Freshworks, the Chennai /US-based software company, has brought down its loss to $28 million for the fourth quarter ended December 2024 as against a net loss of $55 million in the same period last year. Revenue rose 20 per cent to $160 million ($133 million).
For the full year of 2023, the company reported a reduced net loss of $137 million as against $232 million in the corresponding year. Revenue increased 20 per cent to $596 million ($497 million).
“At Freshworks, we delivered a strong finish to the year, outperforming our financial estimates across the board in Q4,” said Girish Mathrubootham, CEO and Founder of Freshworks. “2023 was a defining year for us. We unleashed the power of the latest generative AI across our product portfolio to deliver tangible value for our customers. The refinements to our go-to-market strategy helped us win more upmarket deals and we improved our business efficiency to generate $78 million in free cash flow for the year.”
The number of customers contributing more than $5,000 in ARR (annual recurring revenue) ending in the fourth quarter of 2023 was 20,261, an increase of 14 per cent year-over-year.
Some of the clients added in the fourth quarter included Cineworld, Flexsteel, Grant Thornton, Hitachi Construction, Klöckner & Co, Porsche eBike Performance GmbH and Tata Consumer Products, said a release.
