This investment makes Zscaler the second-largest listed SaaS company in WestBridge’s investment portfolio
WestBridge Capital Management LLC has picked up a $236 million stake in Indian billionaire Jay Chaudhry’s cloud security company, Zscaler.
This investment makes Zscaler the second-largest listed SaaS company in WestBridge’s investment portfolio, according to NASDAQ disclosures.
On Tuesday, Zscaler onboarded Syam Nair, a former Salesforce executive, as its new CTO and EVP of Research and Development.
Earlier this month, the company said it is expecting to post revenues between $415 million and $419 million, much higher than its forecast of $396 million-$398 million for the third quarter of the financial year 2023. It will formally announce the results on June 1 after the market close.
Its previous public market bet of this size was Freshworks, which has been trading down almost 70% since it got listed on Nasdaq.
In the past few years, WestBridge has also made significant investments in non-listed Indian tech companies, including several SaaS and edtech firms.
For instance, in November 2022, it invested $57 million in Hyderabad-based HR tech firm Keka HR, marking the largest Series A funding round for any SaaS company in India.
In June of the same year, WestBridge Capital led a $153 million Series C funding round for a Bengaluru-based SaaS startup Leadsquared, which helped the company achieve unicorn status. Additionally, Upekkha, a SaaS accelerator, received $9 million towards its rolling fund to invest in early-stage SaaS startups, as per reported by YourStory.
Also read: Practical application of Artificial Intelligence in Healthcare
Do Follow: CIO News LinkedIn Account | CIO News Facebook | CIO News Youtube | CIO News Twitter
CIO News, a proprietary of Mercadeo, produces award-winning content and resources for IT leaders across any industry through print articles and recorded video interviews on topics in the technology sector such as Digital Transformation, Artificial Intelligence (AI), Machine Learning (ML), Cloud, Robotics, Cyber-security, Data, Analytics, SOC, SASE, among other technology topics