Zoho Targets India Growth as Enterprise Deals Pick Up Pace

Over the past week, four of India's top five IT services firms reported quarterly revenue declines

- Rwit Ghosh

India's largest privately-held tech services firm, Zoho Corp., expects India's small businesses and enterprises to generate more than $1 billion in revenue within the next five fiscal years, its new chief executive, Mani Vembu, said on Thursday.

Speaking with Mint, Mani Vembu, who took over after his elder brother Sreedhar stepped down to become "chief scientist" of the Zoho group in January this year, projected that demand for digital services from 63 million-plus homegrown small and medium businesses (SMBs) can make India alone generate more than $1 billion within the next five fiscals.

"With how the India story is now evolving, we expect business in this geography to grow more than 30% year-on-year for five straight fiscals. For the past 10 fiscals, revenue from India has grown at a compounded rate of 51% annually—today, it contributes 15% of our overall revenue," Vembu said.