Chennai-based technology business Zoho’s financial position after its last fiscal year’s operations has been made public. The company revealed that its revenue exceeded $1 billion, an increase of 77% from the level it reached in 2021.
The CEO of Zoho, Sridhar Vembu, stated during the company’s annual user conference, Zoholics India, “We have also crossed an important milestone of $1 billion in annual revenue. While growth has significantly slowed in 2022 and 2021, our varied product offering and the fact that we save money for consumers have benefited us.”
The company told conference delegates that it was time for digital companies to “reduce the friction” to make their products more accessible to users. It suggested using blockchain technology and artificial intelligence (AI) to increase cost, privacy, and security.
“To improve network access, we will add 1,000 more network PoPs globally over the next five years,” said Vembu. “We also attempt to incorporate support for the Indian language into our blockchain and AI systems for global certification.”
Zoho affirms that it has acquired 25 new patents in less than three years and has promised to double its blockchain investment. Recently, Zoho has prioritized innovation highly, investing three times as much in R&D as it does in marketing. A variety of Zoho’s services have propelled the company’s annual revenue above the $1 billion threshold. The top five services covering everything from accounting software to a corporate collaboration platform are Zoho One, CRM Plus, Zoho Book, EX, and Zoho Workplace.
Leading the blockchain charge in India
According to Zoho Corporation, mid-market and corporate firms accounted for 37.5% of new customers, while Zoho One, the company’s commercial operating system, has grown by 150% over the past two years.
It stated that more than 160 nations are using Zoho One to assist 50,000 organizations. Customers that started using Zoho One five years ago have increased license upgrades by 92%, contributing to this growth. According to the company, “These figures highlight the market’s shift away from more static legacy systems and toward end-to-end solutions that help organizations to be agile, grow, and respond to changes in their sectors.”
Zoho experienced a 64% growth in India over the last two years. The demand was accounted for by Tier 2 and Tier 3 cities, which demonstrates how non-metros industries are getting more digital. Real estate, building, retail and wholesale, and education are the primary sectors that support growth. The most used apps include WorkDrive (document storage and collaboration), Cliq, Meeting, Zoho Analytics, and Zoho CRM. During the pandemic, collaboration technologies like Meeting and Cliq were heavily utilized.
Future of Blockchain in India
In India, privately held businesses are paving the way for the widespread adoption of blockchain technology with other civil society organizations. The partnership has already started to pay off, as various initiatives have been launched to widen the Web3 pool nationwide.
The Indian government is endorsing blockchain because, according to Finance Minister Nirmala Sitharaman, the nation would see adoption rates of 46% in the upcoming years. While regional governments use distributed ledger technology to streamline their operations, the Reserve Bank of India is utilizing technology to establish a central bank digital currency.