Indian investors line up to buy newly listed Freshworks; Tesla falls out of favour

NEW DELHI: The stellar response to Zomato issue showed how hungry Indian investors are for tech startups. The issue saw frenzied response from investors despite the company having a track record of bleeding cash.

Now, many more startups are lining up to raise money from the primary market. However, that does not seem to be enough to quench the investors' thirst, who seem willing to chase Indian startups anywhere they get listed.

As of now, savvy Indian investors are infatuated with newly listed Freshworks Inc, which by their own admission made over 500 employees crorepatis. The stock has seen a significant increase in interest in the last few days, according to brokers who facilitate investments in the US-listed entities.

Data available with Vested Finance, one such broker, shows Freshworks Inc. stock has emerged as the investor's top choice after its IPO, making it the most popular for investments.

Freshworks, a software-as-a-service (SaaS) company that a former Zoho employee co-founded in 2010, got listed on Nasdaq on Wednesday. Since then it has toppled Microsoft, which saw most investments from Indians.

Shares of Freshworks traded at $46.75 as of Friday close. This was close to the listing price on the counter.

The data available on Vested Finance tracks investment trends of clients using its services, and may not be an accurate extrapolation of whole market behavior. Though, it is a good indicator of how investors are thinking.

Among other trends, there has been a sharp decline in Tesla’s popularity as the proportion of investors holding the counter has declined from 10 per cent to 7.8 per cent over the last six months.

In the last 30 days, Microsoft has been the most popular stock among Indian investors. Apple, Amazon, Salesforce and Facebook are the next four favourites. Zoom Video is another name that has regained its popularity.