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Zoho may hire 1,000 over next year, crosses $1-billion revenue milestone

Nov 08, 2022 / 09:11 PM IST

Chennai-headquartered SaaS company says it crossed the milestone of $1 billion in revenue last year

Zoho CEO Sridhar Vembu.

Indian software-as-a-service major Zoho could hire more than 1,000 employees over the next one year even as large technology companies across the world such as Stripe, Twitter, Facebook, Lyft and others are either laying off staff or putting a freeze on hiring.

The Chennai-headquartered company has also announced that it crossed the milestone of $1 billion in revenue last year.  “Our fastest growing market is India, although growth has gone down across the board. It is fast approaching the number 3 position for us and could become number 2 in five years. In 10 years, it might become number 1,” said Zoho CEO and co-founder Sridhar Vembu.

He said that while the US market has performed somewhat okay as yet amid fears of a slowdown, the Japanese and Chinese markets have fared the worst.

At a time when enterprises around the world are cutting back on their technology spends, the company sees the Indian market as a bright spot. It said that the domestic business has grown at a CAGR of 65 percent over the last 5 years and is already among its top three markets.

Meanwhile, SaaS unicorn Chargebee has laid off 10 percent of staff amid macro headwinds and Freshworks has reduced growth forecast for the coming quarters.

With its R&D spending at three times of marketing costs, the company seeks to double investment in technologies such as blockchain and AI (artificial intelligence) over the next decade.