Later, we hired Dennis Woodside as President. He spent 18 months in the company, then became CEO. By May last year, we transitioned leadership. That’s when I felt I could focus full-time on Together Fund, since the team and management were in place and Dennis was doing well.

But this must be a very emotional moment for you, it’s the company you nurtured from an idea to a listed firm?

Emotions are there, of course, but it’s all good. The company is in the hands of a solid team. At an all-hands meeting, I had said: “I’m not building G’s company, I’m building a world-class company.” That means you can hire professionals who should be able to run it. That’s the definition of a world-class company. I’m happy we built something truly world-class, with an amazing culture and fantastic team members. Many people have told me Freshworks was the best time of their lives. That’s something I’m super proud of.

What will you do with your 4.8% stake in Freshworks?

I’ll watch it grow.

Will you be offloading more shares, or holding on?

I’m not planning anything. I’ll remain a shareholder like everyone else. If I have a need, I may do something, but there are no plans for this year.

So, what after Freshworks? Will we see you starting up again?

No, Together Fund is what I want to focus on. We’re working closely with startups. We have an AI Studio where early-stage startups come in, and we even have an incubation strategy where we handpick teams and work with them.

We’re operators, so we bring that differentiation, more involvement, more value-add. That’s why founders choose us. Together Fund itself is my startup. We’re 10 people now.

What are you most proud of when it comes to Freshworks?

More than revenue, money, customers, or even the NASDAQ listing, I’m proud of the culture we built. People cared about the company and about each other. Visitors to our Chennai office could feel that warmth. That culture and spirit is what I’m most proud of.

Freshworks is more American than Indian today, with many exits and expats coming in. Culture is often dictated by the founder, so will that change?

Culture is not static. It evolves, like a child growing up. The values remain, but behaviours and traits change with time. I’ve written four versions of the Freshworks’ culture over the years. The culture is really solid and intact. I’ve spoken to employees in the US and Europe, and they say Freshworks feels very different from other American companies they’ve worked at. That says a lot.

Anything you would have done differently?

No. I don’t have a rear-view mirror in life; I only look forward. I’m proud of everything we accomplished. I would do it the same way again. When I started Freshworks in 2010, I didn’t plan to run it for life, or for it to be a billion-dollar company. My first goal was just to reach $1 million in revenue. Dreams grew in instalments!

Do you regret taking Freshworks public on NASDAQ?

Absolutely not. All the recognition Freshworks and I have received is because we were the first Indian SaaS company listed on NASDAQ. If it was about money, I could have sold Freshworks instead of taking it public. It was always about legacy. At that time, Indian markets weren’t even open for tech IPOs. Our customers were global and revenue was recognised in the US, so listing there was the right decision.

Investors have been disappointed by Freshworks’ stock performance over the last three years. Do you think things are improving now?

That question is better directed to the Freshworks team. I’d prefer not to comment on it.

What would you tell founders today, especially in SaaS?

Focus on building what customers want, and create a great product. That’s always my advice.

Finally, do you think you’ve exited at the right time? Often the person for the 0–1 and 1-10 journey may not be the same for the 10–20 journey.

I’ve been there from 0 to 1, 1 to 20, 20 to 100, and 100 to 800. I’m stepping out when we’re north of $800 million. There’s no right time; you just choose what you want to do next.