<SEC-DOCUMENT>0001104659-21-050975.txt : 20210818
<SEC-HEADER>0001104659-21-050975.hdr.sgml : 20210818
<ACCEPTANCE-DATETIME>20210415211748
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001104659-21-050975
CONFORMED SUBMISSION TYPE:	DRSLTR
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20210415

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Zenvia Inc.
		CENTRAL INDEX KEY:			0001836934
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-PREPACKAGED SOFTWARE [7372]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			D5
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DRSLTR

	BUSINESS ADDRESS:	
		STREET 1:		AVENIDA PAULISTA, 2300, 18TH FLOOR
		STREET 2:		SUITES 182 & 184
		CITY:			SAO PAULO, SAO PAULO
		STATE:			D5
		ZIP:			01310-300
		BUSINESS PHONE:		55 11 4837-7440

	MAIL ADDRESS:	
		STREET 1:		AVENIDA PAULISTA, 2300, 18TH FLOOR
		STREET 2:		SUITES 182 & 184
		CITY:			SAO PAULO, SAO PAULO
		STATE:			D5
		ZIP:			01310-300
</SEC-HEADER>
<DOCUMENT>
<TYPE>DRSLTR
<SEQUENCE>1
<FILENAME>filename1.htm
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: left">&nbsp;</P>

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    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt; color: #493728">Simpson
    Thacher&nbsp;&amp; Bartlett <FONT STYLE="font-variant: small-caps">llp</FONT></FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD COLSPAN="3"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #493728"><FONT STYLE="font-variant: small-caps">425
    Lexington Avenue</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #493728"><FONT STYLE="font-variant: small-caps">New
    York, NY 10017-3954</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: Red"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: Red"></P>

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    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: Red"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: Red"></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #65656a"><FONT STYLE="font-variant: small-caps">telephone:
    +1-212-455-2000</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #65656a"><FONT STYLE="font-variant: small-caps">facsimile:
    +1-212-455-2502</FONT></P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; width: 28%; padding-bottom: 8.65pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #65656a">Direct Dial Number</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #493728">+1 (212) 455-2295</P></TD>
    <TD STYLE="vertical-align: bottom; width: 44%; padding-right: 5.75pt; padding-bottom: 8.65pt; padding-left: 5.75pt; font-size: 10pt; text-align: center"></TD>
    <TD STYLE="vertical-align: top; width: 28%; padding-bottom: 8.65pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; color: #65656a">E-mail Address</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; color: #65656a">gcalheiros@stblaw.com</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; color: #493728"></P></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt">April&nbsp;15, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>VIA EDGAR&nbsp;&amp; EMAIL</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">U.S. Securities and Exchange Commission<BR>
Division of Corporation Finance<BR>
Office of Technology<BR>
100 F Street, N.E.<BR>
Washington, D.C. 20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Attention:</TD><TD>Mr.&nbsp;David Edgar, Senior Staff Accountant<BR>
                                            Ms.&nbsp;Kathleen Collins, Accounting Branch Chief<BR>
                                            Mr.&nbsp;Alexandra Barone, Staff Attorney<BR>
                                            Mr.&nbsp;Larry Spirgel, Office Chief</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Confidential Submission Pursuant to Section&nbsp;106(a)&nbsp;of
the Jumpstart Our Business Startups Act/Section&nbsp;6(e)&nbsp;of the Securities Act of 1933, as amended</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>Re:</B></TD><TD><B>Zenvia Inc.<BR>
                                            Confidential Amendment No.&nbsp;1 to Draft Registration Statement on Form&nbsp;F-1<BR>
                                            Submitted March&nbsp;24, 2021<BR>
                                            CIK No.&nbsp;0001836934</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">By
letter dated April&nbsp;9, 2021 (the&nbsp;&ldquo;<B>Comment Letter</B>&rdquo;), you provided comments on behalf of the staff (the&nbsp;&ldquo;<B>Staff</B>&rdquo;)
of the U.S. Securities and Exchange Commission (the&nbsp;&ldquo;<B>Commission</B>&rdquo;) with respect to the above referenced Amendment
No.&nbsp;1 to Draft Registration Statement on Form&nbsp;F-1 (the&nbsp;&ldquo;<B>Amendment No.&nbsp;1 Draft Registration Statement</B>&rdquo;)
of Zenvia Inc. (the&nbsp;&ldquo;<B>Company</B>&rdquo;), </FONT>a Cayman Islands exempted company with limited liability, relating to
the proposed offering in the United States of the Company&rsquo;s Class&nbsp;A common shares (the&nbsp;&ldquo;<B>Class&nbsp;A Shares</B>&rdquo;)
under the Securities Act of 1933, as amended (the&nbsp;&ldquo;<B>Securities Act</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
behalf of</FONT> the Company, we enclose herewith the Company&rsquo;s responses to your comments on Amendment No.&nbsp;1 to the Draft
Registration Statement for confidential review by the Staff pursuant to the Jumpstart Our Business Startups Act and Section&nbsp;6(e)&nbsp;of
the Securities Act. Concurrently with the submission of this letter, the Company is publicly submitting the Company&rsquo;s Registration
Amendment via EDGAR (the &ldquo;<B>Registration Statement</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; width: 9%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase; color: #65656a">BEIJING</FONT></TD>
    <TD STYLE="text-align: center; font-size: 10pt; width: 11%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase; color: #65656a">HONG
    KONG</FONT></TD>
    <TD STYLE="text-align: center; font-size: 10pt; width: 11%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase; color: #65656a">Houston</FONT></TD>
    <TD STYLE="text-align: center; font-size: 10pt; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase; color: #65656a">LONDON</FONT></TD>
    <TD STYLE="text-align: center; font-size: 10pt; width: 12%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase; color: #65656a">Los
    Angeles</FONT></TD>
    <TD STYLE="text-align: center; font-size: 10pt; width: 11%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase; color: #65656a">Palo
    Alto</FONT></TD>
    <TD STYLE="text-align: center; font-size: 10pt; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase; color: #65656a">S&Atilde;O
    PAULO</FONT></TD>
    <TD STYLE="text-align: center; font-size: 10pt; width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase; color: #65656a">TOKYO</FONT></TD>
    <TD STYLE="text-align: center; font-size: 10pt; width: 19%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase; color: #65656a">Washington,
    D.C.</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">To facilitate your review, we will provide to
the Staff via email a courtesy copy of the Registration Statement, which has been marked to show changes to the Amendment No.&nbsp;1
Draft Registration Statement initially submitted to the Commission on March&nbsp;24, 2021 (the&nbsp;&ldquo;<B>March&nbsp;24 Submission</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On behalf of the Company, we wish to thank you
and the other members of the Staff for your prompt review of the March&nbsp;24 Submission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition to the amendments made in response
to the Staff&rsquo;s comments, the Company has also revised the March&nbsp;24 Submission to generally update and fix inconsistencies
identified in the Amendment No.&nbsp;1 Draft Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Set forth below are the Company&rsquo;s responses
to the Staff&rsquo;s comments in the Comment Letter. The Staff&rsquo;s comments are retyped below in bold-face type for your ease of
reference and are followed by the Company&rsquo;s responses. We have included page&nbsp;numbers to refer to the location in the Registration
Statement where the disclosure addressing a particular comment appears.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Defined terms used but not otherwise defined herein
have the meanings ascribed to such terms in the Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">*</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">*</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">*</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">*</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Amendment No.&nbsp;1 to Draft Registration Statement on Form&nbsp;F-1
submitted March&nbsp;24, 2021</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Special Note Regarding Non-GAAP Financial Measures, page&nbsp;vi</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><I>1.</I></B></FONT></TD><TD><B><I>We
                                            note that non-GAAP Gross Profit and non-GAAP Operating Profit excludes amortization of intangible
                                            assets acquired from business combinations. Please revise to explain why exclusion of amortization
                                            related to only acquired businesses is useful to investors and clarify that while you are
                                            excluding the amortization expense related to acquired businesses, these non-GAAP measures
                                            also include revenue generated, in part, by such intangible assets.</I></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company acknowledges the Staff&rsquo;s comment and respectfully advises that it has amended sections &ldquo;Presentation of Financial
and Other Information&ndash;&ndash;Special Note Regarding Non-GAAP Financial Measures&rdquo; and &ldquo;&ndash;&ndash;Special Note Regarding
Non-GAAP <I>Pro Forma</I> Financial Measures&rdquo; in pages&nbsp;vi</FONT> and vii  of the Registration Statement to address the
Staff&rsquo;s comment and explain why the exclusion of amortization of intangible assets acquired from business combination from certain
non-GAAP measures are useful to investors and clarify that while such amortization expenses are excluded, these non-GAAP measures also
include revenue generated by such intangible assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Summary Financial and Other Information</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Non-GAAP Financial Measures, page&nbsp;21</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B><I>2.</I></B></TD><TD><B><I>We note from your response to prior comment 1 that
                                            the earn-out compensation related to the Total Voice and Sirena acquisitions requires shareholders
                                            to continue working with the company until the end of the applicable earn-out period. Considering
                                            such arrangements are tied to attaining certain financial targets as well as continued employment,
                                            and as such amounts will be paid in cash, it remains unclear how such charges are not a normal,
                                            recurring cash operating expenses. Please remove such adjustments. This comment also relates
                                            to your pro forma non-GAAP measures, which include similar adjustments. Refer to Question
                                            100.01 of the non-GAAP C&amp;DIs.</I></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company acknowledges the Staff&rsquo;s comment
and respectfully advises that it has amended the Registration Statement to address the Staff&rsquo;s comment and removed compensation
expenses negotiated in connection with business combination transactions from the calculation of the non-GAAP financial measures included
in the Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Capitalization, page&nbsp;71</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B><I>3.</I></B></TD><TD><B><I>Please expand your Capitalization table to separately
                                            disclose the components of equity, including Class&nbsp;A and Class&nbsp;B common shares,
                                            that will be issued and outstanding following the Zenvia contribution and the offering.</I></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company acknowledges the Staffs comment and respectfully advises that it has amended page&nbsp;73</FONT> of the Registration
Statement to address the Staff&rsquo;s comment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Unaudited Pro Forma Condensed Financial Information, page&nbsp;87</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B><I>4.</I></B></TD><TD><B><I>Considering the D1 acquisition is subject to certain
                                            closing conditions, which include the consummation of this offering, please tell us your
                                            consideration to include a column for the offering transaction in your unaudited pro forma
                                            financial statements.</I></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company acknowledges the Staff&rsquo;s comment and respectfully
advises that it did not give effect to the offering in the unaudited <I>pro forma</I> condensed financial statements section of the Registration
Statement as, after careful consideration of the terms of Regulation S-X (&ldquo;<B>Reg S-X</B>&rdquo;), it concluded that there was no
guidance under Article 11 of Regulation S-X that would allow the Company to make such further adjustment for the entirety of the offering.&nbsp;
However, the Company respectfully advises the Staff that, when it files its preliminary registration statement with a price range for
the offering at the time of launch, it will include an &ldquo;other transaction accounting adjustments&rdquo; column in the unaudited
<I>pro forma</I> condensed statement of financial position to give <I>pro forma</I> effect for the portion of the proceeds directly attributable
to the D1 Acquisition and will also include in the unaudited <I>pro forma</I> statement of profit or loss an earnings per share information
that will include the number of shares issued in connection with the offering in reliance on paragraph 3230.4 (5) of the Division of Corporation
Finance&rsquo;s Financial Reporting Manual.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B><I>5.</I></B></TD><TD><B><I>We note your breakdown of costs and expenses by nature
                                            in pro forma adjustment 4(i). Please explain further why you include compensation expense
                                            related to business combinations in the depreciation line item or revise to provide a more
                                            appropriate classification for such expenses. In this regard, based on your disclosures on
                                            page&nbsp;F-37, it appears that footnote (2)&nbsp;should be with the &quot;salaries and charges&quot;
                                            line item.</I></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company acknowledges the Staff&rsquo;s comment and respectfully advises that it has amended the costs and expenses by nature table in
the unaudited <I>pro forma</I> condensed financial statements section of the Registration Statement in page&nbsp;103
</FONT>of the Registration Statement to address the Staff&rsquo;s comment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Historical Results of Operations</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Year Ended December&nbsp;31, 2020 Compared to Year Ended December&nbsp;31,
2019, page&nbsp;115</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B><I>6.</I></B></TD><TD><B><I>We note your revised disclosures in response to prior
                                            comment 4. Please further revise to separately quantify the extent to which the revenue increase
                                            was attributed to new and existing customers.</I></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company acknowledges the Staff&rsquo;s comment and respectfully advises that it has amended pages&nbsp;116 and 119 of the
Registration Statement to address the Staff&rsquo;s comment.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B><I>7.</I></B></TD><TD><B><I>Please revise to quantify the increase in cost of services
                                            attributable to additional usage and the readjustment of prices charged by network service
                                            providers. Also, include a discussion on any known trends, uncertainties, or events that
                                            are reasonably likely to cause reported financial information to not be indicative of future
                                            operating results. In this regard, we note that one of your network service providers recently
                                            notified you of a substantive increase in their 2021 fee structure. Refer to Item 5.A and
                                            5.D of Form&nbsp;20-F.</I></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company acknowledges the Staff&rsquo;s comment and respectfully advises that it has amended pages&nbsp;112,
116 and 119 of the Registration
Statement to address the Staff&rsquo;s comment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>One to One Engine Desenvolvimento E Licenciamento Financial
Statements</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Note 2.2 Revenue Recognition, page&nbsp;F-85</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B><I>8.</I></B></TD><TD><B><I>We note from your response to prior comment 6 that
                                            you removed references to gross revenue from Zenvia's financial statement footnotes. Please
                                            tell us why gross revenue is presented in D1's financial statements both here and in Note
                                            17, or revise to remove. Refer to Item 10(e)(1)(ii)(C)&nbsp;of Regulation S-K.</I></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company acknowledges the Staff&rsquo;s comment
and respectfully advises that it has amended D1&rsquo;s and Smarkio&rsquo;s F-pages&nbsp;included in the Registration Statement to remove
reference to gross revenue and present D1&rsquo;s and Smarkio&rsquo;s revenue on a net basis only.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Exhibits</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B><I>9.</I></B></TD><TD><B><I>Please file your material financing agreements as exhibits
                                            to the registration statement. Refer to Item 601(b)(10)&nbsp;of Regulation S-K.</I></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company acknowledges the Staff&rsquo;s comment and respectfully advises that it has amended page&nbsp;127 of the Registration
Statement to clarify that it has described in the Registration Statement a summary of substantially all financing agreements entered
into by the Company in effect to date, and the table included therein is derived from note 11 to the audited consolidated financial
statements of Zenvia Brazil included in the Registration Statement. The Company confirms to the Staff that no individual
indebtedness agreement is material to the Company. In addition, such debt agreement are standard working capital facilities, and
none individually exceeds 10% of the Company&rsquo;s total assets on a consolidated basis. The Company respectfully confirms that
all agreements that the Company deems material to its business are described in the Business section and filed as exhibits to the
Registration Statement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">*</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">*</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">*</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">*</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Please be advised that the present intention
of the Company and its underwriters is to commence road-show presentations as early as practicable in May 2021 (bearing in
mind that the Company will have to wait 15 days from today&rsquo;s date to be in a position to commence its road show activities).
We would be grateful if the Staff could review the above responses at its earliest convenience, so that the Company is in a position
to quickly address any remaining comments by the Staff as to the above referred matters (if any) in preparation for the commencement
of its road show activities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">We
very much appreciate the Staff&rsquo;s willingness to review the Amendment No.&nbsp;1 and this letter on a confidential basis. If you
have any questions regarding this letter or the Registration Statement, please do not hesitate to contact me at +1(212) 455-2295 (work)
or </FONT><U>gcalheiros@stblaw.com</U> (email).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif">Very truly yours,</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">/s/ Grenfel S. Calheiros</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Grenfel S. Calheiros</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Enclosures</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">cc:</TD><TD>Cassio Bobsin<BR>
                                            Zenvia Inc.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">S. Todd Crider<BR>
Simpson Thacher&nbsp;&amp; Bartlett LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">Manuel Garciadiaz<BR>
Davis Polk&nbsp;&amp; Wardwell LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">Cristiano Seguecio<BR>
KPMG Auditores Independentes</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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