Zenwork Raises over INR 1200 Crores from Spectrum Equity

Zenwork a leading provider of digital tax compliance and regulatory reporting fintech SaaS platform for businesses everywhere, has successfully raised over INR 1200 Crores from Spectrum Equity, a leading growth equity firm focused on internet-enabled software and information services companies. The investment will enable Zenwork, operating the brands Tax1099 and Compliancely, 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 helps businesses everywhere manage compliance at a time when changing state and federal mandates and a surge in the gig economy workforce have created new, complex tax reporting burdens. The company offers its customers modern, cost-effective solutions that transform resource-intensive, manual processes into highly automated, digital experiences. Zenwork currently serves over 100,000 small businesses nationwide, including 30,000 CPA firms, as well as large enterprises. The company has been growing rapidly, adding 40,000 new clients in each of the last two years and processing millions of electronic filings and over 12 million business identity and compliance checks annually on behalf of its client base.

Sanjeev Singh, co-founder and CEO – Zenwork, said, “We are excited to partner and also raise over INR 1200 crores from Spectrum Equity, whose experience scaling RegTech/FinTech software and data businesses will help us navigate this next growth chapter. This strategic alliance will not only help us potentially explore newer avenues, but also gives an opportunity for Zenwork to invest heavily in our Tax1099 and Compliancely platforms as we look to be the digital tax compliance partner of choice to all businesses.”

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

“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,” said Adam Margolin, Managing Director at Spectrum Equity. “With millions of businesses subject to tax informational reporting and likely to adopt e-filing over the coming years, we see a massive opportunity for Zenwork to build on its market leadership position through product investments and innovation. With this significant new investment, we look forward to partnering with Sanjeev and the rest of the Zenwork team on their ambitious growth plans.”