And yet another week comes to a close, with a not so great day for the US public market (the Indian market as well). Today we have a new Indian unicorn (and in the dev tool space!) and an Indian EdTech company launching in a new geography.
➡️ Indian API Platform Postman has announced a $150M Series C round led by Insight Partners valuing the company at $2B, with existing investors CRV & Nexus Venture Partners participating as well.
➡️ I've been a huge admirer of the company for a while, every company I've interned & worked at since 2016 has used Postman which shows the company's tremendous reach within the developer community.
➡️ Currently there are over 10M developers with a Postman account, with 500k teams globally using the product. All this achieved by a distributed team of 250 across India and the US (and the company plans to double in size in the next year).
➡️ Nexus' participation in the company is also very impressive. They were the lone investors in the company's seed ($1M in 2015) & Series A ($7M in 2016) rounds, and have participated in the successive two rounds as well.
➡️ Postman also didn't really need the capital having raised $50M about a year ago (without spending much of it), but the amount and valuation just shows the immense importance of Postman in the ecosystem.
➡️ Postman joins FreshWorks, Druva and Icertis as the 4th Indian SaaS co to be valued at over $1B, and I'm excited to see the continual growth of the company as well as listing on the NASDAQ (hopefully) in a couple of years.
2. https://bit.ly/3cTKwqW: Quizizz enters the Indian market
➡️ Quizizz is probably not like most of the Indian EdTech cos you might've heard of. Why? Well because the company initially built out its product for the US market and is only now launching in India.
➡️ The company has also seen incredible growth over the last 1+ years, from 250k → >1M teachers on the platform and 10M → 50M students from April 2019 to June 2020.
➡️ The company had incredible market penetration in the US last year, it has gone from strength to strength since. (Thread I wrote on them last year- https://twitter.com/anmolm_/status/1123120389901639680)
➡️ And now the company has launched their product for the Indian market in 12 different languages and hopes to help Indian schools who probably aren't terribly prepared for this sudden shift into online education.
➡️ The company has seen 25% WoW growth already and is probably capturing teachers and students who have access to digital devices. Unfortunately a lot of Indian homes and school students don't have access to a laptop, smartphone or the internet, which is where Quizizz might not be able to help.
➡️ This is poised to grow over the years and the % of students with internet will only increase, but until then I assume the US will always be the core market for Quizizz.
Feedback & ❤️ always appreciated
More tomorrow :) BONUS (Tweet of the day): https://twitter.com/PranavDixit/status/1270962094796570624
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