Hyderabad-based SaaS company Zenwork, which provides a tax compliance 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.
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