India's VC-backed Postman raises $50m Series B
Postman, a software development tool creator with operations in India and the US, has raised a $50 million Series B round led by Charles River Ventures (CRV), with participation by existing investor Nexus Venture Partners.
Postman’s signature product is its eponymous online platform designed to enable collaboration on software development, specifically the creation of application programming interfaces (APIs) through which app creators can seamlessly integrate services from other providers. The platform is used by more than seven million developers and 300,000 companies worldwide.
Nexus first invested in Postman in 2015, committing $1 million in seed funding; it later invested another $7 million in the 2016 Series A round. The company was founded in 2014 in Bangalore, where it maintains an office in addition to its headquarters in San Francisco. It will use the new capital to accelerate its product development pipeline and improve its customer support operations.
“CRV is deeply involved in the API and microservices space, and we have been tracking Postman from its early days in Bangalore,” said Devdutt Yellurkar, general partner at CRV, in a statement. “Over the past couple of years, Postman has emerged as a true API development and testing platform and has a very fast-growing developer community. We are looking forward to working with the team as they build a foundational software company.”
CRV claims to have backed nearly 400 start-ups worldwide since its founding in 1970, focusing on companies at the seed to Series B stage. Its Asia portfolio includes Qubole, a cloud-based big data platform based in India and the US.
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