Indian business software company Zoho Corporation announced that it has crossed the $1 billion revenue milestone as a result of its diversified product offering.
In addition to announcing new investments in R&D at Zoholics India, the company announced plans to open 100 network PoPs (points of presence) around the world within five years and double its investments in technologies such as blockchain and 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.
Marketed as “the operating system for business,” Zoho One, the company’s suite of business apps, now supports over 50,000 organizations in more than 160 countries. The suite is a centralized portal meant to handle the wide needs of an organization and includes over 35 apps.
Sridhar Vembu, CEO and Co-founder, ZOHO Corporation said:
“We have always believed that technologists should practice more humility, after all, we cannot code more food, nor compile new energy. Unfortunately, recent developments in our industry amidst a backdrop of a 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, 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 have helped us so far. We hope to continue to serve our customers by bringing the highest quality offerings at very affordable prices.”
As well as Zoho One, the company also announced that its CRM Plus customer experience platform, HR management platform Zoho People, enterprise collaboration platform Zoho Workplace, and GST-compliant accounting software Zoho Books are gaining traction in the country. As a result of these products, the company’s annual revenue in India has increased by 77% in 2021.
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.
Zoho runs its own data centers—currently, 12 around the world, including two in India. It has around 14 network PoPs that run its proprietary software. The software is focused on accelerating network access, which in turn results in faster connectivity for users who get real-time updates. This is particularly critical in communication and collaboration applications that are a necessity in a hybrid work culture. Zoho also has over 150 monitoring PoPs that enable users to monitor the functioning of their websites.