Software as a Service (SaaS)-based API development firm Postman has raised $150 million at a valuation of $2 billion led by Insight Partners. Existing investors CRV and Nexus Venture Partners also participate in it.
This is a massive jump in the company’s valuation, which was valued at around $350 million in its $50 million worth Series B round raised a year ago. The 6X jump in the valuation of Postman is testimony to the rising clout of Indian product companies in global markets.
FreshWorks, Eka Software, Zoho, Druva, Icertis are poster-boys in the local SaaS ecosystem. Postman will join the companies mentioned above in the coveted list of SaaS unicorns from India. With the Series C round, the firm has raised $207 million in total funding across three institutional rounds.
Based out of Bengaluru and San Francisco-based, Postman has over 250 staff and counts Microsoft, Twitter, PayPal and DocuSign as customers. According to its website, it has 10 million developers across 500,000 organisations using its collaboration tool to build APIs.
Led by Abhinav Asthana, Postman allows companies to create APIs directly in its ecosystem, maintaining a single source of truth along with supports such as API schema, version control, and tagging. It charges $8 per user per month for companies with team sizes of 50 and $18 per month for larger firms.
“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 Ashthana in a press statement.
Postman doesn’t see much of competition, but it does compete with API Tester, API Fortress and Amazon API Gateway among several others.