Zoho Plans India to Become Its Largest Market in the Next Decade
Zoho Corporation, a Chennai-based software company, expects that India will become its largest market in the next decade. This belief is grounded in India's rapid growth and demographic advantages. Sridhar Vembu, Zoho's founder and CEO, emphasized the importance of India as a growing market for the company. Currently, India stands as Zoho's third-largest market, following the United States and the European Union. Vembu expressed confidence in India's potential and highlighted its demographic strengths. India saw more than 20 million births last year, surpassing the combined numbers of the United States, China, Japan, and South Korea. Vembu underscored that India's rise to the top market position for global companies is inevitable.
Praval Singh, Vice President of Marketing and Customer Experience at Zoho noted that the company has been attracting business from customers seeking affordable solutions, particularly as financial resources have become scarcer. Clients are increasingly focused on optimizing both cost and value. Vembu cautioned against relying on traditional business projections in light of current global uncertainties, mentioning concerns about geopolitical and demographic factors. He suggested monitoring trends on a week to week or month-to-month basis.
Last week, Vembu had tweeted about a slowdown in Zoho’s growth across various countries and products in September. This deceleration in growth across diverse revenue streams led him to speculate about the global economy’s direction. Zoho launched additional features for its workplace collaboration platform, Cliq. These include the expansion of custom low-code app capabilities, video conferencing for Android TVs, and an e-discovery module. Zoho aims to capitalize on the workplace app market, despite competition from Microsoft Teams and Salesforce Slack. The company highlighted its product’s superior user interface and noted a 30% increase in user migration from Slack and MS Teams in 2022.
