Fintech platform Zenwork raises INR 1200 crore
- ByTejika Bajaj | November 24, 2021
Fintech platform Zenwork, which offers tax compliance and regulatory reporting software for businesses, announced that it has raised about INR 1200 crore from a US based growth equity firm Spectrum Equity.
The company intends to utilize the fresh funds to expand its workforce and product capability as well as to enter new markets especially in the Europe and Asia Pacific region.
Commenting about the recent infusion of capital, the Co-founder and CEO of Zenwork, Sanjeev Singh stated, “This is the very first funding we have got in. Before that for over ten years we were bootstrapping the company, so no funding was raised earlier. This is the first funding we took from an outside investor. As a bootstrapped company, we needed more than money to be a good growth partner. So, in the growth partner we have got a good partner plus money. The money will essentially go into expanding our product capability, hiring more people in Hyderabad, and also selling our products to new regions– in the European region, India and the Asia Pacific region.”
Founded in May 2011, Zenwork is a US headquartered company that offers tax compliance and regulatory reporting software to businesses across the globe. Currently, 95% of its revenue comes from the US markets and it plans to foray into the European and India markets within the next year. The fintech startup intends to have a good foothold in the European and APAC market by 2022.
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