Postman, a San Francisco-headquartered software startup, said on June 11 that it has raised $150 million in its Series C funding round led by US-based investor Insight Partners. The round values Postman at $2 billion, a huge jump from $350 million a year earlier.
Postman is a platform for Application Programming Interface (API) development. APIs are the fundamental building blocks of all software in the world. Today’s complex software ecosystems make the rapid creation and seamless deployment of APIs an industry imperative. Used by more than 500,000 companies globally, the Postman API Platform helps them accelerate their pace and effectiveness of software development.
Its early investors include India and US-based early-stage firm Nexus Venture Partners, and US-based Charles River Ventures (CRV).
Postman has applications in product management, app building, automated testing and developer onboarding. Its clients include online learning firm Coursera, Microsoft, and travel portal Goibibo.
“Developers all over the world are rapidly transitioning from the code-first mindset to an API-first mindset with Postman being the centre of this revolution,” said Abhinav Asthana, co-founder and CEO of Postman, in a statement.
The company also claims that it has over 11 million users, and that 98 percent of Fortune 500 companies use it to create better APIs more quickly.
“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.
Postman’s funding and valuation continue the trend of large software-as-a-service firms finding heavy investor appetite, as these models generally have recurring revenue and do not burn cash like consumer internet firms, making them a more reliable bet. Postman is also India’s fourth SaaS unicorn, after Freshworks, Druva and Icertis. Nexus is an investor in Druva as well.
Most of these firms shift bases from India to the US after a few years as most of their customers, growth and revenue come from there.
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