Hasura, a software company that speeds up web app development, announced that it has raised $100 million from Greenoaks Capital at a valuation of a billion dollars, demonstrating investor interest in pure software startups that burn less money and have a large market as the world becomes more digital.
Hasura, founded by Tanmai Gopal and Rajoshi Ghosh in 2017, reduces the time and expertise required to create GraphQL APIs for data access. GraphQL is a query language that was created by Facebook and is open-source.
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 existing investors, also contributed. Hasura will become India’s tenth unicorn in 2022, a term for private technology companies worth more than a billion dollars.
“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,” said 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,” said Hasura CEO Tanmai Gopal.
The deal also marks another win for early investor Nexus Venture Partners, whose successful software bets mark it out from other VC firms in India. Its most valued software bets include Druva, Postman, listed PubMatic and H20.ai among others