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Zoho Registers Over 65% CAGR Upmarket Growth in India

Zoho achieved 50 per cent of its ARR in India from mid-market and enterprise segments

Zoho Registers Over 65% CAGR Upmarket Growth in India

Outlook Start-Up Desk

POSTED ON June 14, 2023 4:35 PM

Sridhar Vembu-led Zoho, a Chennai-headquartered global technology company announced investments across its entire portfolio to accelerate the upmarket momentum. A statement from the company confirms that it has achieved a 65 per cent compound annual growth rate (CAGR) in annualised run rate (ARR) within the mid-market and enterprise segment. 
 
Zoho achieved 50 per cent of its ARR in India from mid-market and enterprise segments. Globally, it achieved a 65 per cent CAGR in the mid-market and enterprise segment within three years. The company has also bagged more than 90 million users across 6,00,000 businesses. 

Zoho’s upmarket growth in India was led by banking, financial services and insurance (BFSI), manufacturing, retail, fast-moving consumer goods (FMCG), pharmaceuticals, and IT sectors. Its customers like 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 also played a pivotal role. 

Our humble roots in SMB have helped us systematically build powerful software with strong everyday usability," said Sridhar Vembu, Co-founder and CEO of 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 aims to be the most seamless enterprise software vendor in the market by focusing on extensibility, usability, packaging, and go-to-market solutions.”

The company is also actively collaborating with state and central government departments and PSUs to support its digitalisation efforts.

"At Zoho, we are proud to be the trusted partner for businesses across diverse industries in India. Our commitment extends to fostering inclusive growth, including sectors critical to the nation's economic fabric and empowering organisations to thrive in the digital age. By addressing the unique needs of Indian enterprises and government entities, our customisable solutions actively contribute to the digital transformation of the country,” Vembu added.

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