San Francisco, Feb 7 (IANS): Software major Freshworks has reported 20 per cent growth in its revenue for the fourth quarter of 2023, as it doubles down on using latest generative AI across its products.

Total revenue was $160.1 million in Q4, representing growth of 20 per cent compared to the fourth quarter of 2022.

For the full year of 2023, total revenue was $596.4 million, representing growth of 20 per cent compared to 2022 for both reported and constant currency, the company said in a statement.

“At Freshworks, we delivered a strong finish to the year, outperforming our financial estimates across the board in Q4,” said Girish Mathrubootham, CEO and Founder of Freshworks.

“We unleashed the power of the latest generative AI across our product portfolio to deliver tangible value for our customers. The refinements to our go-to-market strategy helped us win more upmarket deals and we improved our business efficiency to generate $78 million in free cash flow for the year,” he added.

Number of customers contributing more than $5,000 in annual recurring revenue (ARR) ending the fourth quarter 2023 was 20,261, an increase of 14 per cent.

The company had new customer wins, including Cineworld, Flexsteel, Grant Thornton, Hitachi Construction, Klockner & Co., Porsche eBike Performance GmbH, Tata Consumer Products and many more.

Headquartered in San Mateo, California, Freshworks operates around the world to serve more than 60,000 customers including Allbirds, Blue Nile, Bridgestone, Databricks, Klarna, NHS, OfficeMax, and PhonePe.