San Francisco and Bengaluru-based, API development platform, Postman has raised $150 million in a Series C funding at a whopping $2 billion valuation. Postman now has entered the SaaS unicorn club after Zoho, FreshWorks, Druva and Icertis. The round was led by global venture capital and private equity firm Insight Partners, along with existing investors CRV and Nexus Venture Partners.

"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. "The combination of the market opportunity, the management team, and Postman's proven track record of success shows that they are ready to become the software industry’s next great success," Horing added.

The platform had raised $50 million in a Series B funding round in 2019 and $7 million in Series A in 2016, bringing the total to $207 million. The new funding comes at a time when startups are finding it difficult to raise capital as they struggle to keep their heads above the waters due to the COVID-19 pandemic.

"We're going to use the funding to lead the API-first charge and accelerate investments in R&D, community outreach, enterprise go-to-market, and partnerships," said CEO and Co-founder Abhinav Asthana. Founded in 2014 by Abhijit Kane, Abhinav Asthana and Ankit Sobti, Postman is a collaboration platform for managing, developing and testing application programme interfaces (APIs).

APIs are a set of tools for building applications used by software developers. The API platform is used by more than 11 million developers and 500,000 companies globally like Shopify, Intuit and Microsoft.

According to CEO and co-founder Asthana, "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."

First Published:Jun 11, 2020 10:38 PM IST