SaaS startup Postman joins the unicorn club with US$ 150 million fund-raise
- IBEF
- June 12, 2020
Postman, an application programme interface (API) development platform, has raised US$ 150 million in a Series C investment round, led by US-based venture capital fund Insight Partners, at a valuation of US$ 2 billion.
Other participant in the round included the existing investors CRV and Nexus Venture Partners.
The funds will be utilised in hiring new tech talent and doubling the company’s team size in the coming year.
The start-up is around six-year old and is an enterprise Software as a Service (SaaS) collaboration platform for API development, which offers aid to stakeholders including product management, developer operations and engineering to collaborate to accelerate the software development process.
In 2019, there were several highs and low in India’s unicorn club, even as investors remained cautious across the tech start-up segment. Around nine unicorns were created in 2019 which includes online grocer BigBasket, fantasy gaming platform Dream11, logistics start-up Delhivery, eyewear retailer Lenskart, trucking logistics firm Rivigo, cloud-based contract management firm Icertis, data protection and management firm Druva among others. Currently, there are 24 unicorns in the country and a potential 52 more unicorns in the works, according to a report released by NASSCOM in November 2019.
“Developers all over the world are rapidly transitioning from the code-first mindset to an API-first mindset with Postman being the center of this revolution," said Mr Abhinav Asthana, CEO and co-founder, Postman.
The API development platform of the start-up is used by more than 11 million developers around the world, across more than 500,000 companies globally.
“Modern-day commerce is driven by API-connected, cloud-based software, and Postman is in the absolute vanguard of companies driving faster and more effective development of solutions across a multitude of industries," said Mr Jeff Horing, co-founder and managing director of Insight Partners.
In June 2018, San-Francisco and Bengaluru-based Postman had raised US$ 50 million as a part of its Series B round, led by CRV and from existing investor Nexus Venture Partners.
Before that, in 2016, the company had raised its US$ 7 million in Series A financing from Nexus.
With this funding, Postman becomes India’s newest unicorn on the block, joining the likes of other SaaS start-ups - Icertis, Freshworks and Druva, which gained the ‘unicorn’ tag, over the last two years.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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