World gets another enterprise tech unicorn from India; Postman hits milestone with latest funding

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Updated: Jun 11, 2020 7:14 PM

Postman joins a clutch of software/enterprise startups from India such as Zoho, Freshworks, Druva, Icertis, InMobi, etc. that hit billion-dollar valuation.

The company has entered the hallowed unicorn club at just Series C round of investment.

Bengaluru and San Francisco-based startup Postman, which offers application programme interfaces (API) to developers and businesses globally, is the newly-minted unicorn in the enterprise technology space. The company has entered the hallowed unicorn club at just Series C round of investment. Launched in 2014 by Abhinav Asthana and Ankit Sobti, Postman has raised $150 million at $2-billion valuation. The round was led by venture capital and private equity firm Insight Partners while existing investors including CRV and Nexus Venture Partners also joined the round. Postman joins a clutch of software/enterprise startups from India such as Zoho, Freshworks, Druva, Icertis, InMobi, etc. that hit billion-dollar valuation.

“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. The startup has over 11 million users globally using its services to streamline collaboration and simplify each step associated with building APIs. Its customers also included Fortune 500 and other top companies such as Microsoft, Intuit, Shopify etc. The company had raised its seed round back in May 2015 followed by Series A in October 2016 and Series B worth $50 million in June 2019, as per Crunchbase. The total investment raised by Postman with the latest round stood at around $205 million. Postman’s valuation has jumped 5.7X jump from around $350 million last year.

Postman offers APIs for developing softwares with collaboration across teams such as product management, software development and IT operations, and quality engineering. The startup bills customers from zero dollars to $12 and $24 per month based on the subscribed plan. There is also an enterprise-grade plan for large scale API development.

Also read: Relaxed lockdown: E-commerce customers flock to Amazon, Flipkart, others; this many buyers placed orders

“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. As per Tracxn, Kong, Cloud Elements, Jitterbit, OpenLegacy, RapidAPI, Transposit, Cypress, Apollo GraphQL etc. are some the leading companies globally in the API space. “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.

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