Postman joins India’s Unicorn club, jumps to $2B valuation with new $150M investment

SaaS startup Postman is the latest to join India’s unicorn club. Yesterday we reported about Benchling, another startup focused on SaaS that has raised its valuation to $850M. Postman has raised $150 million in a Series C round led by US-based Insight Partners raising their valuation to a whopping $2 billion.

Headquartered in San Francisco, Postman provides a platform for coders, who create and test Applications Programming Interface (APIs). On contrary to the earlier norms of testing where coders had to develop code for test cases, Postman provides an easy-to-use GUI which automates this process. Postman is used by over 500,000 companies around the world, which includes about 98% of the Fortune 500 companies like Microsoft and Shopify.

APIs are more important than ever. Even simple apps like weather use API to pull the data from the source. Commenting on this, Abhinav Asthana, co-founder of Postman said “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”.

The company wasn’t even looking for funding when they were approached by Insight Partners. “We think it shows the strength of the company”, he added.

The investment comes amid the global pandemic and shows the value of Indian SaaS startups. India’s SaaS industry is expected to grow to $10 billion in revenue by 2025.