India: Tiger Global leads $50m funding in enterprise cloud platform Zenoti

Photo: Zenoti website

Seattle and Hyderabad-based enterprise cloud platform Zenoti has closed a $50-million Series C funding round led by New York-based investment firm Tiger Global Management, it announced on Wednesday.

The round also saw participation from Norwest Venture Partners and Silicon Valley-based Accel Partners.

The investment will help Zenoti accelerate product innovation, expand into both existing and new geographies and ramp up its workforce, it said in a statement.

The latest round has taken Zenoti’s total funding to $71 million till date.

“With tremendous momentum of more than 100 per cent growth in the past year and on target to achieve 130 per cent growth in 2019, we’re excited to be leading the transition of this industry to the cloud,” Sudheer Koneru, CEO, Zenoti said. “We’re energized that this funding will allow us to keep technology innovation at the forefront for our industry.”

Founded in 2010 by Sudheer Koneru, Dheeraj Koneru, Anand Arvind and Saritha Katikaneni, Zenoti caters to software requirements of salon and spa chains. The company boasts of thousands of customers spanning 44 countries, and offers services including appointment booking, payroll of employees, inventory management and managing financials, among others.

The company’s clientele includes MGM Resorts, Lakme, and Taj Hotels, besides a host of salon chains such as Waxing the City, Massage Heights, Mario Tricoci, Prose Boutiques, Sono Bello and Rudy’s Barbershop in the US.

The US market currently contributes more than half of the company’s revenue, while India’s share is less than 20 per cent, said a report in The Economic Times. Going forward, the company plans to expand its workforce in India by 50 per cent in areas including artificial intelligence, machine learning, data analytics and R&D, the report added. It currently employs about 300 people in India.

The company also intends to increase its presence in the UK market this year.

Meanwhile, Tiger Global has stepped up its investments in India since it raised $3.75 billion for its new fund, Tiger Global Private Investment Partners XI, which is focused on consumer internet, cloud computing, industry software and direct-to-consumer companies in India, China and the US.

Some of its recent investments in the country include expense management software Fyle, facilities management software startup Facilio, connected workforce platform Innovapptive and mobile marketing startup Clevertap.

According to a recent Mint report, Tiger Global is likely to invest in as many as five SaaS (software-as-a-service) companies in India in May including Locus, a logistics management software company.

Also Read:

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.