Startup

Zenoti enters unicorn club with $160 million series-D investment

Updated : December 15, 2020 08:40 PM IST

Till date, Bellevue, Washington and Hyderabad-based Zenoti has raised a total of approximately $250 million.

Enterprise cloud platform for the beauty and wellness industry, Zenoti on Tuesday raised $160 million in Series D funding round at a valuation of over $1 billion. The round was led by private equity firm Advent International, through Advent Tech and Sunley House Capital, an affiliate of Advent. Tiger Global and Steadview Partners also participated in the round.

Till date, Bellevue, Washington and Hyderabad-based Zenoti has raised a total of approximately $250 million.

"Zenoti remains committed to helping businesses find their greatness and achieve better business performance including higher revenues and increased operating margins, while enabling our industry to set new standards for the consumer experience," said Sudheer Koneru, chief executive officer at Zenoti.

"Our industry, one traditionally slow to progress technologically, is passionately embracing it in the wake of COVID-19 in order to seamlessly and safely connect with customers," Koneru said.

Funds will be used to continue scaling operations, support research and development and to fuel further AI innovations, including advanced algorithms leveraging Zenoti's enterprise system data to optimize customer employee scheduling, inventory management, marketing and dynamic pricing to enhance profitability and efficiency.

Zenoti will also pursue inorganic growth opportunities. This investment enables Zenoti to further accelerate the pace of innovation and reposition the industry to address heightened consumer expectations for health and safety during the global pandemic.

"The wellness industry is ripe for disruption, particularly as COVID-19 has made it more important than ever to eliminate unnecessary face-to-face interactions wherever possible," said Eric Wei, a managing director on Advent's technology team in Palo Alto.

"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. We are incredibly excited about Zenoti and believe the company has significant runway for growth."

With over 12,000 businesses in over 50 countries, Zenoti offers touchless and mobile solutions that serves all aspects of consumer engagement, allowing for easy appointment scheduling, self-check-ins, automatic payments and more. Zenoti joins other Indian SaaS unicorns such as Zoho, Freshworks, Druva, and Icertis.

Zenoti enters unicorn club with $160 million series-D investment

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