Zoho hits $1 billion revenue milestone; to double investments on blockchain, AI

At a time when companies, both start-ups and large tech giants, are reeling under severe financial stress, Chennai-based Software as a Service (SaaS) firm Zoho has announced a key milestone in the company’s history, achieving $1 billion 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,” said Sridhar Vembu, CEO and Co-founder, Zoho Corp.

Annual revenue from India, the leading market for the company, grew by 77 per cent in 2021. The top five offerings in India are Zoho One, an operating system for businesses, CRM Plus, customer experience platform, EX offering led by Zoho People, its human resource management platform and Zoho Workplace, enterprise collaboration platform, and the finance suite led by Zoho Books, which is an online accounting software.

Founded in 1996, Zoho is privately held and profitable with more than 11,000 employees and offices in several countries including India, United States, Japan, China, Singapore, Mexico, Australia, the Netherlands, and the United Arab Emirates.

Vembu, who was awarded India’s fourth-highest civilian honour Padma Shri last year, operates from Tenkasi, a village in southern Tamil Nadu where the company opened its first rural office in 2011.

Speaking on the sidelines of Zoholics India, the company’s annual user conference, Vembu called technologists to practice more humility. “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,” he said.

The company announced 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. Zoho, which spends three times its marketing expenses on R&D, said it plans to double investment for technologies such as blockchain and artificial intelligence.

 Zoho runs its own data centers. It currently has 12 such centers around the world, including two in India. It has around 14 network PoPs that run its proprietary software. Zoho also has over 150 monitoring PoPs that enable users to monitor functioning of their websites.

“Our R&D focus in the coming years is to further unify our technology stack so that we are able to elevate the user experience. We will add 100 more network PoPs around the world in the next five years for enhancing network access. We are also working on adding Indian language support for our AI and blockchain technology for universal validation,” Vembu said.

Also read: Tech firm Zoho Corp invests Rs 20 cr in AI start-up Genrobotics

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