Hyderabad startup Zenwork raises Rs 1,200 cr from US investor

Zenwork will increase its staff from 80 to 200 in this year

Hyderabad: Zenwork, a Hyderabad-based SaaS startup, announced on November 23 that it has raised approximately Rs. 1,200 crore from US-based investor, Spectrum Equity.

According to a press release from the firm, the investment will allow Zenwork, which operates the brands Tax1099 and Compliance, to accelerate product innovation and meet growing business demand for modern, automated technology solutions that address regulatory compliance and power electronic filing and information management.

Zenwork intends to use the new funds to focus to improve its presence in existing and new markets and increase its staff from 80 to 200 in a year. According to a corporate spokesperson, the new hires will be for a variety of areas such as engineering, product development, and sales, among others.

The Co-founder and CEO of Zenwork, Sanjeev Singh stated, “We are excited to partner and also raise over ₹1,200 crores from Spectrum Equity, whose experience scaling RegTech/FinTech software and data businesses will help us navigate this next growth chapter.”

“We are looking at expanding our operations in Hyderabad to support our global entities and aim to be a 200 strong team by end of 2022,” Singh added.

Managing director of Spectrum Equity, Adam Margolin, said, “As a bootstrapped company, Zenwork has achieved remarkable success to date by focusing relentlessly on the digital tax reporting and onboarding requirements of its diverse customer base.”

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