Posted on Thursday, Jun 12th 2014
Today, we’re immensely proud of Girish Mathrubootham and the Freshdesk team, as they continue to grow one of India’s flagship global product companies in the Cloud CRM space. Freshdesk has just raised $31 million led by Tiger Global and joined by Google Ventures and Accel.
I first met Girish in Chennai in 2011, very soon after the 1M/1M program was launched. Girish pitched at a live 1M/1M roundtable hosted by TiE Chennai. Soon after joining the program, the company won the Microsoft India Startup challenge in the cloud category. The prize was a $40k grant. Freshdesk already had built a product, and the grant allowed them to validate all the way to recruiting paying customers, getting a good feel for the pricing model, customer acquisition cost, etc.
Eventually, they were able to skip a seed round and go straight to a Series A with Accel Partners later that year.
The company remains steadily focused on customers, and has innovated consistently, bringing in various flavors of social CRM into the product design. They have also raised a total of $44 million in funding.
Today’s milestone is a great acknowledgement of their consistent execution in a space that is growing rapidly, has strong competition, but also a gigantic market opportunity that will sustain multiple winning players. Currently Freshdesk has 23,000 customers around the world.
At the roundtable today, Vanessa Engelhart from The Hague, Netherlands, pitched EQIP Consultancy that is working on an educational product to engage children in technology and entrepreneurship through a board game. My opinion: the business needs to be crowdfunded and built as an e-commerce venture.
Also, Satish Medapati from Bangalore, India, pitched MeDine, an app for consumers to engage with restaurants, order, collect loyalty rewards, get personalized recommendations, etc. On the flip side, another app for restaurants helps them market, get customers, take orders, personalize recommendations, etc. Powering the entire workflow is a sophisticated data engine.
The company has some level of validation with consumers and restaurants using the products. Satish would like to raise money, but the business is not quite ready for that yet.
Also, we discussed my Unicorn series article, Ownership Matters: How To Maximize Valuation.
My strong advise to all you entrepreneurs interested in raising money: do not take investor meetings pre-maturely. You won’t get funded, and investors won’t take another meeting for 6-12 months. It’s wasting a cartridge that you need to hold.
You can listen to the recording of this roundtable here:
As always, I would very much like to hear about your business, so let me invite you to come and pitch at one of our free 1M/1M public roundtables. We will be holding future roundtables at 8 a.m. PDT on:
-Thursday, June 19, Register Here.
-Thursday, June 26, Register Here.
If you want a deeper relationship with me, you are very welcome to join the 1M/1M premium program. If you have any questions about the program, please, first study the website, especially What to expect from the 1M/1M premium program and the FAQs. If you have additional questions, please email me, and I would be very happy to respond. Please note that I work exclusively with 1M/1M entrepreneurs.
This segment is a part in the series : Roundtable Recap
. February 4 - Bootstrap First, Raise Money Later with Raj De Datta, CEO of BloomReach . January 28 - Security Sector Spotlight . January 21 - Navigating Through Massive Challenges . January 14 - Interesting Discussions On Travel Related Concepts . January 7 - Dynamic Beginning To 2016 . December 17 - Focus on Proteins and Whole Wheat Bread, Skip Candies . December 10 - Bootstrapping To $20M With Freemium Conversions . November 19 - A Story of Resilience . November 12 - Great Discussions and Q&A . November 5 - Conflict Is Good For GrowthMore »» . October 29 - Capital Efficient Entrepreneurship with Susan Mason, General Partner, Aligned Ventures . October 22 - Spotlight On Europe . October 8 - Greg Gianforte On Entrepreneurship, Economic Development And Politics . October 1 - Equity Crowdfunding From Customers . September 24 - Five Promising Entrepreneurs . September 17 - From A Small Town In The Foothills Of The Himalayas . September 10 - Achieve Product-Market Fit Before Fund Raising . September 3 - Down To Earth Execution . August 27 - Showcase of Women Entrepreneurs . August 20 - Future Of Journalism . August 6 - Impacting a Rural Eco-system . July 30 - Is Entrepreneurship Only About The Exit? . July 23 - Future of K-12 Education . July 16 - We Can't Help Everyone . July 9 - The Future of Higher Education with Anant Agarwal . July 2 - Capital Efficient Entrepreneurship . June 25 - From E-Commerce to Web 3.0 with Alexander Zache, CEO of Auctionata . June 18 - DIY, DIFM, DIWM Trends For SMB Solutions . June 11 - Selling SaaS To Indian SMBs . June 4 - Billion Dollar Unicorns with Druva Founder Jaspreet Singh . May 28 - Shifting Mental Models . May 21 - Venture Capital In India With Ashish Gupta, Helion Venture Partners . May 14 - Billion Dollar Unicorns with InMobi Co-Founder Amit Gupta . May 7 - Billion Dollar Unicorns With Clarabridge CEO Sid Banerjee . April 30 - Billion Dollar Unicorns with Therese Tucker, CEO of BlackLine . April 23 - Billion Dollar Unicorns with Roman Stanek, Founder of GoodData . April 16 - Billion Dollar Unicorns with Fred Luddy, Founder of ServiceNow . April 9 - Billion Dollar Unicorns with Gaurav Dhillon, Founder of Informatica and SnapLogic . April 2 - Spanning The Globe . March 12 - Billion Dollar Unicorns with Rob Hull, Founder of Adaptive Insights . March 5 - Billion Dollar Unicorns with Ratmir Timashev, CEO of Veeam . February 26 - Billion Dollar Unicorns with Scott Sandell, NEA . February 19 - Bootstrapping A Billion Dollar Unicorn With A Paycheck . February 12 - Billion Dollar Unicorns with Ross Mason, Founder of Mulesoft . February 5 - Billion Dollar Unicorns with Chris Gladwin, Founder of Cleversafe . January 29 - Billion Dollar Unicorns With Vineet Jain, CEO of Egnyte . January 22 - Billion Dollar Unicorns with Warren Weiss, Foundation Capital . January 15 - Billion Dollar Unicorns with Aaron Skonnard, CEO of Pluralsight . January 8 - Kicking Off 2015 With Great Energy . December 18 - Carnival In The Cloud With David Hornik, August Capital . December 11 - Carnival In The Cloud With Ann Winblad, Hummer Winblad Venture Partners . December 4 - Bootstrapping With A Paycheck With Shomit Ghose, Onset Ventures . November 20 - Interesting Trends . November 13 - Bootstrapping With A Paycheck with J.T. O’Donnell, Careerealism Media & CareerHMO . November 6 - Carnival In The Cloud with Eric Benhamou, Benhamou Global Ventures . October 30 - Three Revenue Generating Companies . October 23 - Carnival In The Cloud with Jason Lemkin, Storm Ventures . October 16 - Carnival In The Cloud in India with Sharad Sharma and Ravi Gururaj . October 9 - Carnival in the Cloud with Naren Gupta, Nexus Venture Partners . October 2 - Carnival In The Cloud with Brian Jacobs, Emergence Capital . September 25 - From E-Commerce to Web 3.0 with Tod Francis, Shasta Ventures . September 18 - From eCommerce to Web 3.0 with Jason Stoffer, Partner, Maveron . September 11 - Lots Of Uncut Diamonds . September 4 - From eCommerce To Web 3.0 With Gus Tai, Trinity Ventures . August 28 - Interesting Businesses Amidst End Of Summer Blues . August 14 - Be Careful About Funding Assumptions . August 7 - You Can’t Have The Cake And Eat It Too . July 31 - Does Your Idea Scale? . July 17 - Avoid Pipe Dreams, Look for Pragmatic Solutions . July 10 - Beware of Free Loaders! . June 26 - USA Qualifies in 2014 World Cup Soccer . June 19 - Please Articulate Your Investment Thesis . June 12 - Celebrating Freshdesk’s $31M Series D Funding . May 29 - Get A Diagnostic On Fundability . May 22 - Homework Is Key . May 8 - Discussion On UltraLight Startups . May 1 - Women, Children and Entrepreneurship . April 10 - Chisel Your Raw Ideas To Find a Viable Positioning . April 24 - Series A Pitch Needs Clarity On Hard Numbers . March 27 - Bootstrapping Using a Paycheck Trend . March 20 - Spotlight on Penn Students . March 6 - You’re Never Too Old To Startup . February 27 - Confidentiality is Overrated . February 20 - In The Wake of WhatsApp . February 6 - First Time, From Barbados . January 30 - Value Proposition Needs To Be Laser Sharp . January 23 - All Emerging Market Ventures . January 16 - Investors Fund Businesses, Not Concepts . January 9 - Startup Mentoring Takes Patience . December 19 - Final One For 2013 . December 12 - Spotlight on Kae Capital, India . December 5 - Seed India Book Launch . November 14 - Do Your Competitive Analysis . October 31 - Book Launch – Feminine Feminism . October 24 - Bootstrapping Strategies . October 10 - Try To Minimize Capital Risk . October 3 - Devil Lies In The Details . September 26 - Launch Of A New Book . September 19 - SMB Focused Offerings . September 12 - Peer Validation Is Irrelevant . September 5 - Mentoring Networks Do Not Work . August 29 - Window Into Pakistan . August 22 - All Indian Affair . July 25 - Equity Financing From Customers . July 18 - Awake in Australia . July 11 - A Romp Through Some Global Entrepreneurship Hubs . June 20 - Three Indians . June 6 - Fashion Apps . May 30 - Rackspace Cloud - 1M/1M Startup Challenge Finals . May 23 - Turning Dreams Into Cash . May 16 - Calculate Your TAM Accurately . May 9 - Promising Portfolio From India . May 2 - Tech Recruitment in Bulgaria; Custom Fashion in India; Incubator-in-a-Box . April 25 - IT For Cleantech IN, Cleantech OUT . April 18 - From Singapore To Israel . April 11 - India’s Startup Industry Has A Major Gap – Product Marketing . April 4 - Don’t Waste Your Time . March 28 - Positioning And Focus Create Fast Sales Cycles . March 21 - Differentiation Is Key . March 14 - Spotlight On ProductNation, India . March 7 - The Diabetics Epidemic . February 21 - Damsels In Distress . February 14 - Stealth Is Overrated . February 7 - Joint Session with Startup Weekend . January 31 - Return On Investment . January 24 - Meet The One Million Club . January 17 - Winners Of The Second New Year Challenge 2013 Final . January 10 - Winners of the New Year Challenge 2013 First Final . January 3 - Last Few Hours To Vote For 1M/1M New Year Challenge 2013 . December 20 - New Year Challenge Voting Round Begins . December 13 - Focus On Artificial Intelligence . December 11 - IBM SmartCamp Barcelona . December 6 - New Year Challenge 2013 . November 29 - An Inside View Into Mentoring 2.0 . November 15 - Democratization Of Startup Financing . November 8 - Never Too Old To Startup . Kolkata MUST Clinch This Time . October 26 - Emerging Kerala . October 18 - Carbon Trading In Bulgaria . October 11 - Don’t Wait For Someone To Fund Your Alpha . October 4 - Kolkata 1M/1M Pitch-Fest . September 13 - Five 1M/1M Ambassadors Win Scholarships . September 6 - OrangeScape Launches KiSSFLOW . August 30 - Hybrid Business Models . August 23 - Attention, FinTech Entrepreneurs! . August 2 - The Free Rider Problem . July 26 - Date First, Don’t Rush Into A Marriage . July 19 - Winners Of A&N Media-Elance Contest With Kings College, London . July 12 - Spotlight On Western Massachusetts . July 5 - The Challenge Of Navigating Long Sales Cycles . June 21 - Spotlight On Colorado . June 19 - Winners Of The A&N Media-Elance Contest With London School Of Economics SU Entrepreneurs & European Student Startups . June 14 - Winners Of The A&N Media-Elance Contest With Imperial College, London . June 7 - Winners Of Second BlueSnap-Elance Finals . June 4 - Winners Of First BlueSnap-Elance Finals . May 31 - Go, Kolkata! . May 22 - Winners Of TechHub-A&N Media Battle Of The Startups Contest In London Win 1M/1M Scholarships . May 10 - BlueSnap-Elance Contest Applications Deadline This Weekend . May 3 - Some Wonderful Opportunities With Corporate Partners . April 26 - A Rare Women-Only Session . April 19 - Tyranny Of The TAM . April 12 - More From Indian Entrepreneurs . April 3 - Rendezvous In Bangalore . March 15 - Spotlight On 3 Day Startup Tel-Aviv . March 12 - Winners Of Microsoft Israel Scholarships . March 1 - Strategy Gaps Need To Be Plugged . February 23 - Microsoft Israel To Offer 1M/1M Scholarships . February 16 - What’s Happening In Turkey? . February 9 - Are You Fundable? . February 2 - YCombinator vs. 1M/1M . January 26th - Spotlight On Jacksonville, Florida . January 19 - Are Media Sites Fundable? . January 12-13 - Spotlight On IIT Kharagpur, India . January 5 - ERP Galore . December 22 - Free Apps, Ad-Supported Business Models => Dangerous! . December 15 - Web 3.0 And Social Dancing; Romania Emerging . December 8 - Three Open Opportunities For 2012 . December 1 - 1M/1M Premium Company Freshdesk Wins Funding From Accel Partners . November 17 - Business Schools And Early Stage Entrepreneurship . November 3 - VCs Are Not Always Right . October 27 - Check Out Stanzr . October 20 - Non-profits And For-profits . October 13 - FREE Is Not A Business Model . October 6 - Dedicated To Steve Jobs, Reinforcing Mission To Restructure Capitalism . September 29 - From Poland To Argentina . September 22 - How Do You Catalyze A Region’s Entrepreneurship? . September 15 - Do Your Homework First . September 8 - A View Into Israeli Start-ups . September 1 - Fall Call To Action . August 25 - How To Use Twitter For Lead Generation . August 11 - Menlo Park And The Silicon Valley Renaissance . August 4 - How Do You Bootstrap Freemium Ventures? . July 28 - Investors And Incubators Need To Look At Pre-Incubation . July 21 - Crowd Sourced Funding Exchanges - An Emerging Trend . June 30 - Continued International Participation . June 23 - New Assessment Tool For Entrepreneurs . June 16 - Exciting Companies Lined Up For Microsoft Startup Grant Finals . June 9 - Silicon Valley . June 2 - 1M/1M And Incubators - What We Have Learned . May 26 - Twitter, LinkedIn - Why Not Affiliates? . May 19, Making Money From Blogs . May 12 - Two Really Cool Companies . May 5 - Ownership Matters . April 28 - Guerrilla P.R. & SEO Most Profitable Customer Acquisition Strategies . April 21- Incubators Are Reaching Out To 1M/1M . April 17 - High-Octane Energy In Pune . April 16 - 1M/1M Partners With Indian Angel Network Incubator . April 9 - 1M/1M Announces Partnership With TiE Chennai . April 6 - 1M/1M Announces Important Partnership With MAD Incubator, Malaysia . March 31 - Microsoft’s $100,000 India Startup Challenge Grant . March 24 - 75th Session Spotlights The Midwest . March 17 - Spotlight On Latin And Central America . March 10 - Spotlight On India . March 3 - Spotlight On The Northwest . February 24 - VCs, Angels, Incubators, Accelerators – What Are You Doing With Your Rejects? . February 17 - Indian Company Plugs Gap In Google’s Enterprise Solution . February 10 - When Keywords Are Competitive . February 3 - Indian Entrepreneurs Are Maturing . January 27 - Non-Dilutive Financing Through Revenue Sharing . January 20 - Personalization Remains An Open Problem . January 13 - Top 10 Online Advertising Trends For The Decade . January 6 - Top 10 Vertical and Social Web Trends For The Decade . December 16 - Top 10 Tech Trends To Watch . December 9 - Where Should You Raise Money? . December 2 - Niche Marketplace Businesses Can Be Interesting . November 18 - Not Coming To The Rescue Of Victory . November 11 - African Tech Entrepreneurs Emerging . November 4 - Premium Lounge Sneak Preview . October 28 – Convert Potential Competitors To Partners . October 21 - Bootstrapping Comes In Many Flavors . October 14 - Professional Investors Do Not Invest In $20 Million Markets . October 7 - Try To Get At Least $2M Pre-Money In Seed Round Valuation . September 30 - Investors Don't Fund Broad Ideas . September 23 - Do Not Spray And Pray . September 16 – 5 Cloud Computing Opportunities for Entrepreneurs . September 9 - Open Opportunities In Cloud Computing And Rural BPO . September 2 - Find High Velocity Channels . August 26 - 85%-90% Of Search Traffic Comes From Organic Search . August 19 - Niche E-Commerce Is Great For Bootstrapping . August 5 - Paying Customers =>Validation =>Valuation . July 29 - Startups In Malaysia . July 22 - Bootstrap Using Services . July 15 - A Market Of Late Adopters . July 8 - The EJ Methodology . July 1 - Get Your Pricing Model Validated . June 24 – Three Startups That Can Hit One Million Dollars . June 17 – Online Education Startups . June 10 – Efficient Targeting . June 3 – Defining Market Segments . May 27 – Is The Venture Worth Your Time? . May 20 – Validation, Validation, Validation . May 6 – Defining Value Proposition . April 29 – Finding The Right Direction . April 22 – The Original Runners . April 15 – Small Is OK; The Goal Is Profitability . April 8 – A Focus On E-Commerce . April 1 – Bootstrapping Tips . March 25 – A Mixed Bag Of Advice