The seven-year-old startup is now valued at $5.6 billion, overtaking BrowserStack which was valued at $4 billion in June.
Application programme interfaces (API) platform Postman has raised $225 million in new funding led by existing investor Insight Partners along with new investors like Coatue, storied Silicon Valley investor Mary Meeker’s Bond Capital and Battery Ventures joining the round. Post this funding, Postman is now valued at $5.6 billion.
This makes the seven-year-old startup the most valued SaaS (software-as-a-service) firm from India, overtaking BrowserStack which was valued at $4 billion in June. SaaS posterchild Freshworks, which is preparing to go public in the US, is currently valued at $3.5 billion.
Founded in Bengaluru in 2014, Postman was valued at $2 billion a year ago after it raised $150 million in funding from Insight Partners and others.
Prior to the latest funding, Postman had raised $208 million in total.
Interestingly, Bond Capital led the $200 million funding round in BrowserStack in June.
Postman is a tool for the creation of APIs that enables interactions between apps as well as functionalities within apps. Postman’s existing investors Nexus Venture Partners and CRV have also participated in the new financing.
It was started by BITS Pilani graduates Abhinav Asthana and Abhijit Kane along with NSIT Delhi’s Ankit Sobti. Asthana and Sobti have previously worked together in Yahoo India.
The company plans to use the new capital for expanding its team and invest in its community of developers. It has around 17 million users and 500,000 organisations on its platform.
The new investment in Postman comes at a time when SaaS startups from India are seeing increased investor interest from global investors. Earlier this month, SoftBank led a $100 million round in Mindtickle, making it the eighth Indian SaaS unicorn. Zenoti, which became a unicorn late last year raised an additional $80 million led by TPG with a 50% jump in valuation at $1.5 billion.
https://cio.economictimes.indiatimes.com/news/corporate-news/postman-becomes-most-valued-saas-startup-at-5-6-billion-after-fresh-funding/85446022
