SaaS startup Postman has raised $225 million in a new funding round led by existing investor Insight Partners. New investors Coatue Management LLC, Battery Ventures, and BOND, 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.
The company is now valued at $5.6 billion. This makes Postman India’s highest valued software-as-a-service (SaaS) platform, overtaking Browserstack ($4 billion), Freshworks ($3.5 billion), and Icertis ($2.8 billion). The company last raised $150 million in a Series C round in June 2020.
The company plans to use the new capital for expanding its team and invest in its community of developers. It has around 17 million users and 500,000 organizations on its platform.
The new investment in Postman comes at a time when SaaS startups from India are seeing increased investor interest from global investors. Earlier this month, SoftBank led a $100 million round in Mindtickle, making it the eighth Indian SaaS unicorn. Zenoti, which became a unicorn late last year raised an additional $80 million led by TPG with a 50% jump in valuation at $1.5 billion.
Founded in Bengaluru in 2014, Postman is an enterprise SaaS platform for API development, which helps product management, developer operations, and engineering departments to collaborate to accelerate the software development process.
It was started by BITS Pilani graduates Abhinav Asthana and Abhijit Kane along with NSIT Delhi’s Ankit Sobti. Asthana and Sobti have previously worked together in Yahoo India.
“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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