API platform Postman has raised $225Mn in a Series D funding round, taking its valuation to $5.6Bn. This makes Postman the most valuable Saas in India, a milestone for the burgeoning startup culture of the country.
The round was led by existing investor, New York-based global private equity and venture capital firm Insight Partners, and joined by new investors Coatue, Battery Ventures, and BOND, along with existing investors CRV and Nexus Venture Partners. In addition, DoorDash Product Leader Gokul Rajaram and Freshworks Founder Girish Mathrubootham also joined as individual investors.
APIs are becoming the backbone of the software development world, allowing developers around the world to build new apps faster. This has led to a revolution in the industry, where many are resolving to the API-first” model to modernize legacy architectures, and scale business processes.
Application Programming Interface or APIs, allow different parts of an application to talk to each other, providing results without having to code everything from the ground up. In essence, APIs promote encapsulation, something that is highly valued in the software development world.
Thus, it is no surprise that this tech is blowing up. At the center of it all is Postman, which has emerged as one of the largest API platforms in the world. The San Francisco headquartered Indian firm has more than 17 million users and 500,000 organizations on its platform, making it home to the largest API community in the world. It has been adding new features like Postman on the web, public workspaces, the Private API Network, the Public API Network, and more on the daily, which has proven very beneficial, especially with the tech revolution that started last year.
Postman CEO and Co-founder Abhinav Asthana said, “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.”
Now, the firm plans to use this money to expand its teams in the areas of sales, marketing, product, and engineering. Moreover, Postman has announced that it will continue to invest in its community of developers across the globe, support students through innovative API literacy programs, and contribute toward open source projects to foster a strong and thriving API ecosystem.
