How Freshworks is Trying to Tap the Asean Market
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With support from the Singapore Economic Development Board (EDB), Freshworks has announced its expansion into the ASEAN market. The provider of cloud-based business software has opened the first regional hub in Singapore, with an aim to expand adoption of its customer engagement suite and increase its network of partner resources to meet accelerating customer demand in the region.
Within the ASEAN region, Freshworks has registered 45 per cent year-on-year growth as of December 2018. The company has an extensive partner and reseller network in ASEAN, covering prominent regions like Malaysia, Thailand, the Philippines, Indonesia, Vietnam, Hong Kong and Korea.
Sidharth Malik, chief revenue officer of Freshworks, says, “ASEAN is an exciting market for us, we look forward to playing our role in supporting businesses to scale and achieve their full business potential.”
“Singapore is a great launch pad into the region, as businesses are focussing on technologies to innovate. Our customers and partners in the region have shown confidence by delivering great customer experiences, and we look forward to continuing the momentum,” he adds.
Freshworks products are widely used by businesses in consulting, retail and shipping industries from the region. Some of the key customers from the ASEAN markets are AMOS Group, Decathlon, X-press Feeders, Synpulse, and ipay88, among others.
It is also digitally transforming enterprises that have been let down by traditional legacy solutions. These user-friendly business solutions include cloud-based customer support, CRM, call centre software, internal collaboration tools, and marketing automation solutions, for enterprises of all sizes. What’s more, Freshworks is pushing the envelope with its AI technology. Freddy, the company’s AI engine, enables businesses to carry out smart interactions with their customers. Furthermore, Freshworks 360, an all-in-one customer engagement suite that encompasses sales, support, and marketing needs across different customer touch points, offers a fully integrated cloud bundle.
Focus on Singapore
The reason for choosing Singapore is perhaps simple. The World Bank has ranked Singapore second among global economies in the ease of doing business, and its rapid urbanization and digitization are driving demand for customer engagement solutions across sectors.
Freshworks aims to capitalize increasing demand in the region to serve the market. As per the Forrester APAC Tech Market Outlook 17-18 report, Middleware SaaS subscription services are expected to double from US$2 billion in 2015 to US$4 billion in 2018 at a 20 per cent CAGR.
With the addition of Singapore office, the software-as-a-service (SaaS) company, headquartered in San Bruno, USA, now has nine global offices with a workforce of over 1,900 employees, spread across four continents.
Koh Jin Hoe, regional president, Asia Pacific, Economic Development Board, says, “Fast-growing technology companies from India are leveraging Singapore as a platform to access new markets. As one of the leading SaaS companies globally, Freshworks’ Regional Headquarters for ASEAN is an exciting addition to Singapore’s vibrant digital ecosystem, building on our existing talent pool and innovative technology pilots to help more businesses transform digitally.”
Freshworks had raised $100 million in its latest round of funding from Accel Partners, Tiger Global, Sequoia and CapitalG (formerly Google Capital) in July 2018. The company also announced a revenue milestone of $100 million annual recurring revenue.