Hasura, a software company that speeds up web app development, announced on February 22 that it had raised $100 million from Greenoaks Capital at a valuation of a billion dollars, showing investor interest in pure software startups that burn less money and have a large market amid growing digitisation.
Hasura, founded by Tanmai Gopal and Rajoshi Ghosh in 2017, reduces the time and skill necessary to build GraphQL APIs for data access. GraphQL is an open-source language for queries initially developed by Facebook.
It makes APIs — software that allows apps to communicate with one another — more flexible and reduces app development time by automating repetitive functions and improving performance. Nexus Venture Partners and Lightspeed Venture Partners (US), two of the company’s current investors, also contributed. Hasura will become India’s 10th unicorn in 2022, a phrase for private technology enterprises worth more than a billion dollars.
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“There are few better signs of a powerful developer experience than enthusiastic adoption. And on this count, there aren’t many companies like Hasura. Since the launch of their GraphQL engine in 2018, Hasura has witnessed explosive uptake across countless organisations, from grassroots open-source projects to some of the largest companies in the world. The common thread is substantial improvements in developer productivity and decreased time to market for mission-critical applications,” expressed Neil Shah, partner at Greenoaks Capital.
“This funding enables Hasura to greatly increase our innovation velocity, which in turn allows our rapidly expanding user base to deliver software even faster,” stated Hasura CEO Tanmai Gopal.
“Over the last few years, we’ve worked closely with our users and customers to address a massive gap in delivering and consuming data via an API standard that developers love – GraphQL. With this funding round, our investors and the Hasura team are doubling down on our vision to solve data access and unlock the next decade of developer productivity,” he added.
The transaction is also a gain for Nexus Venture Partners, an early investor whose successful software bets set it apart from other VC companies in India. Druva, Postman, listed PubMatic, and H20.ai are among the company’s most valuable software investments.
