Bellevue, Washington based Soham which provides cloud-based solutions for beauty, wellness and fitness businesses under the brand name Zenoti has raised an additional $80 million (Rs 583 crore per current exchange rates) as part of its Series D funding round. The additional investment was led by global private equity firm TPG and valued Zenoti at $1.5 billion, the company said in a statement.
The company had raised $160 million in December 2020 in a tranche led by private equity firm Advent International.
The company will use the capital for inorganic growth through acquisitions and will also provide its employees liquidity for their Employee Stock Ownership Plan (ESCOP) scheme, the statement added.
Founded in 2010, the company moved its headquarters to the US in 2014 but continues to have close to 80% of its workforce in India. The company operates nine offices with an employee strength of 550, servicing over 12,000 global brands.
“We are privileged to have the trust, confidence and support of TPG as we continue our growth journey,” Zenoti founder and CEO Sudheer Koneru said. “Zenoti remains committed to helping beauty, wellness, and fitness businesses reach their full potential and set the standard for the customer experience,” he added.
Zenoti offers cloud-based solutions for appointment scheduling, point of sale, inventory, customer loyalty, billing services and other services to spas and salon chains. The company now also offer its software-as-a-solution (SaaS) solution to fitness companies.
“Zenoti has created the go-to cloud-based platform for leading beauty and wellness brands looking to grow their businesses and create better experiences for their customers,” said Arun Agarwal, managing director at TPG.
The majority of the company’s revenues come from the US market, followed by United Kingdom. The company recorded 100% year-on-year growth in 2020 and works with global brands including European Wax Centre, Toni & Guy, Rush Hair & Beauty, among others.
