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Zoho vows to double down on blockchain, AI as revenue hits $1 billion

Chennai-based technology firm Zoho has disclosed the company’s financial position after operations in the last fiscal year. The firm announced that it attained revenues exceeding $1 billion, an increase of 77% from figures attained in 2021.

“We have also crossed an important milestone of $1 billion in annual revenue,” said Sridhar Vembu, CEO of Zoho, at the Zooholics India, the company’s annual user conference. “While growth has slowed down quite a bit in 2022 and 2021, our diversified product portfolio and the fact that we save money for customers has helped us so far.”

The company told attendees to the conference that it was time for tech firms to “lower the friction” in order to make their offerings affordable for users. It cited the use of blockchain and artificial intelligence (AI) as ways to improve cost, privacy, and security.

“We will add 1,000 more network PoPs around the world in the next five years to enhance network access,” said Vembu. “We are also working on adding Indian language support for our AI and blockchain technology for universal validation.”

To this end, Zoho confirms that it gained 25 new patents in under three years and pledged to double its investments in blockchain. Zoho has been laser-focused on innovation recently, spending thrice the marketing budget on research and development.

Zoho has a range of offerings that sent its annual revenue soaring through the $1 billion mark. The leading five offerings include Zoho One, CRM Plus, Zoho Book, EX, and Zoho Workplace, catering to 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 charge in India

Privately owned firms in India are leading the vanguard for the mass adoption of blockchain in the country in conjunction with other civil society organizations. The coalition has already begun bearing fruits with several programs put in place to deepen the Web3 pool in the country.

India’s government is lending its support for blockchain as Finance Minister Nirmala Sitharaman predicted that the country would attain 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.

Watch: The BSV Global Blockchain Convention panel, Blockchain in Middle East & South Asia

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