Steadview Capital has infused $20 million (approx ₹143 crore) in Zenoti Software, a Hyderabad and Seattle-based spa, salon software startup. The funding from Steadview comes in less than three months after Zenoti closes a series C round.
The company said the funding would help it accelerate the pace of innovation and expand into both existing and new geographies. It will also look to continue hiring more talent to back its expansion plans.
Dheeraj Koneru, founder at Zenoti, said that the company is looking at expansion opportunities in categories such as pet spa or car spa, and at the same time it will go deeper into the product offering to build a fully automated inventory, with more predictive algorithms.
Also, the company plans to make a few acquisitions to propel its expansion plans.
Zenoti was founded by Sudheer Koneru, Dheeraj Koneru, Anand Arvind and Saritha Katikaneni in 2010. It provides a cloud-based back-end service such as appointment booking, payroll of employees, inventory management and managing financials for cloud-based software for salons, spas, and medi-spas.
The platform employees around 300 people with engineering and product teams based in India, and the sales team globally. The company offers its services in 44 countries across the globe.
The company claims that it is growing at a rate of 130% in 2019 and is looking for a revenue of $120 -150 million over the next two years.
“With tremendous momentum of more than 100% growth in the past year and on target to achieve 130% growth in 2019, we’re excited to be leading the transition of this industry to the cloud,” Koneru had said earlier.
Similar to Zenoti, other startups that falls under this category involves Mindbody, SimplyBook.me, Booker Software, Meevo, Phorest Salon Software, and many more.