Zoho records over 65% CAGR growth in India
Notably, the mid-market and enterprise segment now accounts for more than 50% of Zoho's ARR in India, as per a release.
Representative Image, DT NEXT
NEW DELHI: Zoho, the Chennai-based global technology company on Wednesday announced investments across its entire portfolio to accelerate upmarket momentum, following an impressive three-year period where Zoho in India achieved over 65% compound annual growth rate (CAGR) in ARR within the mid-market and enterprise segment.
Notably, the mid-market and enterprise segment now accounts for more than 50% of Zoho's ARR in India, as per a release.
The privately-held profitable company also witnessed a 65% three-year CAGR within the mid-market and enterprise segment globally; this segment now represents one-third of the entire business. Overall, the 12,000-people strong Zoho now serves over 90 million users across more than 600,000 businesses.
"Our humble roots in SMB have helped us systematically build powerful software with strong everyday
usability," said Sridhar Vembu, co-founder-CEO, Zoho Corporation. "With our strong DNA as a
technology platform company, we have been able to steadily improve our maturity and readiness for large organisations by making the necessary investments."
Zoho's upmarket growth in India is led by banking, financial services and insurance (BFSI), retail manufacturing, fast-moving consumer goods (FMCG), pharmaceuticals, and IT sectors. Some of its customers include MakeMyTrip, Puma, Axis Finance, Paper Boat, Samsonite, BigBasket, Tata Play Fiber, BYJU'S, Star Health & Allied Insurance, Mercedes-Benz India, SpiceJet, IIFL Finance, Meril Life Sciences, Blue Star, Bosch, Zomato, Saint-Gobain, Deloitte, McDonald's among others.
The company is also actively collaborating with state and central government departments and PSUs to support their digitalisation efforts.
Through these strategic partnerships, Zoho is contributing to the modernisation of the public sector and driving digital innovation.
Zoho has hired customer-facing teams and opened offices in Delhi, Mumbai, Kolkata, Bengaluru and Hyderabad to enhance account management capabilities and cater to the specific needs of large organisations. The company has also announced strategic investments targeted at mid-market and enterprise businesses.
