Zoho, India's Homegrown SaaS Major, Is Now A Billion Dollar Company

Indian software-as-a-service major Zoho Corporation on Tuesday (Nov 9) announced it has crossed the $1 billion milestone in annual revenue.

"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." said Zoho CEO and co-founder Sridhar Vembu.

“Our fastest growing market is India, although growth has gone down across the board. It is fast approaching the number 3 position for us and could become number 2 in five years. In 10 years, it might become number 1,” he added.

The company said that its India's annual revenue increased by 77% in 2021.

At Zoholics India, the company’s annual user conference, the SaaS player also unveiled plans to open 100 network PoPs (point of presence) around the world in the next five years and also to double investment into technologies like blockchain and AI.

“At Zoho, we have always believed that technologists should practice more humility. After all, we cannot code more food, nor compile new energy,” said CEO and Co-founder Sridhar Vembu, adding that the recent developments in our industry amidst a backdrop of rapidly deteriorating global economic outlook “are a rude reminder of our own limits as technologists”.

Zoho 's current workforce strength is estimated to over 11,000 employees

“We have put a check on our hiring… But we may easily increase our workforce by 10 percent because many things are happening (at the company) and we have a business to run,” said Praval Singh, vice president of marketing and customer experience at Zoho.