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Compliance Fintech Startup Zenwork Raises INR 1200 Cr From Spectrum Equity

Compliance Fintech Startup Zenwork Raises INR 1200 Cr From Spectrum Equity

The startup operates two brands: Tax1099, a cloud-based IRS e-filing and e-deliver platform; and Compliancely, an API that helps customers conduct real-time identity checks on individuals and businesses.

It serves over 100,000 businesses nationwide, including 13,000 CPA firms.

The global regtech market is estimated to be worth $7 Bn in 2021 and is expected to reach $15.8 Bn by 2026, growing at a CAGR of 17.5%

Fintech SaaS platform Zenwork has raised INR 1200 Cr from Spectrum Equity. The startup will use the freshly raised capital to accelerate product innovation across their brands-Tax1099 and Compliancely. 

Founded in 2011 by Sanjeev Singh and Rekha Singh, Zenworks offers SaaS platforms that help businesses manage tax and other compliance. It currently serves over 100,000 businesses nationwide including 30,000 certified public accountant firms as well as large enterprises.

Tax1099 is an IRS-approved cloud-based platform that automates e-filing and e-delivery of IRS and state forms, enabling small businesses, accountants, CPAs, bookkeepers and corporations by processing informational returns and other compliance data through its platform.

Compliance is an AICPA and SOC recognised identity-check platform with global databases and watch lists. This scalable API helps customers conduct real-time identity checks on individuals and businesses, and runs many validation checks.

“This strategic alliance will not only help us potentially explore newer avenues, but also gives an opportunity for Zenwork to invest heavily in our Tax1099 and Compliancely platforms as we look to be the digital tax compliance partner of choice to all businesses,” said Sanjeev Singh. “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”.

The global regtech market is estimated to be worth $7 Bn in 2021 and is expected to reach $15.8 Bn by 2026, growing at a CAGR of 17.5%. Changing state and federal mandates and the gig economy’s surge have created new and complex tax reporting that regtech companies like Zenwork are looking to cater for their customers. 

Earlier this year, B2B SaaS company VComply has raised $6 Mn in Series A funding from Accel and Counterpart Ventures. The Palo Alto and Kolkata-based regulations tech startup, which works in the governance, risk and compliance (GRC) space, is planning to use this funding to grow its base in the United States and expand into European markets.

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