Bengaluru (TIP): Application program interface (API) development platform Postman on Wednesday said it raised $225 million at a valuation of $5.6 billion, a little over a year after it entered the unicorn club with a valuation of $2 billion.

The Series D funding round was led by Insight Partners, an existing investor based in New York.

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.

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 has raised more than $430 million to date.

Postman’s fundraising signals the trend of global investors flocking to entities that are established in their sectors. Over the course of this year, companies such as DailyHunt, Infra.Market, Cred, and Digit have more than doubled their valuations within months of raising their previous rounds.

Postman said the new funds will help it expand sales, marketing, product and engineering teams.

The company will also continue to invest in its developers worldwide, support students through innovative API literacy programmes and contribute toward open-source projects to foster a strong and thriving API ecosystem.

“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.

The seven-year-old startup 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.

Postman currently has more than 17 million users and 500,000 organizations 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. Postman has the opportunity to become a key pillar of how enterprises build, deliver products, and seamlessly enable partnerships,” said Jeff Horing, managing director, Insight Partners. Source: