Zoho vows to double down on blockchain, AI as revenue hits $1 billion
Chennai-based technology company Zoho has disclosed the company’s financial position after operations in the last financial year. The firm announced that it achieved revenues of over $1 billion, a 77% increase from figures achieved in 2021.
“We have also crossed an important milestone of $1 billion in annual revenue,” Sridhar Vembu, CEO of Zoho, said at Zooholics India, the company’s annual user conference. “While growth has slowed quite a bit in 2022 and 2021, our diversified product portfolio and the fact that we are saving money for customers has helped us so far.”
The company told attendees at the conference that it was time for tech firms to “lower the friction” to make their offerings affordable to users. It cited the use of blockchain and artificial intelligence (AI) as ways to improve costs, privacy and security.
“We will add 1,000 more network PoPs around the world over the next five years to improve network access,” Vembu said. “We are also working on adding Indian language support to our AI and blockchain technology for universal validation.”
To this end, Zoho confirms that it received 25 new patents in less than three years and promised to double its investments in blockchain. Zoho has recently been laser-focused on innovation, spending three times its marketing budget on research and development.
Zoho has a number of offerings that sent its annual revenue soaring past $1 billion. The five leading offerings include Zoho One, CRM Plus, Zoho Book, EX and Zoho Workplace, which address business needs ranging from accounting software to an enterprise collaboration platform.
The firm was founded in 1996 and has grown to include 11,000 employees with offices in over nine countries.
Leading the blockchain venture in India
Privately owned firms in India are leading the vanguard of mass blockchain adoption in the country in collaboration with other civil society organizations. The coalition has already begun to bear fruit with several programs put in place to deepen the Web3 pool in the country.
India’s government is lending its support to blockchain as Finance Minister Nirmala Sitharaman predicted that the country would achieve adoption rates of 46% in the coming years. The Reserve Bank of India is leveraging the technology to create a central bank digital currency while local governments are streamlining their processes using the distributed ledger.
See: BSV Global Blockchain Convention panel, Blockchain in the Middle East and South Asia
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