Enterprise cloud platform Zenoti closed its Series C funding round where it raised $50 million, led by Tiger Global Management with the participation from Norwest Venture Partners and Accel Partners. The latest round takes Zenoti’s total fund raise to $71 million.

The funds raised will be used for investment into the firm’s sales and marketing segments as well as to build a war chest to potentially look at inorganic growth opportunities, said a source close to the deal.

“Every country where they are present is still under-penetrated. If you take the US as an example, from east coast to west coast there is so much of the market that is yet to be penetrated from Zenoti’s perspective,” the source said. It is noteworthy that 55% of Zenoti’s business comes from the US.

“The firm is doing very well with its clients and if they have more people on the ground to win business, the US itself will do significantly better. Similar is the story with other developed markets. Zenoti has a net retention ratio of 130%—meaning if the customer spends $100 towards the firm this year, they will spend a $130 next year,” the source said.

Some of the brands that Zenoti has catered to include Waxing the City, Massage Heights, Mario Tricoci, Prose Boutiques, Sono Bello and Rudy’s Barbershop. It recently expanded into the resort space, adding MGM Resorts and Taj Hotels to its customer mix. Avendus Capital was the exclusive financial advisor to Zenoti on the transaction.

According to Sudheer Koneru, chief executive at Zenoti, the firm has witnessed more than 100% growth in the past year and is on target to achieve 130% growth in 2019.

Scott Shleifer, partner at Tiger Global, said the beauty and wellness markets are large and growing. “Zenoti is improving productivity for many salon and spa operators, and we are excited to partner with Sudheer and his team as they continue innovating.”

Zenoti caters to the beauty and wellness industry. The firm, which was founded in 2010, provides an all-in-one, enterprise cloud-based software solution for the beauty and wellness industry including salons, spas and med spas and caters to businesses across 44 countries. It allows users to manage every different aspects of a business like appointment bookings, employee management, inventory management, marketing automation, and analytics in a mobile solution.