Zenoti software a Seattle and Hyderabad based company raises $20 Mn from Steadview capital, in its Series C round of funding
Zenoti software company which is known for providing cloud based back-end services for spa and salon, raises $20 Mn from Steadview Capital in less than three months after closing a Series C round of funding.
In an official statement, the company said the funding would help it accelerate the pace of innovation and expand into both existing and new geographies. It will also look to continue hiring more talent to back its expansion plans.
In the previous round of funding in May this year, Tiger Global had led a $50 Mn investment, with existing investors Norwest Venture Partners and Accel Partners also joining the round. Till now the company has raised $91 Mn, with its series B funding of $15 Mn coming in 2016.
The Seattle and Hyderabad-based company was founded in 2010 by Sudheer Koneru, Dheeraj Koneru, Anand Arvind and Saritha Katikaneni. It provides a cloud-based back-end service such as appointment booking, payroll of employees, inventory management and managing financials for cloud-based software for salons, spas, and medi-spas. It also has products for billing, marketing, CRM, and loyalty features.
In India, Zenoti deals with clients which include Lakme, Kaya Skin Clinic, Bodycraft and Bouncer, while in the US, it has signed up Waxing the City, Massage Heights, Mario Tricoci, Prose Boutiques, Sono Bello and Rudy’s Barbershop.
Broadening the horizons
Expanding their opportunities Koneru said that the company is looking to expand in categories such as pet spa or car spa, and at the same time it will go deeper into the product offering to build a fully automated inventory, with more predictive algorithms. The company also plans to make a few acquisitions to propel its expansion plans.
In an earlier interaction with Inc42, Koneru had claimed that Zenoti has helped salon and spa raise their revenues by five to ten percent week over week. “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,” he told Inc42.
Image Courtesy: Zenito