Reports confirm that Zenoti, a software provider to spas and salons, has secured $50 million (Rs 350 crore) in a Series C round of funding led by Tiger Global Management, a New York-based investment firm.

According to Avendus Capital, current investors Accel and Norwest Venture Partners also participated in the round. Avendus Capital was apparently the exclusive financial adviser to Zenoti on the transaction.

Sources familiar with the matter informed that the fresh round of funding will help Zenoti to expand in new and existing geographies and also expedite the pace of innovation.

In the past year, witnessing a growth of over 100% and being on target to attain 130% growth in 2019, the company is on the verge of leading the transition of this industry to the cloud, chief executive of Zenoti, Sudheer Koneru said.

Seemingly, Zenoti, the Seattle-Hyderabad based company was instituted in 2010 by entrepreneur Sudheer Koneru and Dheeraj Koneru and is operated by Soham Inc.

Sources further mentioned that the company had secured $6 million in Series A round of funding in 2015 led by Accel, the USA based venture capital firm and others and in 2016, the company had raised $15 million from Accel India and Norwest Venture Partners.

This new round of funding, sources mentioned, has raised the total capital secured by Zenoti to $71 million. Last year, Tiger Global had ended a three-year break and this would be its fifth India-related investment after the hiatus.

In December 2018, the organization supposedly invested in Roposo, a social platform for sharing videos and photos, while in February, it supported Fyle Technologies Pvt. Ltd, a Bengaluru-based expense management startup.  

Sources added that in April this year, it pumped capital into CleverTap, a customer lifecycle management platform. The same month Tiger Global also invested $90 million in Ninjacart, a B2B Agri-marketing platform.

Source Credit: https://www.vccircle.com/tiger-global-leads-50-mn-funding-round-in-zenoti