{"id":1242422,"date":"2023-02-04T10:14:13","date_gmt":"2023-02-04T04:44:13","guid":{"rendered":"https:\/\/trak.in\/stories\/?p=1242422"},"modified":"2023-02-04T10:14:44","modified_gmt":"2023-02-04T04:44:44","slug":"made-in-india-unicorn-zoho-refuses-to-fire-any-employees-promises-to-hire-1000-more-employees-this-year","status":"publish","type":"post","link":"https:\/\/trak.in\/stories\/made-in-india-unicorn-zoho-refuses-to-fire-any-employees-promises-to-hire-1000-more-employees-this-year\/","title":{"rendered":"Made In India Unicorn: Zoho Refuses To Fire Any Employees; Promises To Hire 1000 More Employees This Year!"},"content":{"rendered":"\n<p>Bucking the trend of IT firms freely laying off in the thousands, Zoho Corp co-founder and CEO Sridhar Vembu said that the company is \u201ccautiously optimistic\u201d about its growth prospects in the coming fiscal.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1000\" height=\"395\" src=\"https:\/\/trak.in\/stories\/wp-content\/uploads\/2023\/02\/Zoho-made-in-India-1000px.jpeg\" alt=\"Made In India Unicorn: Zoho Refuses To Fire Any Employees; Promises To Hire 1000 More Employees This Year!\" class=\"wp-image-1242429\" srcset=\"https:\/\/trak.in\/stories\/wp-content\/uploads\/2023\/02\/Zoho-made-in-India-1000px.jpeg 1000w, https:\/\/trak.in\/stories\/wp-content\/uploads\/2023\/02\/Zoho-made-in-India-1000px-300x119.jpeg 300w, https:\/\/trak.in\/stories\/wp-content\/uploads\/2023\/02\/Zoho-made-in-India-1000px-768x303.jpeg 768w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><\/figure>\n\n\n\n<p><strong>Performance growth<\/strong><\/p>\n\n\n\n<p>Chennai-based software-as-a-service (SAAS) major, Zoho Corp doesn\u2019t expect stellar growth rates in FY23 but in the words of Vembu, the company is \u201ccautiously optimistic\u201d about its growth prospects in the coming fiscal.<\/p>\n\n\n\n<p>The company reported profits of Rs 2,748.83 crore for FY22, an outstanding rise of 43 percent, year-on-year.<\/p>\n\n\n\n<p>\u201cWe have built a strong investment R&amp;D and this is showing up in the numbers that you see,\u201d said Vembu.<\/p>\n\n\n\n<p>He frankly said, \u201cWe certainly don\u2019t expect 43 percent growth continuing this year owing to challenges, but we are cautiously optimistic.\u201d<\/p>\n\n\n\n<p><strong>No layoffs planned<\/strong><\/p>\n\n\n\n<p>Vembu said that the company was looking to increase its headcount by 1,000 and has no plans to lay employees off.<\/p>\n\n\n\n<p>He added: \u201cWe will not resort to layoffs because that isn\u2019t part of our culture \u2014 we want our employees to feel secure about their jobs \u2014 but our hiring has drastically slowed down.<\/p>\n\n\n\n<p>We still want to hire 1,000 people this year across the board, especially in R&amp;D sales and support.\u201d<\/p>\n\n\n\n<p><strong>India its second-largest market<\/strong><\/p>\n\n\n\n<p>Fears of sustained slowdown notwithstanding, what comes as good news for Zoho Corp is the performance of its enterprise IT management division, ManageEngine.<\/p>\n\n\n\n<p>It said that India is set to become its second-largest market in three years, thanks largely to the pace of cloud adoption here.<\/p>\n\n\n\n<p>ManageEngine reported a year-on-year growth of 50 percent in its India business for 2022.<\/p>\n\n\n\n<p>Customer count witnessed an uptick of 30 percent driven primarily by demand from BFSI, real estate, and manufacturing sectors.<\/p>\n\n\n\n<p>The release added that ManageEngine would \u201csoon reach $1 billion\u201d in revenues.<\/p>\n\n\n\n<p><strong>India\u2019s potential<\/strong><\/p>\n\n\n\n<p>Vembu commented on the potential India presents for the company:<\/p>\n\n\n\n<p>\u201cDigital transformation in India is continuing even though we\u2019re leapfrogging many advanced countries in terms of digital payments and in other spheres as well&#8221;.<\/p>\n\n\n\n<p>Further, he believes India has the resources to continue this pace of digital transformation and cloud adoption and said that Zoho is &#8220;working to ensure our customers get the best products and experiences.\u201d<\/p>\n\n\n\n<p><strong>Opinion on drivers of economic growth<\/strong><\/p>\n\n\n\n<p>Greater R&amp;D investment, he opines, is essential for the Indian economy to grow amid challenging circumstances, calling it a non-negotiable.<\/p>\n\n\n\n<p>\u201cThe industry needs to be incentivised in order for this to happen,\u201d he said, \u201cR&amp;D investment as a share of India\u2019s GDP is still low, and that is a problem that can be solved only by way of incentivising R&amp;D spend.\u201d<\/p>\n\n\n\n<p><strong>Challenging circumstances<\/strong><\/p>\n\n\n\n<p>Zoho\u2019s deal sizes continue to shrink despite a spike in customer count.<\/p>\n\n\n\n<p>Commenting on that, he said, &#8220;While the Indian economy has held up remarkably well, the challenge for us is how well we navigate global circumstances.<\/p>\n\n\n\n<p>We managed well during the pandemic, but we need to be prepared now for the debt bubble collapse and how we navigate it.\u201d<\/p>\n\n\n\n<p>In 2022, Zoho <a href=\"https:\/\/www.cnbctv18.com\/business\/companies\/zoho-hire-more-employees-in-fy24-no-lay-offs-ceo-sridhar-vembu-15813331.htm\/?utm_campaign=fullarticle&amp;utm_medium=referral&amp;utm_source=inshorts\">reported <\/a>revenues of $1 billion, even as Sridhar warned that the economic slowdown could continue for two to three years.<\/p>\n\n\n\n<p>An Economic Survey forecast a slowdown of between six and 6.8 percent next fiscal before a slight recovery in 2024.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bucking the trend of IT firms freely laying off in the thousands, Zoho Corp co-founder and CEO Sridhar Vembu said that the company is \u201ccautiously optimistic\u201d about its growth prospects in the coming fiscal. Performance growth Chennai-based software-as-a-service (SAAS) major, Zoho Corp doesn\u2019t expect stellar growth rates in FY23 but in the words of Vembu, [&hellip;]<\/p>\n","protected":false},"author":24,"featured_media":1242429,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[131,756],"class_list":["post-1242422","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-layoffs","tag-zoho"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Made In India Unicorn: Zoho Refuses To Fire Any Employees; Promises To Hire 1000 More Employees This Year! - Trak.in - Indian Business of Tech, Mobile &amp; Startups<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/trak.in\/stories\/made-in-india-unicorn-zoho-refuses-to-fire-any-employees-promises-to-hire-1000-more-employees-this-year\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Made In India Unicorn: Zoho Refuses To Fire Any Employees; Promises To Hire 1000 More Employees This Year! - Trak.in - Indian Business of Tech, Mobile &amp; Startups\" \/>\n<meta property=\"og:description\" content=\"Bucking the trend of IT firms freely laying off in the thousands, Zoho Corp co-founder and CEO Sridhar Vembu said that the company is \u201ccautiously optimistic\u201d about its growth prospects in the coming fiscal. Performance growth Chennai-based software-as-a-service (SAAS) major, Zoho Corp doesn\u2019t expect stellar growth rates in FY23 but in the words of Vembu, [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/trak.in\/stories\/made-in-india-unicorn-zoho-refuses-to-fire-any-employees-promises-to-hire-1000-more-employees-this-year\/\" \/>\n<meta property=\"og:site_name\" content=\"Trak.in - Indian Business of Tech, Mobile &amp; Startups\" \/>\n<meta property=\"article:published_time\" content=\"2023-02-04T04:44:13+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-02-04T04:44:44+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/trak.in\/stories\/wp-content\/uploads\/2023\/02\/Zoho-made-in-India-1000px.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"395\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Shreya Bose\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shreya Bose\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/trak.in\/stories\/made-in-india-unicorn-zoho-refuses-to-fire-any-employees-promises-to-hire-1000-more-employees-this-year\/\",\"url\":\"https:\/\/trak.in\/stories\/made-in-india-unicorn-zoho-refuses-to-fire-any-employees-promises-to-hire-1000-more-employees-this-year\/\",\"name\":\"Made In India Unicorn: Zoho Refuses To Fire Any Employees; Promises To Hire 1000 More Employees This Year! - Trak.in - Indian Business of Tech, Mobile &amp; Startups\",\"isPartOf\":{\"@id\":\"https:\/\/trak.in\/stories\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/trak.in\/stories\/made-in-india-unicorn-zoho-refuses-to-fire-any-employees-promises-to-hire-1000-more-employees-this-year\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/trak.in\/stories\/made-in-india-unicorn-zoho-refuses-to-fire-any-employees-promises-to-hire-1000-more-employees-this-year\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/trak.in\/stories\/wp-content\/uploads\/2023\/02\/Zoho-made-in-India-1000px.jpeg\",\"datePublished\":\"2023-02-04T04:44:13+00:00\",\"dateModified\":\"2023-02-04T04:44:44+00:00\",\"author\":{\"@id\":\"https:\/\/trak.in\/stories\/#\/schema\/person\/9817221c96a9aadc34f34cc7b8767dc6\"},\"breadcrumb\":{\"@id\":\"https:\/\/trak.in\/stories\/made-in-india-unicorn-zoho-refuses-to-fire-any-employees-promises-to-hire-1000-more-employees-this-year\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/trak.in\/stories\/made-in-india-unicorn-zoho-refuses-to-fire-any-employees-promises-to-hire-1000-more-employees-this-year\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/trak.in\/stories\/made-in-india-unicorn-zoho-refuses-to-fire-any-employees-promises-to-hire-1000-more-employees-this-year\/#primaryimage\",\"url\":\"https:\/\/trak.in\/stories\/wp-content\/uploads\/2023\/02\/Zoho-made-in-India-1000px.jpeg\",\"contentUrl\":\"https:\/\/trak.in\/stories\/wp-content\/uploads\/2023\/02\/Zoho-made-in-India-1000px.jpeg\",\"width\":1000,\"height\":395},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/trak.in\/stories\/made-in-india-unicorn-zoho-refuses-to-fire-any-employees-promises-to-hire-1000-more-employees-this-year\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/trak.in\/stories\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Made In India Unicorn: Zoho Refuses To Fire Any Employees; Promises To Hire 1000 More Employees This Year!\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/trak.in\/stories\/#website\",\"url\":\"https:\/\/trak.in\/stories\/\",\"name\":\"Trak.in - Indian Business of Tech, Mobile &amp; Startups\",\"description\":\"Trak.in is a popular Indian Business, Technology, Mobile &amp; Startup blog featuring trending News, views and analytical take on Technology, Business, Finance, Telecom, Mobile, startups &amp; Social Media Space\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/trak.in\/stories\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/trak.in\/stories\/#\/schema\/person\/9817221c96a9aadc34f34cc7b8767dc6\",\"name\":\"Shreya Bose\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/trak.in\/stories\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/1404d637610526a87c014a8eac9883a6c61491f1e6553d1946b0dd0b135713be?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/1404d637610526a87c014a8eac9883a6c61491f1e6553d1946b0dd0b135713be?s=96&d=mm&r=g\",\"caption\":\"Shreya Bose\"},\"url\":\"https:\/\/trak.in\/stories\/author\/shreya-bose\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Made In India Unicorn: Zoho Refuses To Fire Any Employees; Promises To Hire 1000 More Employees This Year! - Trak.in - Indian Business of Tech, Mobile &amp; Startups","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/trak.in\/stories\/made-in-india-unicorn-zoho-refuses-to-fire-any-employees-promises-to-hire-1000-more-employees-this-year\/","og_locale":"en_US","og_type":"article","og_title":"Made In India Unicorn: Zoho Refuses To Fire Any Employees; Promises To Hire 1000 More Employees This Year! - Trak.in - Indian Business of Tech, Mobile &amp; Startups","og_description":"Bucking the trend of IT firms freely laying off in the thousands, Zoho Corp co-founder and CEO Sridhar Vembu said that the company is \u201ccautiously optimistic\u201d about its growth prospects in the coming fiscal. Performance growth Chennai-based software-as-a-service (SAAS) major, Zoho Corp doesn\u2019t expect stellar growth rates in FY23 but in the words of Vembu, [&hellip;]","og_url":"https:\/\/trak.in\/stories\/made-in-india-unicorn-zoho-refuses-to-fire-any-employees-promises-to-hire-1000-more-employees-this-year\/","og_site_name":"Trak.in - Indian Business of Tech, Mobile &amp; Startups","article_published_time":"2023-02-04T04:44:13+00:00","article_modified_time":"2023-02-04T04:44:44+00:00","og_image":[{"width":1000,"height":395,"url":"https:\/\/trak.in\/stories\/wp-content\/uploads\/2023\/02\/Zoho-made-in-India-1000px.jpeg","type":"image\/jpeg"}],"author":"Shreya Bose","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Shreya Bose","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/trak.in\/stories\/made-in-india-unicorn-zoho-refuses-to-fire-any-employees-promises-to-hire-1000-more-employees-this-year\/","url":"https:\/\/trak.in\/stories\/made-in-india-unicorn-zoho-refuses-to-fire-any-employees-promises-to-hire-1000-more-employees-this-year\/","name":"Made In India Unicorn: Zoho Refuses To Fire Any Employees; Promises To Hire 1000 More Employees This Year! - Trak.in - Indian Business of Tech, Mobile &amp; Startups","isPartOf":{"@id":"https:\/\/trak.in\/stories\/#website"},"primaryImageOfPage":{"@id":"https:\/\/trak.in\/stories\/made-in-india-unicorn-zoho-refuses-to-fire-any-employees-promises-to-hire-1000-more-employees-this-year\/#primaryimage"},"image":{"@id":"https:\/\/trak.in\/stories\/made-in-india-unicorn-zoho-refuses-to-fire-any-employees-promises-to-hire-1000-more-employees-this-year\/#primaryimage"},"thumbnailUrl":"https:\/\/trak.in\/stories\/wp-content\/uploads\/2023\/02\/Zoho-made-in-India-1000px.jpeg","datePublished":"2023-02-04T04:44:13+00:00","dateModified":"2023-02-04T04:44:44+00:00","author":{"@id":"https:\/\/trak.in\/stories\/#\/schema\/person\/9817221c96a9aadc34f34cc7b8767dc6"},"breadcrumb":{"@id":"https:\/\/trak.in\/stories\/made-in-india-unicorn-zoho-refuses-to-fire-any-employees-promises-to-hire-1000-more-employees-this-year\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/trak.in\/stories\/made-in-india-unicorn-zoho-refuses-to-fire-any-employees-promises-to-hire-1000-more-employees-this-year\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/trak.in\/stories\/made-in-india-unicorn-zoho-refuses-to-fire-any-employees-promises-to-hire-1000-more-employees-this-year\/#primaryimage","url":"https:\/\/trak.in\/stories\/wp-content\/uploads\/2023\/02\/Zoho-made-in-India-1000px.jpeg","contentUrl":"https:\/\/trak.in\/stories\/wp-content\/uploads\/2023\/02\/Zoho-made-in-India-1000px.jpeg","width":1000,"height":395},{"@type":"BreadcrumbList","@id":"https:\/\/trak.in\/stories\/made-in-india-unicorn-zoho-refuses-to-fire-any-employees-promises-to-hire-1000-more-employees-this-year\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/trak.in\/stories\/"},{"@type":"ListItem","position":2,"name":"Made In India Unicorn: Zoho Refuses To Fire Any Employees; Promises To Hire 1000 More Employees This Year!"}]},{"@type":"WebSite","@id":"https:\/\/trak.in\/stories\/#website","url":"https:\/\/trak.in\/stories\/","name":"Trak.in - Indian Business of Tech, Mobile &amp; Startups","description":"Trak.in is a popular Indian Business, Technology, Mobile &amp; Startup blog featuring trending News, views and analytical take on Technology, Business, Finance, Telecom, Mobile, startups &amp; Social Media Space","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/trak.in\/stories\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/trak.in\/stories\/#\/schema\/person\/9817221c96a9aadc34f34cc7b8767dc6","name":"Shreya Bose","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/trak.in\/stories\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/1404d637610526a87c014a8eac9883a6c61491f1e6553d1946b0dd0b135713be?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/1404d637610526a87c014a8eac9883a6c61491f1e6553d1946b0dd0b135713be?s=96&d=mm&r=g","caption":"Shreya Bose"},"url":"https:\/\/trak.in\/stories\/author\/shreya-bose\/"}]}},"jetpack_featured_media_url":"https:\/\/trak.in\/stories\/wp-content\/uploads\/2023\/02\/Zoho-made-in-India-1000px.jpeg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/trak.in\/stories\/wp-json\/wp\/v2\/posts\/1242422","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/trak.in\/stories\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/trak.in\/stories\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/trak.in\/stories\/wp-json\/wp\/v2\/users\/24"}],"replies":[{"embeddable":true,"href":"https:\/\/trak.in\/stories\/wp-json\/wp\/v2\/comments?post=1242422"}],"version-history":[{"count":1,"href":"https:\/\/trak.in\/stories\/wp-json\/wp\/v2\/posts\/1242422\/revisions"}],"predecessor-version":[{"id":1242430,"href":"https:\/\/trak.in\/stories\/wp-json\/wp\/v2\/posts\/1242422\/revisions\/1242430"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/trak.in\/stories\/wp-json\/wp\/v2\/media\/1242429"}],"wp:attachment":[{"href":"https:\/\/trak.in\/stories\/wp-json\/wp\/v2\/media?parent=1242422"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/trak.in\/stories\/wp-json\/wp\/v2\/categories?post=1242422"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/trak.in\/stories\/wp-json\/wp\/v2\/tags?post=1242422"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}