Zenoti, the Washington and Hyderabad based company which offers software solutions to spas and salons has bagged a Series C financing worth $50 million. The latest round was led by Tiger Global Management with participation from existing backers, Norwest Venture Partners, and Accel. Avendus Capital facilitated the transaction by acting as the exclusive financial adviser. The latest capital infusion takes the total amount raised by the firm to $71 million to date. The company plans to utilize the freshly raised capital in hiring along with expanding its reach in new horizons along with adding more innovative features in the product.
Launched in 2010 by Anand Arvind, Dheeraj Koneru, Saritha Katikaneni, and Sudheer Koneru, Zenoti helps large spa, salon, med-spa and fitness chains with its all-in-one tools. The company counts the likes of Lakme, Kaya Skin Clinic, Bodycraft, Bouncer as customers in India while the big names like Waxing the City, Massage Heights, Mario Tricoci, Prose Boutiques, Sono Bello and Rudy's Barbershop are the US clients of the firm.
Sudheer Koneru, the CEO of the platform talking about picking up the funding said, “With the momentum of more than 100% growth in the past year and being on target to achieve 130% growth in 2019, we’re excited to be leading the transition of this industry to the cloud."
Tiger Global Management partner Scott Shleifer talking about the funding noted that "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."
The company says that it is aiming for a 130% growth this year which will take the revenue of the firm to $120-$150 million in the next 24 months. It will be interesting to see how the firm utilizes the capital raised for its expansion.