Spa and Salon software startup Zenoti enters unicorn club
Hyderabad based Spa and salon software firm ‘Zenoti ‘ has raised $160 Mn in a Series D funding round led by Advent and Sunley House Capital along with the participation from Tiger Global Management and Steadview Partners. The funding will be used for expansion of the business across European and South American markets, as the company aims to almost double its employee count from 550 to 900 by 2022. With a valuation of more than $1 billion, Zenoti is the first vertical software-as-a-service (SaaS) startup in India’s unicorn club.
According to Zenoti cofounder Sudheer Koneru, the funding will enable the company to further accelerate the pace of innovation and reposition the industry to address heightened consumer expectations for health and safety during the global pandemic. “It is not just better hygiene but IT infrastructure which is touchless and meets the heightened expectations in the stores,” he said. He added that Zenoti has built its tech solution over the last couple of years, and Covid accelerated the need for customers to adopt it in order to reopen safely.
The startup, founded in 2010 by Sudheer Koneru and Dheeraj Koneru and which was formerly known as ManageMySpa, helps close to 1,000 spa and salon brands across 50 countries manage and digitize appointments and point-of-sale operations, and helps with payment reconciliation and inventory management, through its cloud-based software suite. It also provides integrated customer relationship management and built-in marketing solutions, which allows 12,000 offline store fronts to digitize operations globally.
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