New York-based investment firm Tiger Global Management has led a Series C funding round of USD 50 million (Rs 350 crore) in Seattle- and Hyderabad-based enterprise cloud firm Zenoti. Existing investors Norwest Venture Partners and Accel also participated in the funding round.
Zenoti intends to expand in existing and new geographies, hire and innovate, with the latest funding, their statement said. The funds will be mainly used to automate its operational processes and invest in marketing. It will also try to deepen capabilities in predictive analysis and artificial intelligence and expand sales.
The new round takes the total amount Zenoti has raised so far to USD 71 million.
Sudheer Koneru, chief executive of Zenoti said, “With the momentum of more than 100% growth in the past year and being on target to achieve 130% growth in 2019, we’re excited to be leading the transition of this industry to the cloud.”
Zenoti was founded in 2010. In 2015, it had raised USD 6 million in Series A funding from venture capital firm Accel and others. In 2016, it secured another USD 15 million from Norwest Venture Partners and Accel India.
In India, Zenoti counts chains such as Lakme, Kaya Skin Clinic, Bodycraft, Bouncer as clients. In the US, its customers are Waxing the City, Massage Heights, Mario Tricoci, Prose Boutiques, Sono Bello and Rudy's Barbershop.