Postman becomes most valued SaaS unicorn; valued at $5.6 bn
- ByAyushi Ray | August 19, 2021
Postman becomes most valued SaaS unicorn; valued at $5.6 bn. This interface development platform enters into the unicorn club with a valuation of $2 bn. This Series D funding round was led by venture capital firm Insight Partners, an existing investor based in New York. With this round, Postman becomes India’s most valued SaaS (software-as-a-service) platform, overtaking startups like Browserstack ($4 billion), Freshworks ($3.5 billion) and Icertis ($2.8 billion). The company had last raised $150 million in a Series C round in June 2020. New investors Coatue Management LLC and Battery Ventures, along with existing investors CRV and Nexus Venture Partners also participated in the round. The round also saw investments from DoorDash’s product leader Gokul Rajaram; and Freshworks’ founder Girish Mathrubootham.
Postman’s fund-raise and consequent entry into the unicorn club signifies the recent trend of global investors flocking to entities which are established in their sectors. Over the course of this year, companies such as DailyHunt, Infra.Market, Cred, and Digit have more than doubled their valuations within months of raising their previous rounds. The company said that it would use this new funding to expand its team sales, marketing, product and engineering, and will also continue to invest in its developers worldwide, support students through innovative API literacy programmes, and contribute toward open source projects to foster a strong and thriving API ecosystem.
“We are thrilled to have the support of our community and customers who continue to propel us forward, and this new round of funding will help Postman dramatically increase the speed of that forward motion. We’re committed to helping developers who are building the future with APIs,” said Abhinav Asthana, co-founder and chief executive officer (CEO), Postman.
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