Norwest leads $15m Series B for India, US-based Zenoti

The investment also included participation from Accel Partners, which led a $6 million Series A round for the company last year. According to a statement, the capital will be used to expand market share by driving product innovation, acquiring talent and tapping new markets in the fitness and yoga space.

Founded as ManageMySpa in 2010, Zenoti offers enterprise clients a cloud-based management platform integrating custom reporting systems, business intelligence tools, marketing automation, inventory services and a complete mobile solution. The software is used in 5,000 spa and wellness outlets in 30 countries, with a number of large clients in India, including Lakme Salons, Kaya Skin Clinics and Taj Hotels. It has offices in Hyderabad, Manila, Kuala Lampur, Jakarta, Sydney, Seattle and Dubai.

"Zenoti is filling a void for mid to large wellness chains by solving chronic challenges associated with rapid growth," said Mohan Kumar, executive director of Norwest. "Enterprise brands are starting to understand that Zenoti technology affords increased efficiencies and the seamless ability to protect their brand identities and customer experiences. Other players in the market are not addressing the need to manage a brand's distributed operations or provide an integrated view of business performance across multiple locations."

Norwest targets early to late-stage venture and growth equity investments across a wide range of sectors including technology, business services, financial services and healthcare. The firm closed its eight global fund in January at $1.2 billion, bringing its total capital and commitments to more than $6 billion.

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• Topics
• South Asia
• North America
• Support services
• Technology
• Early-stage
• Norwest Venture Partners
• Accel Partners
• India
• USA
• TMT