Zoho Corporation, one of India’s rare bootstrapped unicorns, plans to increase by 25 percent the workforce at its enterprise IT management division in 2022 even as well-funded startups are laying off employees.
ManageEngine, Zoho Corp's enterprise IT management division, which claims to serve more than 280,000 companies across 190 countries, said on May 19 it would hire 1,000 employees in India in 2022 for development, R&D, and customer-facing roles.
Zoho said that the company will look to hire in hubs like Delhi NCR (National Capital Region), Mumbai, Bengaluru, Hyderabad and Kolkata. ManageEngine contributes almost 50 percent to Zoho Corp's revenue and has about 4,000 employees.
"India is of course a big market and is a very fast growing market for us. In fact I can say India is the fastest growing market, even as about 80-85% revenue comes from globally," said Sridhar Vembu, co-founder and CEO, Zoho Corp.
"That's why we have announced these expansion plans this year for India. India is the fastest and then Middle East is a fast growing market but driven by a lot of talent from India," Vembu added.
Shailesh Davey, co-founder and Vice President of Zoho Corp, said India had emerged as one of its top three markets after the US and the UK.
"In India, we registered a YoY (year-on-year) revenue growth of 63.2 percent in 2021, while our customer count increased by 26.3 percent driven primarily from the BFSI and IT services and solutions sectors," Davey said.
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Zoho's aggressive hiring and expansion plans for India come at a time when many technology companies in the country are laying off employees, shutting non-core verticals and reducing marketing and customer acquisition costs amid a correction in global financial markets.
According to Moneycontrol Research, tech unicorns in India have laid off over 4,500 employees so far in 2022.
Vembu, however, claimed that Zoho spends the least on customer acquisition and marketing. Vembu also said that Zoho has the best attrition rate in the industry.
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