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Zenoti raises $15M from Norwest Venture Partners & Accel

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Zenoti, a B2B cloud based business management company, has raised $15 million in Series B funding led by Norwest Venture Partners and participation from existing investor Accel Partners. It will use the funds for expansion, hiring and on the product. It will also expand into the fitness and yoga space. It had previously raised $6 million in Series A from Accel Partners.

The company lets small and chain businesses manage their online bookings, reselling, billing and payments, analytics reporting and marketing as well as inventory and employee management for web and mobile. It is specifically designed for spas and salons. Zenoti charges businesses per transaction and claims to not charged for failed payments or refunds.

Zenoti claims to have over 5,000 clients from the spa and wellness industry including Kaya Skin Care, Naturals, Lakme, Elemis, Four Fountains Labs, Taj Hotels, Crown Hotels and L’Occitane. It was founded in 2010 by Sudheer and Dheeraj Koneru and has a presence in 30 countries. It is headquartered in Seattle, Washington and has 7 offices in Seattle, Sydney, Jakarta, Kuala Lumpur, Manila, Hyderabad, and Dubai.

Note that the Indian government allowed 100% FDI in B2B investments in 2012 along with some restrictions. Following the policy changes, several startups appeared in India within the B2B buying/selling space, which also saw active investments from both individual investors and venture capitalists.

Developments in the B2B space this year:
– In May, Snapdeal updated its ad platform for sellers to target customers based on their browsing behavior, location and purchase history and curate ad campaigns for specific customer groups through targeted advertising. The company claims over 30,000 sellers advertise on Snapdeal ads.
– In March, B2B marketplace startup Ninjacart raised $3 million from VC firms including Accel Partners and Qualcomm Ventures, M&S Partners, and Zop Smart, the parent of ZopNow.
– In February, Gurgaon-based online marketplace OfBusiness raised $5 million in Series-A funding led by Matrix Partners India.
– E-commerce startup Moglix specializing in B2B procurement of industrial products secured an undisclosed amount of angel investment from Ratan Tata in February.
– In January, Industrybuying, an online marketplace for industrial supplies and goods, raised Rs 12 crore in a round of funding from Trifecta Capital. It also raised an undisclosed amount of funding from TVS Group and Murugappa Group in December last year.
– In the same month, Power2SME, an online buying club for small and medium enterprises, raised a fresh round of funding led by Infosys co-founder Nandan Nilekani and from existing investors Accel Partners, Kalaari Capital and Inventus Capital.

Our investments coverage here.

Image Credit: Steven Depolo under CC BY 2.0

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