Zoho logs over 65% CAGR upmarket growth in India

Global SaaS technology company Zoho on Wednesday said it has achieved over 65 per cent compound annual growth rate (CAGR) in annual recurring revenue (ARR) in India within the mid-market and enterprise segment. The Chennai-headquartered firm announced investments across its entire portfolio to accelerate upmarket momentum, following an impressive three-year period. Notably, the mid-market and enterprise segment now accounts for more than 50 per cent of Zoho`s ARR in India. Overall 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 and 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," he added.

Zoho`s upmarket growth in India is led by banking, financial services and insurance (BFSI), manufacturing, retail, 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 and McDonald`s, among others.

"By addressing the unique needs of Indian enterprises and government entities, our customisable solutions actively contribute to the digital transformation of the country," said Vembu.

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.

Zoho is privately held and profitable with more than 12,000 employees.