API development platform Postman raises large Series B round from CRV, Nexus

API development platform Postman raises large Series B round from CRV, Nexus
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19 Jun, 2019

Application programming interface testing and development platform Postman has raised $50 million (around Rs 348 crore at current exchange rates) in a Series B round of funding led by US-based venture capital firm Charles River Ventures (CRV). Its existing investor Nexus Venture Partners has also participated in the funding round.

The company will use the fresh funds to accelerate its product roadmap, expand its commitment to helping customers leverage its products, and increase customer support, it said in a press statement.

As part of the deal, CRV general partner Devdutt Yellurkar has joined the Postman board of directors.

“Postman has created a powerful collaboration platform for the entire API development lifecycle.  CRV is deeply involved in the API and microservices space, and we have been tracking Postman from its early days in Bangalore. Over the past couple of years, Postman has emerged as a true API development and testing platform and a very fast growing developer community,” Yellurkar said.

Postman is platform that is used to build connected software via APIs. It offers a platform for developers or enterprises to build, test, and debug their APIs.

Owned and operated by Postdot Technologies Inc., the company was founded in 2014 by Abhinav Asthana, Ankit Sobti and Abhijit Kane. It claims to have more than 7 million users and helps support API development at more than 300,000 companies.

“APIs are the building blocks of effective software - so while software might be eating the world, we know that APIs are eating software. Innovation in APIs will drive the future of software development, and this funding will further accelerate Postman’s growth in the API ecosystem,” Asthana said.

The company is headquartered in San Francisco and has an office in Bangalore, where it was founded. The five-year-old firm has a rich clientele already including Microsoft, Paypal, Twitter, Coursera, Adobe and Shopify.

In October 2016, the company raised $7 million (Rs 46 crore then) in its Series A round of funding from Nexus.

Postman had previously raised funds worth $1 million from Nexus in May 2015.

“As software development moves from a code-first to an API-first approach, Postman is evolving as the must-have companion for every developer. It has been a real pleasure to have backed Postman from day one. We are super excited about the journey ahead,” said Postman board member Jishnu Bhattacharjee, managing director, Nexus Venture Partners.