Indian SaaS firm Zenoti enters unicorn club after Advent International-led, $160m Series D
Photo: Zenoti website Premium
Bellevue- and Hyderabad-based software-as-a-service (SaaS) firm Zenoti has raised $160 million as part of its Series D round led by private equity firm Advent International, through Advent Tech and affiliate Sunley House Capital, at a valuation of more than $1 billion.
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Zenoti enters unicorn club with $160 million fundraise [Mint, New Delhi]
Dec. 15 Bellevue- and Hyderabad-based software-as-a-service (SaaS) firm Zenoti has raised $160 million as part of its Series D round led by private equity firm Advent International, through Advent Tech and affiliate Sunley House Capital, at a valuation of more than $1 billion.
Existing investors Tiger Global and Steadview Partners also participated in the round.
With this, Zenoti, founded in 2010 by Sudheer Koneru, a person of Indian origin, joins other Indian SaaS unicorns such as Zoho, Freshworks, Druva, and Icertis. The startup, 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.
The Bellevue, Washington-headquartered SaaS startup has raised $160 million in its Series D financing round that valued it at “well past $1 billion,” said Sudheer Koneru, founder and chief executive of Zenoti, in an interview with TechCrunch earlier this week. The round was led by Advent International with participation from Tiger Global and Steadview Partners. The startup has raised about $251 million to date.
Zenoti, which started its journey in India, has built a cloud management solution for health and wellness industries. The startup’s platform allows customers to pay directly from a mobile app after their appointment. It also checks them in when they walk into the store and notifies the providers.
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Zenoti said its software powers over 12,000 businesses across 50 countries, offering mobile-first solutions for appointment scheduling, self-check-in, payments, employee management and even inventory tracking. The company said it has seen strong growth during 2020, pushed by businesses upgrading their software during the Covid-19 pandemic.
“We got really good traction in the US. This year we’ve grown by more than 100% and feel that next year also we’re on track to grow by at least 100%. Our actual board commitment is something like 120% growth for next year,” said Sudheer Koneru, founder and CEO at Zenoti, without commenting on the firm’s revenue.
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