December 13, 2024 – In a significant milestone for Zoho Corp, India has overtaken the United States as the largest market for its Finance Suite, marking a major shift in the company’s revenue dynamics. The shift is attributed to the implementation of the Goods and Services Tax (GST) in India, which has helped create a more favorable business environment for software sales.
Prashant Ganti, Head of Product Management for Zoho’s Finance and Operations business unit, shared the development, noting that while the US had long been the leader in market revenue, India’s growth trajectory has now positioned it at the forefront. In 2022, Zoho’s new revenue from India surpassed that of the US, proving the potential for profitable software sales in the Indian market. Ganti highlighted that this success challenges the notion that making money through software in India was difficult, underscoring India’s significant market potential.
“India is now among our top markets, and we are also seeing strong performance in the Middle East,” Ganti remarked. He added that Zoho is particularly well-established in the Middle East, with its accounting software being the best-seller in the region, particularly in the UAE.
The company has also expanded its finance suite in several other international markets, including Mexico and Germany, adding features tailored to local regulations. Following the launch of the finance suite in Germany, Zoho now supports e-invoicing capabilities that align with the German government’s requirements. Similarly, Zoho has introduced new features to its finance and operations applications to enhance operational efficiency and ensure regulatory compliance for Mexican businesses and accountants.
Ganti highlighted the company’s efforts in Kenya, where Zoho was one of the first to develop software compatible with the country’s electronic tax invoice management system (eTIMS), which directly integrates with the Kenyan Revenue Authority.
Zoho’s finance suite is now available in over 150 countries, providing 15 country-specific editions and one global edition. In addition to its success in India, the company has expanded its presence in markets such as South Africa, Saudi Arabia (where it is ZATCA-approved), and the UK (with HMRC integration). The company continues to work on expanding its reach into more markets worldwide.
With continued expansion and enhanced local market features, Zoho remains well-positioned to capitalize on the growing demand for finance software globally.
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