SaaS Unicorn Zoho Crosses $1 Billion Revenue Mark In 2021
Zoho Co-founder & CEO Sridhar Vembu said that business in India is growing very fast & could be the largest market for the company in 10 years.
An important company official announced on Tuesday that the IT company Zoho has exceeded the USD 1 billion revenue threshold in 2021 with India business expanding 77 percent on an annual basis.
According to Sridhar Vembu, co-founder and CEO of Zoho Corp, while the US and Europe contribute more to the company ‘s overall operations, India’s market potential could surpass that of the US in the next ten years.
“Our income surpassed USD 1 billion in 2021. India is our fastest-growing market, and the Middle East is not far behind.
The rate of growth has decreased overall. The US is in first place, followed by the EU in second place and India close after.
Based on its current growth rate, India might reach top 2 in the next 4–5 years and top 1 in 10 years, Vembu told reporters.
Over 150 countries are served by the corporation, which has grown its user base to 80 million over the course of its 25-year existence.
Additionally, it offers GST-compliant accounting software, customer relationship management, human resource management, and corporate collaboration platform software for organizations.
According to Vembu, the company’s success is fueled by research and development, and many businesses are switching to Zoho applications as a result.
“The pace of growth has slowed. You can view everything. We offer the most cost-effective solution and have a highly diverse product line, but the economy is in a major earthquake zone, and vibrations are already evident.
“Affordable products, R&D, and the portion we cannot control, the global economy, are ways we can influence it to some extent.
Actually, I have no idea which will prevail. He replied, “We have to tackle it month by month and quarter by quarter.
The corporation has curtailed hiring and currently employs 11,000 people. Vembu continued, “Keeping all the jobs is our top goal.
He added that the business would keep investing in improving customers’ experiences in an effort to become the top choice for them going forward.
The multinational technology company with its headquarters in Chennai also revealed its plans to establish 100 network PoPs (points of presence) globally over the course of the following five years in order to give users a faster network and to double investment in technologies like blockchain & artificial intelligence.
Customer & employee experience divisions for the company are expanding quickly, according to Zoho Vice President for Marketing & CX, Praval Singh. A significant amount of growth is also coming from customers switching to Zoho applications.