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BENGALURU: The global economy, especially the West, looks to be headed for a slowdown but India is bucking the trend, software entrepreneur and founder of Zoho Corp Sridhar Vembu, said on Monday. The developing geopolitical situation in Israel puts economic projections into further complications, he added.
For Zoho’s business software products, the India market grew at the rate of 37% in 2022 and it is today the third largest market and the fastest growing one, Vembu told mediapersons on Monday at the company’s user conference Zoholics held in Bengaluru. “India is globally number three for us, and will be in the number two position in the next 3-4 years, and I predict it will be our biggest market in 10 years,” he said.
“Globally, we see a distinct slowdown in September; while we are acquiring new customers, layoffs among existing customers means our numbers are getting affected,” Vembu said in an interaction with TOI. The Middle East is Zoho’s second-fastest growing market and the company is closely tracking the unrest in Israel. “It is too early to project the business impact but we hope it resolves soon,” Vembu said.
Zoho recently entered the Germany market with its suite of business applications. While Zoho’s global market share could not be ascertained it still lags the dollar value share held by the likes of Salesforce, SAP, Microsoft and others by a large margin. However, Vembu believes it is just a matter of time.
Starting off as a business software for small businesses, Zoho today is serving a growing base of enterprise customers and claims that much of this upmarket momentum is coming from customers switching from global competitors. Zoho is also looking to deepen its engagement with the public sector, he added. “We want to deepen and broaden our engagement [with the government agencies]. Our philosophy is that we see Zoho as a nation builder,” he said.
The company, on Monday, also launched additional functionalities for its Slack and Microsoft teams competition product Zoho Cliq. The business messaging and collaboration product is one of Zoho’s most used app, and revenue from Cliq is up by 150% in India in 2023. “As Cliq is maturing as a platform, it has seen a 30% increase in user migration from Slack and MS Teams in 2022,” Zoho said.
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For Zoho’s business software products, the India market grew at the rate of 37% in 2022 and it is today the third largest market and the fastest growing one, Vembu told mediapersons on Monday at the company’s user conference Zoholics held in Bengaluru. “India is globally number three for us, and will be in the number two position in the next 3-4 years, and I predict it will be our biggest market in 10 years,” he said.
“Globally, we see a distinct slowdown in September; while we are acquiring new customers, layoffs among existing customers means our numbers are getting affected,” Vembu said in an interaction with TOI. The Middle East is Zoho’s second-fastest growing market and the company is closely tracking the unrest in Israel. “It is too early to project the business impact but we hope it resolves soon,” Vembu said.
Zoho recently entered the Germany market with its suite of business applications. While Zoho’s global market share could not be ascertained it still lags the dollar value share held by the likes of Salesforce, SAP, Microsoft and others by a large margin. However, Vembu believes it is just a matter of time.
Starting off as a business software for small businesses, Zoho today is serving a growing base of enterprise customers and claims that much of this upmarket momentum is coming from customers switching from global competitors. Zoho is also looking to deepen its engagement with the public sector, he added. “We want to deepen and broaden our engagement [with the government agencies]. Our philosophy is that we see Zoho as a nation builder,” he said.
The company, on Monday, also launched additional functionalities for its Slack and Microsoft teams competition product Zoho Cliq. The business messaging and collaboration product is one of Zoho’s most used app, and revenue from Cliq is up by 150% in India in 2023. “As Cliq is maturing as a platform, it has seen a 30% increase in user migration from Slack and MS Teams in 2022,” Zoho said.
We also published the following articles recently
Zoho will beat Salesforce hands down: Sridhar Vembu
India is defying the global economic slowdown, according to Sridhar Vembu, founder of software company Zoho Corp. He said Zoho’s business software products experienced 37% growth in India in 2022, making it the company’s third-largest and fastest-growing market. Vembu also expressed confidence that Zoho will surpass competitors like Salesforce in market share. Additionally, Zoho is launching new features for its collaboration product, Zoho Cliq, including smart video conferencing and language customization options. The company recently surpassed 100 million users and achieved $1 billion in annual revenue.
India is defying the global economic slowdown, according to Sridhar Vembu, founder of software company Zoho Corp. He said Zoho’s business software products experienced 37% growth in India in 2022, making it the company’s third-largest and fastest-growing market. Vembu also expressed confidence that Zoho will surpass competitors like Salesforce in market share. Additionally, Zoho is launching new features for its collaboration product, Zoho Cliq, including smart video conferencing and language customization options. The company recently surpassed 100 million users and achieved $1 billion in annual revenue.
Business Upturn expands globally with launch of new portal in the US
Business Upturn, a leading Indian business news publisher, has launched its USA portal as part of its strategy to reach a wider international audience. The Mumbai-based organization has formed partnerships with a UDRP lawyer and US news distribution agencies to drive global expansion. With India’s growing prominence in the global economy, there is an increasing demand for insightful reporting both within the country and internationally. Business Upturn aims to provide high-quality journalism, diverse perspectives, and essential context to empower readers in making informed decisions. The launch of the USA portal is a significant milestone in the company’s commitment to delivering timely and insightful news across various domains.
Business Upturn, a leading Indian business news publisher, has launched its USA portal as part of its strategy to reach a wider international audience. The Mumbai-based organization has formed partnerships with a UDRP lawyer and US news distribution agencies to drive global expansion. With India’s growing prominence in the global economy, there is an increasing demand for insightful reporting both within the country and internationally. Business Upturn aims to provide high-quality journalism, diverse perspectives, and essential context to empower readers in making informed decisions. The launch of the USA portal is a significant milestone in the company’s commitment to delivering timely and insightful news across various domains.
Quarterly earnings, macroeconomic data, global trends to drive markets this week: Analysts
IT majors Tata Consultancy Services (TCS) and Infosys’ quarterly earnings, along with macroeconomic data and global trends, will influence the equity market this week. The movement of Brent crude and the rupee will also impact trading. Investors will monitor the rupee’s movement against the dollar, crude oil prices, and investments by Foreign Institutional Investors (FIIs) and Domestic Institutional Investors (DIIs). Additionally, important data announcements are scheduled, including industrial and manufacturing production data, inflation rate, and Wholesale Price Index (WPI) data. Market cues will also come from global events such as Eurozone inflation data and US jobless claims.
IT majors Tata Consultancy Services (TCS) and Infosys’ quarterly earnings, along with macroeconomic data and global trends, will influence the equity market this week. The movement of Brent crude and the rupee will also impact trading. Investors will monitor the rupee’s movement against the dollar, crude oil prices, and investments by Foreign Institutional Investors (FIIs) and Domestic Institutional Investors (DIIs). Additionally, important data announcements are scheduled, including industrial and manufacturing production data, inflation rate, and Wholesale Price Index (WPI) data. Market cues will also come from global events such as Eurozone inflation data and US jobless claims.
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