Tiger Global leads round in Zenoti

New York-based investment firm Tiger Global Management is leading a Series C funding round of $50 million (Rs 350 crore) in Zenoti, a software provider to salons and spas. Existing investors Norwest Venture Partners and Accel also participated in the funding round, said Avendus Capital in a statement. Avendus Capital was the exclusive financial adviser to Zenoti on the transaction. The fresh capital will help Zenoti expand in existing and new geographies, hire and innovate, the statement said. Sudheer Koneru, chief executive of Zenoti, said: “With the momentum of more than 100 per cent growth in the past year and being on target to achieve 130 per cent growth in 2019, we're excited to be leading the transition of this industry to the cloud.” The Seattle- and Hyderabad-based company, operated by Soham Inc., was founded in 2010 by serial entrepreneur Koneru and his brother Dheeraj Koneru. The new round takes the total amount Zenoti has raised so far to $71 million, the statement said.