Zoho records 65% CAGR from mid-market, enterprise segment in India

Software-as-a-Service (SaaS) provider Zoho has recorded a 65% compound annual growth rate (CAGR) from the mid-market and enterprise segments in the country.

Today, the mid-market and enterprise segment accounts for more than 50% of Zoho's annual recurring revenue (ARR) in India. According to the company, it also witnessed a 65% three-year CAGR within the mid-market and enterprise segment globally and this segment now represents one-third of the entire business.

“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," Zoho Co-founder and CEO Sridhar Vembu said in a statement.

Segments driving the growth for Zoho in India from the mid-market and enterprise segments are banking, financial services and insurance (BFSI), manufacturing, retail, fast-moving consumer goods (FMCG), pharmaceuticals, and IT sectors. Its customers include MakeMyTrip, PUMA, Axis Finance, Paper Boat, Samsonite, Bigbasket, Tata Play Fiber, and BYJU'S among others.

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Overall Zoho now serves over 90 million users across more than 600,000 businesses.

Zoho, which began operations in the late 90s, started focusing on the Indian market in 2014 and since then, it has opened offices in Delhi, Mumbai, Kolkata, Bengaluru and Hyderabad.

As part of its growth strategy, Zoho has lined up several initiatives targeting the mid-market and enterprise segments through go-to-market investments. It has partnerships with companies such as Tata Consultancy Services, Hexaware, WNS, Tech Mahindra, Infosys,and Wipro.

Zoho is also enhancing its low code capabilities to accelerate every stage of the deployment, such as UX design (Canvas), data collection (Wizards), workflow orchestration (Blueprint and Flow), and custom applications (Creator).