Bengaluru: SaaS startup Postman has secured $225 million in a fresh investment round led by existing investor Insight Partners, with new backers including Coatue, famous Silicon Valley investor Mary Meeker's Bond Capital, and Battery Ventures also participating. The corporation today has a market capitalization of $5.6 billion.
The seven-year-old startup has now surpassed BrowserStack, which was valued at $4 billion in June, as the most valuable software-as-a-service company from India. Freshworks, the poster child for SaaS, is currently valued at $3.5 billion and is ready to go public in the United States.
Postman, which was founded in Bengaluru in 2014 and raised $150 million in capital from Insight Partners and others a year ago, was valued at $2 billion. Prior to this round of investment, Postman had raised a total of $208 million. Bond Capital was the lead investor in BrowserStack's $200 million fundraising round in June.
Postman is an API building tool that allows programmes to interact with each other as well as within themselves. The new financing included participation from Postman's existing investors Nexus Venture Partners and CRV.
It was founded by Abhinav Asthana and Abhijit Kane, both of BITS Pilani, and Ankit Sobti, of NSIT Delhi.
The fresh funds will be used to grow the company's personnel and invest in its developer community. On its platform, there are around 17 million individuals and 500,000 organisations.
The new investment in Postman comes at a time when global investors are becoming more interested in Indian SaaS businesses. SoftBank led a $100 million investment in Mindtickle earlier this month, making it the seventh Indian SaaS unicorn. With a 50% increase in valuation to $1.5 billion, Zenoti, which became a unicorn late last year, secured an additional $80 million headed by TPG.