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Friday, March 1, 2024

Economic terrorist George Soros overtly and covertly ‘Bullish’ on Indian startups


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Global economic terrorist George Soros turned bullish on India in 2014. His NGO Open Society Foundation (OSF) has been operating in India since 1999.

Not known to many in India but in 2010, Soros bought a 4 percent stake in the Bombay Stock Exchange for USD 35 million (₹163 crores) from Dubai Financial Holding, owned by the Emirates ruler Sheikh Mohammed bin Rashid al-Maktoum. But he reportedly exited at a loss by offloading the entire stake in the IPO in 2017.

In 2014, Soros launched an India-specific grant-making program, supporting local organizations that work in three areas: extending access to medicine; promoting justice system reforms; and strengthening and establishing rights, public services, and community living for people with psychosocial disabilities. But OSF’s social impact investing began in 2008 when they joined Google, the Omidyar Network, and the Indian School of Business to create the USD 18 million SONG Fund.

Soros through his NGO and Investment Fund has invested over USD 100 million in 46 Indian startups and early-funding projects as on December 2022. The funds were routed through Bengaluru-based Aspada Investments. On January 19, 2021, Aspada Investments in a Series E Fundraising invested USD 8.3 million in the Indian startup Dunzo. Before that on December 2020, Aspada Investments invested USD 40 million in the learning CueMath. In September 2019, Aspada was sold to the LGT Group (Liechtenstein) to create Lightrock.

Popular startups PharmEasy, CueMath, Shiprocket, Neogrowth, Scaler that Soros has been bullish about:

This is what the Open Society Foundation’s press release to the media informed in 2019: 

Soros Economic Development Fund sold a controlling interest in Aspada Investment, its India-focused impact investment fund subsidiary, to LGT, the international private banking and asset management group owned by the Princely House of Liechtenstein.

Aspada, launched in 2013, has been a pioneering investor in commercially scalable, high-impact businesses across food supply chains, health care, education, and financial services in India over the last decade. It currently manages a portfolio of more than 15 investments totaling over USD 100 million in invested capital. 

As of December 2022, Lightrock India had 46 investments, with the recent deal done on December 15, 2022, when fintech player Neogrowth raised Rs 300 crore.

Lightrock continues to make growth-stage impact investments in India with ticket sizes ranging between USD 10 million and USD 50 million. It also continues to manage past investments from the Aspada and SONG funds.

Here is the list of the 46 companies in the portfolio of Lightrock India

Arya: Provides post-harvest services across the agricultural value chain, including warehousing, warehouse receipt financing, rural storage discovery, collateral management, and market linkages. The Company extends its expertise to various constituents of the agriculture supply chain. It works extensively with Farmers, Farmer Organisations, Financial Institutions, Agriculture Corporations, Development actors, Commodity Exchanges, and International players in its endeavor to integrate the entire agriculture value chain. The company also offers warehouse receipt financing solutions via Aradhya, which is the company’s wholly owned NBFC subsidiary, for Farmer Producers’ Organisation (FPOs), SME aggregators, and smallholder farmers in rural India.

The company manages over 2.5 million tonnes of agriculture commodities as of March 2020. It has 1400 warehouses, 75 percent of which are located in villages and small mandi-level markets. It recently launched India’s first online warehouse marketplace.

Dehaat: DeHaat is one of the fastest-growing start-ups in the Agri Tech sector and one of the very few companies providing end-to-end solutions and services to the farming community in India. The company is building AI-enabled technologies to revolutionize supply chain and production efficiency in the farm sector. Currently, they are operating with 650,000 farmers in their service network and their goal is to bring their services to 5 million farmers by 2024.

Porter: Intra-city truck aggregator marketplace present in 8 cities that allows customers and businesses to hire vehicles for relocation or to transport e-commerce deliveries and other goods. Porter helps e-commerce, FMCG, SMEs, traders, 3PLs, Courier, Cargo companies optimize their logistics with the help of their fleet management technology.

Dunzo: Dunzo is a hyper hyperlocal delivery platform and a chat-based task management app that allows users to create to-do lists through its app and fulfills tasks such as picking up groceries or providing home services. The platform leverages both artificial intelligence and human operators to provide solutions. It currently focuses on four main categories: shipping packages from point to point, buying, home service & repairs. It has recently introduced ‘Checkout with Dunzo’, a new B2B logistics service for retailers and small business owners. The company currently operates in Bengaluru, Delhi, Gurgaon, Pune, Chennai, and Hyderabad. Dunzo has around 30,000 monthly active users in Bangalore and has 1000 riders who complete tasks for users, and it has a repeat user rate of 80 percent and a transaction frequency of five orders per month per user. The app is available as dunzo on the Google Play Store and Dunzo It on the App Store.

Chalo: Chalo is India’s #1 bus transport technology company that provides live bus tracking services and contactless payment solutions to transform everyday bus travel into a safer and more reliable experience. The company is initially focusing on bus travel, making it easier for those that rely on it, and also for those that are choosing it. Buses, as a mode of transport, form the core architecture of any city’s transport system. They also offer the largest improvement areas and the largest opportunity to create an impact, with 2 out of 3 public transport users depending on buses for their travel.

Waycool: Set up with the vision of organizing India’s farm-to-fork supply chain, to deliver cleaner, fresher, and better products to consumers, generate higher returns to farmers and reduce wastage and inefficiency. The company intends to do this by establishing direct links to farmers on the one side and consumers on the other, and by using a combination of physical and information technology to link them efficiently. They are promoted by investors who are keen to create social impact using market mechanisms. The company’s leadership team comprises veterans with deep experience across several industries, as well as agri-tech experts. They serve over 50 wholesale clients and are scaling the same up rapidly. WayCool also distributes to 12 retail outlets under the brand, “SunnyBee”. WayCool currently handles 350+ tonnes of food products per day, across 8,000 clients, and from a network of 40,000 farmers in more than 50 regions in India. WayCool’s products include staples like rice, pulses, wheat flour, dairy, and value-added products.

EMB Agri Services: Provides on-farm services using modern agricultural machines and technologies, delivered by the company’s own trained personnel on a pay-for-use basis. EM3 offers its services under the brand name ‘Samadhan’. Samadhan – FaaS (Farming as a Service) creates a platform that enables technology to reach the farmer and the farm in an efficient and affordable manner through a network of farm centers (Samadhan Kendras). Each center, managed through IT-enabled systems and manned by agri-professionals, is equipped to handle a comprehensive suite of basic and precision farm operations throughout the entire crop production cycle.

InI Farms: Horticulture company focused on Pomegranates and Bananas. InI Farms controls and directs the operations in chosen products from farming to consumption. This includes doing large-scale farm-level operations, managing and controlling the process right throughout the supply chain, and supplying the fruit across the world to large importers and retailers. They have a strong local presence, deep knowledge of market segments, extensive operational experience, a strong network, and a hands-on attitude makes us capable of building profitable farming businesses.

InI Farms has developed Pomegranate plantations on over 1000 acres of leased land. The project involves increasing the productivity by 2x of current average productivity and the export quality from 40 percent to 70 percent. They are promoted by InI Group which has extensive credentials in horticulture production and trading business. The business is also planned to be socially and environmentally conscious, having over 50% of the jobs filled by the local community, the business is water-positive, and stringent procedures are followed for health and environmental protection.

VOGO: Vogo Automotive owns and operates a tech-enabled scooter-sharing platform, VOGO. Vogo is an on-demand self-drive scooter rental service available at selected pickup locations. Vogo has equipped each of its Spark scooters with advanced IoT sensors that can transmit real-time data on vehicle conditions and fuel levels, among others. The company has a strong footprint across Tier 1 and Tier 2 cities with a presence in Bengaluru and Hyderabad. Vogo is building a scooter-sharing network that would enable urban commuters to rent scooters for short-haul and offer a quick and cost-effective alternative to cabs and autos. VOGO can remotely track, monitor and control every Spark in real time which makes the scooter a connected intelligent IoT device. This ranges from vehicle health measurement via fuel and battery sensors, GPS for tracking, dicky and handlebar sensors, and much more. VOGO is also one of the world’s largest scooter-sharing startups with over 7 million rides, 70 million kilometers, 15000+ scooters, and 600+ pick-up points.

AMP India: Amp India operates clean energy assets both behind and in front of the meter. The company’s solutions, managed by proprietary, technology-enabled risk management tools, allow Amp to provide dispatchable, affordable, and resilient clean power to enhance system reliability and security to their customers and the grid. Amp has developed and built over 1 GW of generation assets throughout Canada, the USA, Japan, Australia, India, the UK, and Jordan. The company build, own and operate clean energy assets both behind and in front of the meter.

ThinkLink: Thinklink is the leading voice in India for the re-imagination of Supply Chains in a connected and on-demand business environment. It offers Material Handling Automation, Warehouse Design, Turnkey Projects, Order Picking, Plant Layout & Material Handling, ASRS, Sortation Systems, Network Design, Loading Unloading Systems, and Transport Procurement.

Schedulers: The company offers customized transportation solutions and in-plant operations, including the design and operation of warehouses in customers’ manufacturing facilities. It also provides temperature-controlled supply chain services, such as temperature-controlled warehousing, less than truckload, full container load, MVC programs (milk runs); and 3PL distribution center management services. In addition, it provides warehousing services, such as order management, reverse logistics, packaging, and multi-temperature warehousing; retail distribution services; inbound and outbound transportation solutions; and multi-modal distribution operations, including order consolidation, just-in-time scheduling, and customer care support services. They also offer pan India cold storage solutions with real-time visibility of inventory for temperature-sensitive products with a wide range of cold temperatures, ranging from -25°C to +5°C (-20°F to +40°F).

All Fresh: Supply Chain Management company that procures and supplies premium fresh fruits to its customers after selective and quality sourcing directly from farmers at their farms, and also provides appropriate post-harvest management activities designed to deliver fruit conforming to the highest standards and customer requirements. The post-harvest management activities undertaken by Allfresh include waxing, grading, packing, labeling, CA or cold storage, and refrigerated transportation. They have extended their operations to plums, peaches & pears in India. This has led to phenomenal growth in the value realized by farmers for their produce and enabled far-flung markets to receive almost fresh quality fruits.

SV Agri: SV Agri is engaged in potato supply chain management services (from seed to sale to assisting farmers with knowledge, technology, and finance). They include pre-and-post-harvest solutions for potato farmers. The company uses aeroponics labs and germ plants (sourced from CPRI and Netherlands) and has developed capabilities to release its own varieties. The company supplies these seeds to and buys the produce from the farmers which it then sells to large potato processors or food manufacturers. It also offers consulting services to set up or redesign projects, and deliver customized environmental solutions. It also provides food processing equipment solutions.

Leaf: End-to-end supply chain specialist in fresh produce. The company owns the entire value chain of fresh produce – right from harvest to retail shelves. It has been working with small farmers in Tamil Nadu, Karnataka, Andhra Pradesh, and Telangana, procuring vegetables to meet urban demand.

With this expertise in post-harvest management, the company is pioneering one of India’s fresh produce brands, Leaf. Leaf caters to health and environment-conscious consumers who seek safe, dependable, and sustainable Leaf products. It has a network of 30,000 farmers in the Southern States and is targeting a 100-tonnes-per-day production capacity of 30-35 tonnes a day at present.

Shiprocket: Shiprocket is India’s only automated shipping solution for eCommerce. Customers can choose from 17+ courier partners, print shipping labels, track orders from a single panel and also process returns from an integrated dashboard. Apart from the shipping automation, Shiprocket offers negotiated freight rates with its top-rated shipping partners like FedEx, Bluedart, Delhivery & Ecom Express.

Niyo: Niyo is India’s leading fintech, which is making banking simpler, smarter and safer for more than 1.5 million customers. Since its inception in 2015, Niyo has been at the forefront of revolutionizing banking with continual digital innovation.

Niyo offers digital savings accounts as well as wealth management services to customers in partnership with banks and other financial institutions. It also issues travel cards in partnership with SBM and DCB Bank for international remittance. The company also provides zero-balance prepaid cards for blue-collar workers.

Edgegrid: Edgegrid is a B2B enterprise clean-tech platform, that connects sellers that need energy services with individuals, businesses, and distribution companies. The company is changing the way energy is consumed and produced, by enabling every home and business to sell and use clean power at a fraction of the existing prices.

Edgegrid is using the Internet of Things (IoT), Artificial Intelligence (AI), and Industry Innovation to solve problems at scale in the energy markets. The company is accelerating the switch to value-based consumption, charged-up mobility, and dispatchable renewable power. It is building a customer-driven deep-tech energy platform where an AIOT-powered battery is creating innovative solutions to deliver a full-value stack.

Vivriti Capital: India’s first tech-enabled marketplace that brings together capital market investors with institutions, small enterprises, and individuals. Through rigorous data analytics, their technology system will determine the client’s need and design an appropriate product at the client’s doorstep. The product provider will emerge from the most suitable bid on Vivriti’s platform. The company has a strong digital spine which will aid in customer sourcing, underwriting, customizing, and offering products at the client’s fingertips.

At the other end, debt investors (asset managers, banks, NBFCs, insurance companies, pension funds, and private wealth) will be serviced through an intelligent system that targets the right deal to the right investor; creates an exhaustive repository of highly relevant public and private information for the investor and supports post-deal credit, compliance, and accounting needs as well. Through this, Vivriti Capital aims to enable price discovery and investor reach to its clients.

Ummeed Housing Finance: Ummeed provides housing finance access to families with low and informal income. It offers customized home loans, ranging from INR 3 to 30 lakhs to suit a variety of customer requirements including the purchase of apartments, construction of homes, home improvements, home extensions, and availing loans against property. Ummeed aims to undertake several steps to help people with informal incomes, who have limited access to organized finance and who constitute a significant portion of the Indian population.

Axio: Axio is a pioneer of digital lending in India. The company leverages technology and big data analytics to deliver innovative credit products to businesses and individuals across the country. It has developed partnerships to finance SMEs across various ecosystems such as e-commerce, manufacturing supply chains, retail, travel and hospitality, and digital remittances. They have also partnered with over 250 companies to offer finance to consumers availing products and services in segments such as education, vocational training, wellness, elective healthcare, home furnishings, electrical equipment, lifestyle, travel, fitness, and consumer durables.

Smart Coin: Fintech consumer lending startup focused on providing financial access to the millions of mobile users of India using alternative credit assessment aided by data science and machine learning. Their team comprises IIT/IIM graduates with senior-level experience in investment banking and tech startups.

CredAvenue: CredAvenue is a unified digital platform for the discovery, trading, execution, and fulfillment of all debt solutions. The company’s fully integrated digital platforms help institutional and retail investors easily find an array of attractive debt deals to fund. Its customers can lend, invest, and trade bonds all in one place. All of its 5 platforms have transformed the traditional lending scene and offer new ways of digital finance.

Aye: New age finance company providing business loans to small and micro enterprises across India. It offers mortgage, hypothecation, and add-on loans to micro-businesses for their building capital assets and working capital needs, such as purchases of machinery and raw materials, renovation of business premises, and others. The Company also offers mortgage loans and receivable financing to institutions and small businesses. Aye Finance continues to chart an exciting growth path in this under-banked segment while maintaining a high benchmark for credit quality. As a Non-Banking Financial Company, Aye Finance is proud to make business loans against mortgage or simple hypothecation accessible to India’s thriving and underserved MSME sector. Aye Finance is dedicated to working with the most relevant technology to facilitate better financial inclusion and consequently serve micro-enterprises across the country in a more holistic manner.

Neogrowth: Specializing in providing loans to the SME sector. NeoGrowth has disbursed more than 12,000 loans to date across India and has a renewal rate of more than 65 percent. The customer segment varies from restaurant owners, petrol pump owners, and automobile dealers to mom & pop grocery stores and pharmacies. The company offers loans up to INR 75 lakhs. These loans are given based on the payment card swipes happening at the merchant’s outlet. With a team strength of 400, NeoGrowth now operates in 21 different cities in India.

Varthana: Provides loans and support for affordable private schools to increase capacity and thereby access to education for students from low-income households. The loans also enable schools to improve infrastructure to provide better quality education. It gives unsecured loans up to Rs 5 lakh with up to a three-year tenure while it provides larger amounts for secured loans with up to a five-year tenure. The NBFC insists on funding schools with at least two years of experience which have at least an 80 percent pass percentage of its highest class or class X batch. Varthana partners with those education entrepreneurs who have a sense of urgency about improving access to quality education in low-income communities. Varthana’s support plays a critical role in growing the affordable private school segment, which already includes more than 250000 schools and 100 million students.

Shiksha Finance: Provides loans for asset creation, working capital, and school fees in the education sector in India. The company offers asset finance loans for the creation of infrastructure and assets primarily to private schools, vocational institutes, employment-focused courses, and polytechnic coaching centers, as well as to schools’ vendors against the supply of goods and/or services to schools. Its portfolio includes student loans for a group of parents through a school or an employer.

Reverie: Provides technology and solutions for local language processing for digital media in mobile and other devices. It enables text communication for complex languages of the world on digital platforms and specializes in providing pluggable solutions for complex languages that can be embedded into devices and applications. It offers products and technology solutions for original equipment manufacturers, mobile software developers, and web and client-server application developers. It offers language display solutions, language input support, multilingual processing, support legacy data conversion, secure cross-language content, and messaging platform.

Scaler: Scaler is an ed-tech company that is devoted to creating a growth ecosystem to help software professionals unlock talent and opportunities at every stage of their career.

Students enrolled in Scaler have access to over 1000 working professionals from top software companies across the globe including Amazon, Google, Facebook, Netflix, and Twitter among others who act as instructors, mentors, and career coaches. Within just 12 months of launch, Scaler has built a reputation for tech excellence with outcomes comparable to leading national and international educational institutions.

Bugworks: Bugworks Research is a clinical stage biopharmaceutical company that is developing novel therapeutic assets in the anti-infectives and immuno-oncology (IO) areas using innovative science from the frontiers of computational biology, pharmacology, structural-biology, and medicinal chemistry. Over the years, it have diversified its expertise in the areas of cancer biology and immunology.

MediBuddy: Medibuddy is a healthtech startup, that offers 24×7 access to specialist doctors via video calls, doorstep medicine delivery, at-home lab tests, mental health support, and other integrated healthcare services on its platform. It caters to the healthcare needs of over 30 million Indians on the back of its pan-India network of 90,000 doctors, 7,000 hospitals, 3,000 diagnostic centres, and 2,500 pharmacies that cover over 96% of pin codes.

Even: Founded in 2020, Even is a full-stack healthcare provider which works with members across consultations to hospitalisations, with an emphasis on preventive and individualised care. The company builds primary care programmes as per global protocols to improve clinical outcomes, while reducing OPD (out-patient department) costs.

Sukoon: Sukoon is India’s first super specialty hospital that offers both inpatient and outpatient treatments for psychiatry, mental health, and deaddiction. We have a team of experienced psychiatrists, clinical psychologists, counsellors, and art-based therapists that ensures you receive personalised care. Our treatments are designed keeping in mind your condition, emotions, and needs. At Sukoon, we want to make you feel like yourself again as quickly as possible. We ensure this through world-class treatments, premium facilities, modern amenities, and above all compassionate caregivers.

BeatO: BeatO offers a digital care platform for controlling and reversing diabetes. It offers glucose-monitoring solutions (the smartphone-connected glucometers work in unison with the BeatO app to provide personalised insights) and diabetes-specific products such as snacks, speciality food and footwear. BeatO also has a marketplace of doctors, educators, diagnostics, nutritionists, medicines refills and insurance products.

Euphemism Learning: Eupheus Learning was established in 2017 with the goal to bring 21st-century learning solutions from all across the globe, to the Indian market. The company’s vision is to offer pedagogically differentiated technology driven solutions that lead to critical thinking and achievement of higher learning outcomes by seamlessly integrating in-class and at home learning in the private school segment. Its aim is to bridge the gap between what is taught in-class using institutional textbook driven solutions and retail at-home learning providers by seamlessly integrating both.

The learning solutions have been curated by industry experts to offer the youth of India, an opportunity to learn how to prepare for life, thus ensuring their readiness to take on the world.

CueMath: Engaged in providing education services for K-8 students. It offers worksheets and a technology-based classroom learning program for mathematics, mathematical reasoning and English comprehension skills. It uses physical worksheets, quiz cards, along with other tablet-based content it develops in-house. It operates on a micro-franchisee model where local tutors sign up with the company. It offers a technology platform for women to run home-based learning centers for students from LKG to the 8 standards.

Aknamed: The company solves problems in the healthcare supply chain of large hospitals, nursing homes, chains, clinics and manufacturers using technology and data. To solve challenges in the supply chain such as lack of visibility into product movement and consumption, the company works closely with all the stakeholders to help them identify and resolve key efficiency issues across the product lifecycle.

Currently, they are building products that enable them to plan, manage and optimize the massive volumes of transactions that go into efficient healthcare delivery – all without them having to spend any additional time or money to deploy that technology and make better decisions for patient care.

Kauvery Hospital: The company owns and operates several hospitals across various cities in Tamil Nadu that provide multi-speciality medical and healthcare services. They are renowned for their radical and state-of-the-art technology in diagnostics and remedial care for heart disease, transplants and neurosciences. The hospitals also provide adult and pediatric trauma care.

PharmEasy: Pharmeasy is an omni-channel healthcare platform in India, which targets the out-patient delivery market through a number of distinct revenue streams: B2C online sales of pharma products, and B2B distribution. In addition, Pharmeasy offers retail customers remote diagnostics (both online and telemedicine) and access to electronic medical records. Pharmeasy seeks to aggregate and digitize the pharma supply chain to make it more efficient, increasing access to a range of medicines and lowering costs to end consumers.

ClassKlap: The company is a K-10 education technology company that provides large scale assessment services & products. IMAX Program is their flagship product – a school-based personalised learning curriculum. The uniqueness of the program is in using the regular school exam data to provide printed individualised remedial input, which is missing in the current system. This exam-remediation loop ensures the learning gap is identified and bridged for every individual in the classroom, thereby maximising learning. Classklap has been adopted by more than 1000+schools, 12,500+ teachers and 4,25,000+ students across India.

K12: Business of providing technology, content, pedagogy, training and consulting services and amenities to various educational institutions across Bangalore, Mumbai, Pune and Hyderabad. Striving to achieve the highest levels of excellence in facilitating exemplary school education K12 manages around 24+ school branches PAN India. The company is driven by innovation and has a lot of creative and hard-working minds working together to create a better learning environment and creating a better platform for students across the country. They offer professional services to fulfil the needs of schools, students, parents, teachers and all those in the K12 space.

EyeQ: Operates chain of eye care hospitals. It offers services for maintaining optimum vision, preventing deterioration and correcting vision related problems. The firm also provides eye examinations, cataract treatment and surgery, refractive services, retina services, glaucoma services, paediatric, oculoplasty, visual aid services and optical services, general eye care, womens eye care and diabetes eye care.

BeWell Hospitals: Be Well owns and operates hospitals in south India with world-class infrastructure in locations that currently have limited access to all-round healthcare. It provides clinical services which includes anticipation, healing, surgical and health education for patients in an equitable and competent approach and providing evidence based quality healthcare at affordable cost.

Sabka Dentist: One of India’s largest dental clinic chains, operating over 100 clinics across India. They have now rebranded under the name Sabka Dentist. Sabka Dentist allows patients the provision to begin treatment in one clinic and then continue treatment at any other clinic as all patient records are accessible online. In addition to routine dental check-ups, the clinics also provide services like root canal, tooth extraction and dental implants.

Aasaan Jobs: Recruitment portal for blue collared and entry level white collared workers in India, founded by IIT-Bombay graduates. The company has 10,000+ jobs , across areas like administrative / clerical (accountant, admin executive, office assistant, office boy), Logistics & Supply chain (Data collection executives, delivery boys), Healthcare & Wellness (Fitness trainers, Hair stylists), Technicians (Draftsman, Machine operator, plumbers), BFSI (Debt recovery agents, financial planners, Insurance & MF agents), Retail and others.

As reported in Fortune India earlier this week:The single biggest investment made by George Soros is in Freshworks, the first and only Indian software-as-a-service (SaaS) unicorn to be listed on the Nasdaq. Founded by Girish Mathrubootham in 2010 in Chennai, Freshworks made a sensational debut in September 2021 at a valuation of USD 13 billion. But amid the tech meltdown, the stock is down 68 percent from its high of USD 50 to USD 15.76, as of February 17.

It was in the third quarter of 2021 that the stock first made it to the nearly USD 3 trillion portfolios of Soros Fund Management. But in the subsequent quarter, as the stock tanked, the fund sold its entire holding of 27,000 shares. In the first quarter of 2022, the fund re-initiated a fresh position by buying a record 1.95 million shares when the stock was averaging USD 20.34. But unlike the previous occasion, even as the stock kept sliding over the subsequent two quarters, Soros’ fund increased its exposure to 2.26 million shares (1.12% of assets), which is currently worth USD 35.68 million.

Incidentally, Soros’ purchase comes amid three U.S.-based law firms, The Schall Law Firm, Scott+Scott, and Bragar Eagel & Squire, filing a suit against Freshworks, alleging that the company made false and misleading claims about the business when it went public. Though the company’s revenue grew 34 percent to USD 498 million in 2022, its net loss increased 20.9 percent to USD 232 million. The Chennai-based company with a base in California offers business software tools across three verticals: customer experience, IT services management, and sales & marketing.”


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