India: SaaS startup Postman raises $150m funding at $2b valuation

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Application programme interface (API) development platform Postman has raised $150 million in a Series C investment round, led by US-based venture capital fund Insight Partners, at a valuation of $2 billion.

Existing investors CRV and Nexus Venture Partners also participated in the round.

Postman plans to invest the capital to hire new tech talent and double its team size in the coming year.

The six-year old startup is an enterprise Software as a Service (SaaS) collaboration platform for API development, which helps stakeholders including product management, developer operations and engineering to collaborate to accelerate the software development process.

India’s unicorn club witnessed several highs and lows in 2019, even as investors remained cautious across the tech startup segment. India created nine unicorns in 2019 which includes online grocer BigBasket, fantasy gaming platform Dream11, logistics startup Delhivery, eyewear retailer Lenskart, trucking logistics firm Rivigo, cloud-based contract management firm Icertis, data protection and management firm Druva among others. At present, there are 24 unicorns in the country and a potential 52 more unicorns in the works, according to a report released by NASSCOM in November 2019.

“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,” said Abhinav Asthana, CEO and co-founder, Postman.

Postman’s API development platform is currently used by more than 11 million developers around the world, across more than 500,000 companies globally.

“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.

In June, last year, San-Francisco and Bengaluru-based Postman had raised $50 million as a part of its Series B round, led by CRV and from existing investor Nexus Venture Partners.

Before that, the company had raised its $7 million in Series A financing from Nexus in 2016.

With this funding, Postman becomes India’s newest unicorn on the block, joining the likes of other SaaS startups – Icertis, Freshworks and Druva, which gained the ‘unicorn’ tag, over the last two years.

This article was first published on livemint.com

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.