Postman becomes most valued SaaS startup at $5.6 billion after fresh funding
- IBEF
- August 19, 2021
Postman, an API platform, has secured US$ 225 million in additional investment headed by current investor Insight Partners, with new investors including Coatue, renowned Silicon Valley investor Mary Meeker's Bond Capital, and Battery Ventures also participating in the round. Postman is now valued at US$ 5.6 billion as a result of this financing.
The seven-year-old business has now surpassed BrowserStack, which was valued at US$ 4 billion in June, as the most valuable SaaS (software-as-a-service) firm from India. Freshworks, the poster child for SaaS, is presently valued at US$ 3.5 billion and is ready to go public in the United States.
Postman, founded in Bengaluru in 2014 and garnered US$ 150 million in investment from Insight Partners and others a year ago, was valued at US$ 2 billion.
Prior to this round of fundraising, Postman had raised a total of US$ 208 million.
Bond Capital was the lead investor in BrowserStack's US$ 200 million financing round in June.
Postman is an API building tool that allows programmes to connect with each other as well as inside themselves. The new funding included participation from Postman's previous backers Nexus Venture Partners and CRV.
It was founded by Mr. Abhinav Asthana and Mr. Abhijit Kane, both of BITS Pilani, and Mr. Ankit Sobti, of NSIT Delhi. Previously, Mr. Asthana and Mr. Sobti worked together at Yahoo India.
The additional funds will be used to grow the company's staff and invest in its developer community. On its platform, there are around 17 million individuals and 500,000 organisations.
The fresh investment in Postman comes at a time when foreign investors are becoming more interested in Indian SaaS firms. SoftBank led a US$ 100 million investment in Mindtickle earlier this month, making it the sixth Indian SaaS unicorn. With a 50% increase in valuation to US$ 1.5 billion, Zenoti, which became a unicorn late last year, received an additional US$ 80 million headed by TPG.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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