Postman, application program interface (API) development platform has been able to raise $150 million in a Series C investment round, which was led by US-based venture capitalist Insight Partners, at an assessment of $2 billion. Existing investors CRV and Nexus Venture Partners also participated in the same investment round. Postman intents to finance the capital to hire new tech talent and double its team size in the upcoming year.
Postman’s Software as a Service (SaaS), a six-year-old startup, is a collaboration platform for API development, that encourages and assists stakeholders such as product management, developer operations, and engineering to come together in order to advance the software development process.
India’s unicorn club has beheld several highs and lows in 2019 followed by the pandemic that hit in 2020, the investors have continued vigilantly across the startup segment. Last year, India got nine unicorns which include online grocer BigBasket, fantasy gaming platform Dream11, logistics startup Delhivery, eyewear retailer – Lenskart, trucking logistics firm Rivigo, cloud-based contract management firm Icertis, Druva – a data protection and management firm. For now, there are 24 unicorns in the country and a likely 52 more in the making, as per a report issued by NASSCOM in November 2019.
“Developers all over the world are swiftly transitioning from the code-first mindset to an API-first mindset with Postman being the center of this revolution,” says Abhinav Asthana, CEO and co-founder of Postman. At present, Postman’s API development platform is accessed by more than 11 million developers, across 500,000 companies worldwide. “Modern-day commerce is driven by API-connected, cloud-based software and Postman is at the absolute forefront of companies driving more agile and more effective development of solutions across a multitude of industries,” says Jeff Horing, co-founder and managing director of Insight Partners.
In June 2019, San-Francisco and Bengaluru-based Postman had advanced $50 million as a part of its Series B round, led by CRV and from existing investor Nexus Venture Partners. And in 2016, the company had raised $7 million in Series-A financing from Nexus. With this kind of funding, Postman grows to India’s newest unicorn on the block, joining the counterparts of other SaaS startups such as Icertis, Freshworks, and Druva, who realized the ‘unicorn’ tag, over the last two years.