The demand for cloud-based software as a Service and digital apps witnessed a north swing, as the pandemic push has all-time increased the demand for digitisation. SaaS companies and digital apps, according to data by Tracxn, raised around $2.10 bn in funding between Jan- Oct, compared to $1.70 bn in 2019. Top funds were raised by Postman ($150 mn), Freshworks ($250 mn), High Radius ($125 mn), Pine Labs ($85 mn), Khatabook ($60 mn).
1. Postman: a software company with a focus on API development; valued at around $2B. 2. Pine Labs: a Microsoft-backed point-of-sale service provider valued at $1.5B. 3. UnAcademy: one of India’s leading ed-tech startup with a valuation close to $1.5B. 4. Nykaa: a beauty and fashion startup valued at $1.2B. 5. Razorpay: a fintech startup with over 5M merchants; valued at $1B. 6. Zerodha: a fintech startup valued at $1B.
API development platform Postman has secured $150M in series C funding led by insight partners. Previous investors, CRV and Nexus Venture Partners also participated and valued Postman at $2B. Postman’s API is used by more than 500K firms globally, with 11M users across the world. 98% of the Fortune 500 companies, including Microsoft and Shopify rely on Postman for API development.