India's SaaS unicorn Zoho reports massive Rs 2,836 crore profit in FY23; revenue up by 30%

Indian SaaS unicorn Zoho Corporation has once again achieved a significant milestone by crossing the $1 billion revenue threshold in FY23.

The company, known for its suite of Software as a Service (SaaS) products, reported an operating revenue of Rs 8,703.6 crore ($1 billion), marking a 30% increase from the previous year's Rs 6,710.7 crore.

The growth comes on the back of Zoho's success in expanding its global footprint across six continents, with North America being the largest revenue contributor.

Geographic revenue insights

According to Entrackr's report, North America remains Zoho's strongest market, contributing 45.8% of its total revenue. However, the Asian market has also shown notable growth, with a 158% increase in revenue, overtaking Europe as Zoho's second-largest market. 

The company's product lineup, including ManageEngine and Zoho, has seen substantial growth, with ManageEngine's revenue up by 37% and Zoho's by 23%. 

Rising expenditure and profit 

Zoho's net profit saw a modest increase of 3% to Rs 2,836 crore in FY23. However, The company's total expenditure surged by 51%, driven by significant investments in employee benefits, advertising, and data centre expenses. Employee benefit costs alone grew by 49%.

Founded in 1996 by Sridhar Vembu, Zoho has evolved into a global SaaS leader, serving over 700K businesses across 150 countries and surpassing 100 million users. The company focuses on delivering a comprehensive suite of over 50 integrated online applications. 

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