Hyderabad: Zenwork, a digital tax compliance and regulatory reporting solutions provider, which recently raised over Rs 1,200 crore from Spectrum Equity, is all set to expand its operations in Hyderabad and the US. The company which has a 60-member team here is planning to take this number to 180-200 by the end of 2022.
The fresh funding is expected to help Zenwork to accelerate its product innovation and meet growing demand for automated technology solutions that address regulatory compliance and enable electronic filing and information management. The company will use funds to build capabilities globally and for its go-to-market strategy.
Sanjeev Singh, co-founder & CEO, Zenwork, told Telangana Today, “We have 60 people now in Hyderabad and 20 in the US. We plan to add 120-140 employees in Hyderabad. We are looking at a talent pool with skills such as engineering, product management, business analytics, digital marketing and sales operations.”
Zenwork is a Hyderabad-registered entity with its global headquarters in the US. “Our user base is primarily the US, and we have just started catering to India, APAC and European markets. We are leveraging the talent pool that is available in India. We have a full-fledged analyst team in Hyderabad,” he added.
The company is also extending fintech services helping out the banking sector in terms of KYC and identity checks. It works with the largest credit card processors and ensures to mitigate risk. Zenwork operates in a highly regulated ecosystem going through audits related to data privacy.
When asked about the company’s core differentiation, he said, “When more and more web applications were being built by competitors, we built the first API (application programming interface) to connect with clients and partnerships to differentiate ourselves. We constantly kept evolving our product by adding several new features from time to time that minimised risk, and we in the process developed an advanced platform. We are among the fastest growing companies in our space and this has started attracting investors as we created tangible value.”
Meeting compliance needs
Zenwork helps companies manage compliance and offers solutions that transform resource-intensive, manual processes into highly automated, digital experiences. It serves over 1,00,000 small businesses, including 30,000 CPA (certified public accounting) firms as well as large enterprises.
“We have started working with several startups in the US catering to their compliance needs through our software, as well as mid size companies. Startups remain a key segment for us,” Singh added.
The company has been processing millions of electronic filings, and over 12 million business identity and compliance checks annually on behalf of its clients. It offers Tax1099, an IRS-approved, cloud-based platform that automates e-filing and e-delivery of IRS and state forms while Compliancely is an AICPA and SOC recognised identity-check platform.
Singh added, “Normalcy for digital-first and digitally adopted companies is returning at an exponential rate. However, normalcy for normal businesses will take time. We as a company will engage with several fintech startups in Hyderabad to build the ecosystem further and build transformative digital solutions.”
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