Zenwork, a digital tax compliance and regulatory reporting technology firm on Tuesday said it has successfully raised over Rs 1200 crore from Spectrum Equity, a leading growth equity firm providing capital and strategic support to innovative Internet, software, and information services companies.

The investment will enable Zenwork, operating 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, a press release from the firm said.

Sanjeev Singh, co-founder and CEO - Zenwork, said, "We are excited to partner and also raise over Rs 1,200 crore 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 potentially explore newer avenues but also allow Zenwork to invest heavily in its Tax1099 and Compliancely platforms, he further said.

"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.

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,'' Adam Margolin, Managing Director at Spectrum Equity said.

(With inputs from PTI)