Postman, India’s fastest growing SaaS startup raised $150 million in its Series C round led by Insight Partners. Existing investors Nexus Venture Partners and Charles River Ventures who had together invested $50 million in 2019 have also participated in this round. With the latest development, the startup has reached a valuation of $2 billion making its entry into the premium Unicorn Club.
According to the sources, Postman has raised $208 million in total till date through various funding rounds. The San-Francisco and Bengaluru-based company is said to have clocked a revenue of $40 million in last year. Postman is a collaboration platform for managing, developing and testing application program interfaces (APIs). APIs are a set of tools for building applications used by software developers.
Till date, only 4 Software-as-a-Service (SaaS) based companies have made it to the Unicorn club with Postman being the latest entrant after FreshWorks, Druva and Icertis. Postman just took 6 years to reach the club which is considered as the fastest so far.
Abhinav Asthana, cofounder and CEO of Postman said, “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.” The company will be utilizing the investments to upscale their growth and maintain leadership in the API development sector.
Jeff Horing, cofounder of Insight Partners stated, “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.” Postman claims to have over 11 million developers who have signed up on their platform from across 500,000 organizations.