You are here: Home » Companies » Start-ups » News
Business Standard

SaaS company Zenwork raises over Rs 1,200 cr from Spectrum Equity

Spectrum's investment portfolio includes the likes of Grubhub, SurveyMonkey, Kajabi, Lucid Software, and Verafin

Topics
SaaS | tax compliance

Deepsekhar Choudhury  |  Bengaluru 

Sanjeev Singh, Co-Founder & CEO Zenwork
Sanjeev Singh, Co-Founder & CEO Zenwork

Hyderabad-based company Zenwork, which provides a and regulatory reporting platform to businesses, on Tuesday said that it has raised Rs 1,200 crore from Spectrum Equity.

Spectrum’s investment portfolio includes the likes of Grubhub, SurveyMonkey, Kajabi, Lucid Software, and Verafin.

Founded more than 10 years ago by husband-and-wife duo of Sanjeev Singh (CEO) and Rekha Singh, a former IBM techie who is the CTO, the company has been bootstrapped until now.

“We have been profitable from the first year itself. The funding is because we want to enter the next level of growth. We have been building as a bootstrapped company like Sridhar Vembu (founder of Zoho) till now. Now, we also want to have a taste of what it is to grow like Freshworks with funding. Both of them have built respectable businesses,” said Sanjeev Singh.

“I was always curious about the way funded start-ups function and have learnt a lot from the interactions I have had during the process,” the CEO added.

The company currently has over 100,000 customers in the US, including 30,000 CPA firms, as well as large enterprises. It added 40,000 new clients in each of the last two years and currently processes over 12 million business identity and compliance checks annually.

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

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Tue, November 23 2021. 17:04 IST
RECOMMENDED FOR YOU
.