New York-based investment firm Tiger Global Management has led a $50 million funding round in salon and spa sector-focused Software-as-a-Service (SaaS) firm Zenoti, the company said in a statement. Accel Partners and Norwest Venture Partners, the present investors were also part of the funding round.
Zenoti helps in providing software for salons and spa chains across 44 countries. This is achieved by the usage of artificial intelligence, predictive analytics and mobile solutions. This also helps to retain and engage customers. Their clients include Lakme, Enrich and Kaya Skin Clinic.
Tiger Global, one of India’s most prolific startup investors which invests in startups largely but now has been on a hiatus for almost two years.
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“Tiger Global’s investment in Zenoti is the validation of all the hard work the team has put in so far and the zeal to make Zenoti the backbone of the beauty and wellness industry. We are pleased to be in the company of other category-defining portfolio companies in Tiger Global portfolio,” said Sudheer Koneru, CEO, Zenoti.
“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,” he added.