Zenoti Enters Unicorn Club; Becomes 5th SaaS- Based Indian Startup To Do So
The startup entered the coveted club after it raised $160 million in its Series D round led by Advent International along with existing investors
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Bellevue (US)- and Hyderabad-based startup Zenoti on Tuesday announced that it has entered the prestigious Unicorn club after raising $160 million in its Series D round funding led by private equity firm Advent International, along with participation from existing investors Tiger Global and Steadview Partners.
Zenoti, which is SaaS-based service provider to the beauty and wellness industry, has now become the fifth software product company of Indian origin to enter into the coveted club with valuation of $1 billion or more after Freshworks, Druva, Zoho, Postman and Icertis.
With this funding, the total amount raised by the startup now stands at $250 million.
Founded in 2010 by Sudheer Koneru, Zenoti provides an all-in-one, cloud-based software solution for the spa, salon and med spa industry. The company boasts of powering over 12,000 businesses across 50 countries. The startup claims with its solution it helps clients streamline their systems and reduce costs, while simultaneously improving customer retention and spending.
According to media reports, the fresh funds will be utilized for scaling the business across European and South American markets while doubling its employee count from 550 to 900 by 2022. It will also invest in R&D to enhance its customer experience with better inventory management, customer scheduling and others.
Commenting on the investment, Eric Wei, managing director at Advent International's technology practice said, "We are seeing businesses embrace Zenoti's technology to help pivot and strengthen their offering and we are impressed by the company's growth over the last year, particularly among some of the most established brands in the industry."
The latest round of investment comes after it raised around $70 million from Tiger Global Management and Steadview Capital.