Postman, an Indian Software as a Service (SaaS) startup, enters the league of Unicorns with the latest investment of $150 million, valuing the company at $2 billion.
Crux of the Matter
Postman is a tech startup providing a collaboration platform for managing, developing, and testing application program interfaces (APIs). APIs are a set of tools for building applications used by software developers. The headquarters of the company is situated in Bengaluru and SanFrancisco.
In 2010, Cofounder Abhinav Asthana and Ankit Sobti met at Yahoo, where Asthana for the first time encountered problems with APIs. Then in 2012, Asthana built an open-source tool, called Postman, to make API development easier and put it on the Chrome Webstore. In 2013, Google offered them to feature postman as a top app on chrome Webstore. Abhijit Kane who was an intern at Postman joins them in developing the startup. Finally, in 2014 Asthana, Sobit, and Kane formally set up Postman as a company and got $1mn seed funding from Nexus Venture Partners.
Currently, Postman has a user base of 11 million developers from 500,000 organizations across the world. The working staff of the startup is around 250 employees. Whenever a company’s value touches $1billlion it is called a unicorn. Similarly, if it touches $10 billion it will be called Decacorn and at $100 billion Hectocorn.
Indian Saas Outlook
Moreover, experts say India has a very bright future in Software as a service (SaaS) Industry. SaaS is a way of delivering applications over the Internet—as a service. India’s SaaS industry is likely to generate $10 billion in revenue by 2025 from $1.5 billion in 2019. With this increase in revenue, India’s share in the global SaaS market is expected to touch 10%. Currently, the global SaaS market is valued at $157 billion.
- Google v. Oracle America is a current legal case within the United States related to the use of application programming interfaces (APIs), which are owned by Oracle. Oracle initiated the suit arguing that the APIs were copyrightable, seeking $8.8 billion in damages.
- The term Unicorn was coined in 2013 by venture capitalist Aileen Lee, choosing the mythical animal to represent the statistical rarity of such successful ventures. According to Google, there are 465 unicorns as of April 2020.
- The unicorn is the national animal of Scotland. It is frequently found as an ornament on Mercat crosses. A National Unicorn Museum is being set up in Forres, Moray.