Four years after Freshworks’ Nasdaq IPO, founder Girish Mathrubootham will step down as executive chairman and board chair on December 1, 2025, to fully focus on Together Fund—his venture capital initiative backing early-stage SaaS and AI startups. Mathrubootham’s departure comes just a year after transitioning from CEO to chairman, continuing a trend of leadership reshuffles at Freshworks since its listing. Roxanne Austin, a seasoned independent director who sits on boards of CrowdStrike, AbbVie, and Verizon, will succeed him as chair, with the board now trimmed to nine members for improved governance.
From Chennai Garage to Global SaaS Leader
Founded in 2010, Freshworks spearheaded India’s SaaS movement, scaling from humble beginnings to a $10 billion public debut in 2021. Mathrubootham—one of SaaS’s most recognized faces—built the company around customer-centric CRM, helpdesk, and IT tools, alongside co-founder and former CTO Shanmugam Krishnasamy, who exited in 2022. Recent years saw top management changes, AI product pivots, and a focus on driving profitability.
After 15 years, I’m stepping down as Executive Chairman of Freshworks effective from December 1st 2025
— Girish Mathrubootham (@mrgirish) September 4, 2025
What started in Chennai grew into a global SaaS company on Nasdaq — thanks to an amazing team & customers. 🙏
Freshworks will always be Kudumba and thanks to the incredible…
Financially, Freshworks is in transition: For Q2 2025, consolidated net loss narrowed by over 90% to $1.7 million from $20.2 million last year, while revenue rose 18% to $204.7 million. Notably, its Freddy AI products crossed $20 million ARR, signaling AI’s centrality to new growth. Operating cash flow hit $58.6 million—up 61% year-on-year—showing tighter controls and the promise of sustainable scale.
Together Fund: Betting Big on India’s AI Dream
Mathrubootham’s next chapter is Together Fund, launched in 2021 alongside Manav Garg (Eka Software), Shubham Gupta (ex-Matrix), and Avinash Raghava (ex-Accel). Together Fund started with $85 million; its second fund, targeted at $150 million, is focused on backing at least 25 AI-first startups and is on track to close by mid-2025.
The portfolio already includes Bytebeam, RapidClaims, Jhana, Capitol AI, Spendflo, and Zipstack, and the fund emphasizes operator-led support, deep integration, and scaling Indian product innovation in global markets.
Notable SaaS Exits
Freshworks’ founder exit is part of a broader trend in Indian SaaS, with notable departures at Innovaccer (Abhinav Shashank moving to US investments), Postman, and Zoho witnessing top-level transitions in leadership and focus. Wave after wave of SaaS exits—doubling from 6 in 2018 to 12 in 2021—highlights sector maturity and the rising tide of ventures built by former unicorn employees, fueling India’s second and third generation SaaS founders.
What’s Next for Freshworks and Indian SaaS?
Under CEO Dennis Woodside, Freshworks is pushing further into AI, automation, and global enterprise segments, with the Freddy AI Copilot and Agent driving competitive edge. While the company faces profitability pressures and stock volatility, its improved fundamentals and fresh board leadership signal readiness for the next wave.
For Mathrubootham, the mission is clear: enable India to become a true “Product Nation.” As Together Fund doubles down on AI-native startups, industry insiders expect faster scaling and more $100 million revenue contenders in the coming years.
Read this: Flipkart Acquires Majority Stake in Pinkvilla to Strengthen Content-Led Commerce
Final Thoughts
Girish Mathrubootham’s exit from Freshworks marks the end of an era and the start of a renewed focus on unleashing India’s innovation through venture investing. As Freshworks evolves under new leadership, and Together Fund backs the next AI and SaaS wave, India’s startup ecosystem stands poised for deeper global impact—built by founders, for founders, from Chennai to Silicon Valley.
