Delhi, November 8, 2022 — “At Zoho, we have always believed that technologists should practice more humility,” said Sridhar Vembu, CEO and Co-founder, Zoho Corp. on the sidelines of Zoholics India, the company’s annual user conference. “After all, we cannot code more food, nor compile new energy. Unfortunately, recent developments in our industry amidst a backdrop of rapidly deteriorating global economic outlook, are a rude reminder of our own limits as technologists.”
“Fundamentals matter now more than ever, and our industry has to learn to lower the friction of technology, so that technology becomes far more affordable,” added Vembu. “We have also crossed an important milestone of $1 billion in annual revenue. While growth has slowed down quite a bit in 2022 over 2021, our diversified product portfolio and the fact that we save money for customers has helped us so far. We hope to continue to serve our customers by bringing the highest quality offerings at very affordable prices.”
The Chennai-headquartered global technology company, also announced today that it plans to open 100 network PoPs (point of presence) around the world in the next five years for providing users with faster network, and also double investment for technologies such as blockchain and AI (artificial intelligence). Zoho, which spends three times its marketing spend on R&D and has received 25 patents in the last three years, attributes its growth to: strong R&D capabilities across categories and markets, its diversified portfolio, and to businesses choosing unified offerings over single products.
The company, known for its prudent spendings, has surpassed USD 1 billion in revenue, with India leading the growth. India’s annual revenue increased by 77% in 2021. The company is seeing uptake of products across different categories, with the top five offerings in India being Zoho One (the operating system for business), CRM Plus (customer experience platform), EX offering—led by Zoho People (human resource management platform) and Zoho Workplace (enterprise collaboration platform), and the finance suite led by Zoho Books (GST-compliant accounting software).
By offering unified solutions across various categories (customer experience, employee experience, marketing, collaboration, etc), that also integrate well with third-party solutions, Zoho is witnessing increased adoption from mid-and-large size businesses as well, especially in India. While there’s an uptake of Zoho CRM Plus, Zoho People Plus and Zoho One amongst mid-large sized businesses, Zoho Books and Zoho Workplace are seeing mass market adoption.