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Tuesday, November 29, 2022

Zoho doubles R&D, but keeps tech hiring ‘slow’

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  • Sridhar Vembu from Zoho said no other company has built a billion dollar product business in India.
  • Zoho’s annual sales in India increased by 77% in 2021, but contributed only 10% to the total sales figures.
  • The company also plans to open 100 networked point of presence (PoPs) around the world over the next five years.

Chennai-based tech company Zoho Corp on Tuesday said its annual revenues exceeded $1 billion in 2021.

Sridhar Vembu, CEO and co-founder of Zoho Corp, claimed in a press conference that no other company has built a billion dollar product company in India.

“While growth has slowed quite a bit in 2021 in 2022, our diversified product portfolio and the fact that we are saving money for customers has helped us so far. We hope to continue to serve our customers by providing the highest quality offerings at very affordable prices. prices,” said Vembu, co-founder of the privately held company.

Vembu said India has led the revenue growth. In 2021, India’s annual revenue has increased by 77% in 2021, but still contributes only 10% to the total revenue.

As in the case of most tech companies, the US and EU markets contributed 42% and 30% respectively to the latest sales figures.

“At the current pace, India could be our second market in four years and our most important market in the next ten years,” said Vembu.

The company plans to open 100 network PoPs (points of presence) around the world over the next five years, giving users a faster network. It currently has more than 150 monitoring PoPs that help users monitor the functioning of their websites.

It will also double its investment in technologies such as blockchain and AI.

Zoho says its R&D expenditure is three times as much as its marketing expenditure. “R&D is the biggest expense at Zoho,” Vembu said at a media briefing on Nov. 8.

The company will focus more on data, database and data center as part of its R&D capabilities. “For better data processing, Zoho focuses its AI development on statistical machine learning, computer vision and natural language processing (NLP),” the company said.

Hiring to stay slow at Zoho



The company plans to invest more in R&D, but plans to slow the hiring of technical talent, given the ongoing economic slowdown. But it will continue to hire other departments such as sales.

“We have not frozen our hiring in any department and will not stop in certain departments, but we will do it at a slower pace as we will invest more,” Praval Singh, VP – marketing and customer at Zoho Corp, told https://londonbusinessblog.com/ India.

IT majors in India reduced hiring by at least 57% in the second quarter. Wipro reported the maximum reduction of 95%, followed by TCS at 58%. This is despite the fact that turnover in the IT industry is high.

While, Zoho’s
exhaustion rate was 8.5% in May. “Our attrition has always been in single digits,” Singh added.

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