Postman is the fourth Indian SaaS startup to reach unicorn status – and the fastest, having reached this milestone in just six years
API development platform Postman, announced yesterday that it has raised US$150 million in a Series C investment round led by Insight Partners, at a valuation of $2 billion. Existing investors Charles River Ventures (CRV) and Nexus Venture Partners also participated in this round.
Postman is the fourth Indian SaaS startup to reach unicorn status after Freshworks, Druva, and Icertis. The startup also skyrocketed the fastest to reach a valuation of more than $1 billion in just 6 years.
The startup had raised $50 million in its Series B round of financing, which closed in June last year. With the latest funds, Postman’s total funding stands at $208 million, according to Crunchbase data.
The fresh funding will be used to further accelerate Postman’s growth and leadership in the API market, according to the report.
Founded in Bengaluru, India in 2014, Postman provides a collaboration platform that is used to quickly, easily, and accurately build, develop, and test softwares via APIs, according to the startup.
The startup is now headquartered in San Francisco with a registered user base of over 11 million. According to a report by ET Tech, the startup generated a revenue of $40 million in 2019.
Postman is used by more than 500,000 companies globally, including Intuit, Microsoft, and Shopify, and the platform helps them accelerate their pace and effectiveness of software development, according to the statement.
Its solution is used by 98% of Fortune 500 companies to create better APIs more quickly, Postman claims.
Postman is focusing on building an API-first approach, which means building APIs at the very beginning of the development cycle and collaborating closely between all stakeholders like product management, developers, and quality engineering.
The startup says that according to Enterprise Strategy Group, companies using the Postman API Platform show vast improvements in API development, collaboration, and testing.
According to CEO and Co-founder Abhinav Asthana, “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.”
“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 Jeff Horing, Co-founder and Managing Director of Insight Partners.
“At Atlassian, the Postman platform enables us to quickly onboard new hires and has increased our overall developer productivity,” Atlassian Engineering Manager Jeff Gibson, a Postman customer, said.
“The ability to collaborate while building new services and integrating third-party capabilities has made life easier for our developers. Adopting Postman was a smart decision that has delivered real ROI,” he continued.
India’s SaaS industry generated a revenue of more than $1.5 billion in 2019, and includes over 700 startups, according to SaaSBooMi data. The country’s SaaS industry revenue is expected to grow to $10 billion by 2025 and increase its share in the global SaaS market to 8% from 2.6%.
Header Image Courtesy of Postman