Zenwork, a digital tax compliance and regulatory reporting platform, has raised ₹1,200 crore from Spectrum Equity, a US-based growth equity fund focused on internet-enabled software and information services companies.
“We will use the proceeds to accelerate product innovation, expand to newer markets and increase the headcount,” Sanjeev Singh, Co-Founder and Chief Executive Officer of Zenwork, has said.
The company, which has about 80 employees now, would more than double the workforce to 200 people by the end of 2022.
Announcing the raising of funds at a press conference here on Tuesday, he said the company would develop products to meet the growing business demand for modern, automated technology solutions to address regulatory compliance.
“We raised ₹1,200 crore Spectrum Equity, which has experience in scaling regulatory tech and fintech software and data businesses. Their support will help us navigate this next growth chapter,” he said.
“This strategic alliance gives an opportunity for us to invest heavily in our Tax1099 and ‘Compliancely’ platforms as we look to be the digital tax compliance partner of choice to all businesses,” he said.
The firm presently generates the bulk of its business from the US.