Bangalore and San Francisco-based software-as-a-service startup Hasura has raised $100 million in a funding round led by Greenoaks.
Existing investors, Nexus Venture Partners, Lightspeed Venture Partners and Vertex Ventures, also participated in the Series C round, bringing the company’s total funding to $136.5 million and its valuation to $1 billion.
The latest fundraise makes Hasura the tenth startup to enter India’s unicorn club this year. Earlier, XpressBees, Livspace, ElasticRun, DealShare, Darwinbox, LEAD, Fractal, Mamaearth and Uniphore made it to the coveted list.
The company plans to use the funding to accelerate research and development and expand go-to-market activities globally for the company’s GraphQL engine, which makes it fast and easy for even those with zero GraphQL expertise to compose a GraphQL API from existing APIs and databases.
The platform is designed to make web application development faster by eliminating bottlenecks to data access for frontend and fullstack developers. It cuts down the time and niche expertise required to build GraphQL-based APIs for data access by automating the repetitive work involved in mapping models to APIs with common access patterns like pagination, filtering, joining, setting up authorisation rules, and optimizing performance.
Hasura claims it has been downloaded more than 400 million times and has earned more than 25,000 GitHub stars since its inception in 2018.
“There are few better signs of a powerful developer experience than enthusiastic adoption. And on this count, there aren’t many companies like Hasura,” said Neil Shah, partner at Greenoaks.
“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,” he added.
“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.
“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,” she added.