The Israel-Palestine conflict could result in massive uncertainty for the tech sector, according to Zoho CEO, Sridhar Vembu. In an exclusive chat with CNBC-TV18, Sridhar said that while the global IT scenario was already looking weak, the crisis in the Middle East could worsen the situation.
What will encourage Zoho, however, is that its India growth continues to stay strong. The company reported a 37% growth in revenues for 2022 against 22% global growth in the same period. The Indian market, however, only accounts for a little over 10% of Zoho’s global revenues, although some change in the medium term could well be in the offing.
“India is Zoho’s fastest-growing market, and will be our number-one market in in five years,” said Sridhar, adding that the region has held up well even amid times of uncertainty. “The contribution from this region will exceed 20% by then, and if it goes up to 35% or 40%, it will become our largest market.”
Zoho Cliq gets an update, sees renewed growth
As a result, Zoho has reported a 150 percent revenue growth in Cliq for 2023 so far, with revenues growing 4x since 2020. According to Zoho, the app can service 100,000 employees per organization see as many as 30,000 active participants on a channel. Meetings can see 1,000 active participants, with LIVE events boasting a viewer count of up to 12,000.