SaaS start-up Hasura enters unicorn club with $100 mn Series C funding

Software-as-a-service startup Hasura has raised $100 million in funding at a valuation of $1 billion. The Series C round brings the total capital raised by Hasura to $136.5 million.

The funding round was led by Greenoaks, with participation from existing investors Nexus Venture Partners, Lightspeed Venture Partners and Vertex Ventures.

The platform is designed to make web application development faster by eliminating bottlenecks to data access for frontend and fullstack developers. The platform 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 has been downloaded more than 400 million times and has earned more than 25,000 GitHub stars since its inception in 2018.

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.

“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.

With operational data increasingly distributed among multiple sources and developers consuming data in insecure and unauthorised compute environments, Hasura provides data APIs that are able to connect to multiple services and data sources, embed domain-specific authorisation logic, and provide the necessary security and performance.

“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.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor