Zoho: In the midst of the economic downturn, Chennai-based global technology company Zoho Corporation announced on Tuesday that it has reached $1 billion in annual revenue, thanks to its diverse product portfolio.
According to Sridhar Vembu, CEO and Co-Founder of Zoho, no one in India has built a billion-dollar product company.
Also Read: Northeast India ‘TEA’ is safe to consume, According To Research
Zoho Corporation, based in Chennai, announced on Tuesday that it will have surpassed $1 billion in revenue by 2021, with its India business growing by 77% year on year (YoY). Encouraged by this, the technology company intends to open 100 points of presence (PoPs) around the world in the next five years.
Zoho crossed $1 Billion in Annual Revenue and becomes the first billion-dollar Indian Product Company 🇮🇳
With around 80 Mn customers, 12,000+ Employees, 12 Offices Operating in 9 Countries worldwide
Zoho & Sridhar Vembu is truly an Inspiration for the Indian Startup Ecosystem
— Ravisutanjani (@Ravisutanjani) November 8, 2022
“We created one product, a modest product, and made a modest profit. We steadily invested in expanding our capabilities. Even our own people would not have believed a few years ago that we could construct all of this. That is the journey of steadily building “Vembu, humbled, said.
While our billion dollar milestone is important, recent events in the industry should remind all of us in technology to have more humility. Technology is very important but we cannot code more food nor compile more energy. We will cherish this moment with gratitude & humility. 🙏
— Sridhar Vembu (@svembu) November 9, 2022
“In 2021, we will have surpassed $1 billion in revenue.” India is our fastest-growing market, and the Middle East is close behind. The rate of growth has slowed across the board. The United States is number one, the European Union is number two, and India is closing in on third place for us. Based on the rate of growth, India could be number two in the next 4-5 years and number one in the next ten,” said Sridhar Vembu, CEO and co-founder of Zoho Corp.
Zoho attributes its growth to strong R&D capabilities across categories and markets, its diversified portfolio, and businesses choosing unified offerings over single products.
Zoho provides web-based business tools such as business operating system software, customer relationship management software, human resource management software, an enterprise collaboration platform, and GST-compliant accounting software.
