Freshworks’ founder Ratna Girish Mathrubootham has sold shares worth $40 million on the Nasdaq, according to the company’s filing in the US Securities and Exchange Commission.
The sale happened on December 18 and 19, the filing says.
On December 18, Mathrubootham sold 8.35 lakh shares worth $14 million. The filing says he sold 16.6 lakh shares worth $26 million the next day.
Mathrubootham, who founded the Chennai/US-based SaaS company 14 years ago, in May handed over the reins to President Dennis Woodside.
As Freshworks’ founder and single largest shareholder, Mathrubootham has had pre-established trading plans, adopted under SEC Rule 10b5-1, to diversify his financial investments since becoming a public company. He owns roughly 4 per cent of the company and still remains the largest individual holder of Freshworks stock with high voting power. This sale was planned ahead of time as part of his long-term financial diversification strategy, said a company spokesperson.
