The final round comes less than two months after Zenoti closed a Series C round
Zenoti says he would use the funding to enter new categories such as pet and car spas
In the Series C round, the company had raised $ 50 million from Tiger Global and others
Spa and salon software startup Zenoti Software raised $ 20 million from Steadview Capital in less than three months after closing a Series C funding round.
In a 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 to hire more talent to support its expansion plans.
In the previous funding round in May this year, Tiger Global led a $ 50 million investment, with existing investors Norwest Venture Partners and Accel Partners also joining the round. So far, the company has raised $ 91 million, with its $ 15 million Series B funding 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 cloud-based back-end service such as appointment scheduling, employee payroll, inventory management and finance management for cloud-based software for salons, spas and media. -spas. It also offers products for billing, marketing, CRM, and loyalty features.
Zenoti employs around 300 people with engineering and product teams based in India, and sales team globally. The company offers its services in 44 countries around the world.
Koneru said the company is considering expansion opportunities in categories such as pet spas or car spas, and at the same time, it will deepen the product offering to create a fully automated inventory, with more predictive algorithms. The company also plans to make a few acquisitions to propel its expansion plans.
The SaaS platform claims to grow at a rate of 130% this year and forecasts revenue of $ 120 million to $ 150 million over the next two years. In India, the company counts Lakme, Kaya Skin Clinic, Bodycraft and Bouncer among its clients, while in the United States it has signed Waxing the City, Massage Heights, Mario Tricoci, Prose Boutiques, Sono Bello and Rudy’s Barbershop.
In a previous interaction with Inc42, Koneru had claimed that Zenoti had helped salons and spas increase their income by five to ten percent week after week. “With tremendous growth momentum of over 100% over the past year and the goal of achieving 130% growth in 2019, we are excited to lead this industry’s transition to the cloud,” said he declared. Inc42.