Washington-based cloud platform Zenoti, founded by Indian origin teammates, has raised ₹350 crores ($50 million) in series C funding from Tiger Global Management, Norwest Venture Partners and Accel. The startup’s total funding has reached ₹497 crores ($71 million) with this latest development.
The startup plans to use the freshly raised capital to accelerate its innovation and expand into both existing and new locations. Furthermore, it will use a part of the capital to hire top talents across sectors.
Scott Shleifer, Partner at Tiger Global, said, “The beauty and wellness markets are large and growing. Zenoti is improving productivity for many salon and spa operators, and we are excited to partner with Sudheer and his team as they continue innovating.”
Zenoti is changing the expectations of what software can do in the beauty and wellness industry. The system supports large spa, salon, med-spa and fitness chains with the tools to expand the network while increasing unit-level performance. In addition to being a true enterprise solution for this industry, Zenoti also supports small ad medium-sized businesses. The all-in-one system helps clients grow and manage operations.
Sudheer Koneru, CEO at Zenoti, said, “Tiger Global’s investment in Zenoti is the validation of all the hard work the team has put in so far and the zeal to make Zenoti the backbone of the beauty and wellness industry. We are pleased to be in the company of other category-defining portfolio companies in Tiger Global portfolio and thankful for the ardent support by Norwest and Accel throughout our journey. With tremendous momentum of more than 100% growth in the past year and on target to achieve 130% growth in 2019, we’re excited to be leading the transition of this industry to the cloud. We’re energized that this funding will allow us to keep technology innovation at the forefront of our industry.”
In 2016, the startup raised ₹105 crores ($15 million) in Series B round from Norwest Venture Partners and Accel. Prior to that in 2015, Accel invested ₹42 crores ($6 million) in Series A round in the startup. The startup was founded by Anand Arvind, Dheeraj Koneru, Saritha Katikaneni and Sudheer Koneru in 2010.
The company enables users to manage every aspect of a business in a comprehensive mobile solution with online appointment bookings, POS, CRM, employee management, inventory management, built-in marketing programs, and more. It helps clients streamline systems and decrease costs while enhancing customer retention, and spending.