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ManageMySpa secures $6 mn in Series A round from Accel Partners

Software
solution startup ManageMySpa has raised $6 million in Series A funding from
Accel Partners.

The Seattle and
Hyderabad-based company, founded in 2010 as Soham Online Solutions by serial
entrepreneur Sudheer Koneru, makes web-based software for service industries
including spas and salons. 

Software
solution startup ManageMySpa has raised $6 million in Series A funding from
Accel Partners.

The Seattle and
Hyderabad-based company, founded in 2010 as Soham Online Solutions by serial
entrepreneur Sudheer Koneru, makes web-based software for service industries
including spas and salons. 

According to an
Economic Times report, the deal is among the largest Series A cheques by Accel
Partners, which usually invests $1-2 million at that stage. 

“We believe that ManageMySpa is at a pivotal
point in its growth trajectory and has all the competencies to become the
leader in its space. We’re excited about the momentum the company has
experienced so far and the growth of the wellness industry globally,” Accel
Partners’ Shekhar Kirani told the Economic Times.  

ManageMySpa helps salons with processes
including billing, appointment book, inventory, employee management, marketing,
customer loyalty and reporting. It competes with global players such as
Mindbodyonline, Spabooker and Millennium. 

The company’s solution is now used by over
2,000 spas and salons in India and over 5,000 overseas. In India it has clients
such as Kaya Skin, Enrich Salons, O2 Spas and Blush Clinics. It has now set
sights on the United States market as well, with capital expected to be
invested in sales and marketing besides expanding its mobile product offering. 

“In the last 12 months we have started
targeting the US market, which will account for over 50% our sales soon. Indian
brands, which were our first customers, have turned out be a great reference
point,” IIT Madras graduate Koneru was quoted in the report as saying.

Koneru sold his previous venture Intelliprep
to Microsoft co-founder Paul Allen’s Click2learn in 2001 that later merged with
SumTotal Systems in 2004. After stepping down from SumTotal, which had revenues
of $100 million, he invested in Hyderabad healthcare chain Latitudes Pro which
was acquired by Apollo Healthcare in 2013. 

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