Zenoti, a cloud software provider to the beauty and wellness industry, has raised $160 million in Series D funding at a valuation of over $1 billion led by US-based private equity firm Advent International, along with participation from existing investors Tiger Global and Steadview Partners. The round catapults Bellevue, Washington and Hyderabad-based Zenoti into the coveted Unicorn club, making it only the fifth software product company of Indian origin, after Freshworks, Druva, Icertis and Postman, to do so. It also brings up the total amount of capital raised by the company to $250 million so far. It will utilise the fresh capital to continue to scale its operations and invest in R&D for innovations using AI and smart algorithms that will help its customers in better inventory management, customer scheduling, marketing and dynamic pricing. It also said that the funds will be used for inorganic growth through acquisitions.