The Indian startup bubble is insane
(ashishb.net)
Bengaluru-based Postman, a API management product, has raised a total of $433 million valuing it at ~$5.6B. Its revenue was $171M in 2023. As a comparison, Rubrik with ~$850M ARR is valued at $6B or about 7 times its revenue. The same metric would put Postman’s valuation at $1.2B. I would argue further that Postman has much lower stickiness and will face higher churn and hence, the revenue multiple would be lower for Postman.
Bengaluru-based Postman, a API management product, has raised a total of $433 million valuing it at ~$5.6B. Its revenue was $171M in 2023. As a comparison, Rubrik with ~$850M ARR is valued at $6B or about 7 times its revenue. The same metric would put Postman’s valuation at $1.2B. I would argue further that Postman has much lower stickiness and will face higher churn and hence, the revenue multiple would be lower for Postman.