A little over a year after becoming a unicorn, application programme interface (API) development platform Postman on Tuesday said it has secured $225 million as a part of its Series D round led by existing investor Insight Partners which is a New York-based global venture capital firm.
With the latest fundraise, the valuation has jumped almost three times from $2 billion to $5.6 billion making Postman the most valued software-as-a-service (SaaS) platform in India’s unicorn stable, overtaking the likes of Browserstack ($4 billion), Freshworks ($3.5 billion) and Icertis ($2.8 billion).
New investors Coatue Management LLC, Battery Ventures, and BOND, along with existing investors CRV and Nexus Venture Partners also participated in this round. The round also saw DoorDash’s product leader Gokul Rajaram and Freshworks founder Girish Mathrubootham.
Post the Series D round, the company has raised more than $430 million.
Postman is the latest to get a valuation bump. Over the course of this year, companies like Dailyhunt, Infra.Market, Cred, and Digit have more than doubled their valuations within months of raising their previous round.
India has 10 SaaS unicorns with the following entering the unicorn club this year: software testing platform BrowserStack; subscription billion solution Chargebee; HR training software firm MindTickle; and healthcare analytics platform Innovaccer.
According to Postman, the new fundraise will help expand its team in areas of sales, marketing, product and engineering. The company will also continue to invest in its community of developers across the globe, support students through innovative API literacy programmes, and contribute toward open source projects to foster a strong and thriving API ecosystem.
It raised $150 million as a part of its Series C investment in June last year, at a valuation of $2 billion.
The seven-year old startup is an enterprise SaaS collaboration platform for API development, which helps stakeholders including product management, developer operations and engineering to collaborate to accelerate the software development process.
At present, Postman has more than 17 million users and 500,000 organisations on its platform.
“APIs have quickly become the fundamental building blocks of software used by developers in every industry, in every country across the globe—and Postman has firmly established itself as the preferred platform for developers,” said Jeff Horing, managing director, Insight Partners.
According to Postman, it has more than doubled its headcount to 300 employees across 13 countries since the beginning of 2020. Its customers include Salesforce, Stripe, Kroger, Cisco, PayPal, and Microsoft.