Indicating an impending global economic gloom, Chennai-based software-as-a-service (SaaS) major Zoho on Monday said the company has witnessed a slowdown in its business in September.
In a post on X, Sridhar Vembu, co-founder and CEO, Zoho, said, “We saw a fairly pronounced slowdown in growth in September across countries and across products. Given the geographically and product-wise diversified nature of our revenue streams, I suspect the global economy is taking a turn for the worse. Caution ahead.”
Zoho had in September announced that it has reached the milestone of 100 million global users across its 55 plus business applications, claiming that the company is the first bootstrapped SaaS company to reach this mark. The growth comes on the heels of the company reaching $1 billion in annual revenue last year, it had said. Zoho has grown from 1 million users in 2008 to 100 million now — with the last 50 million users added in the past five years.
On never taking external funding, the company said this allows it to preserve its long-term vision and culture without outside pressure or influence. It is also what keeps the company centered on its values such as debt-free growth and serving customers closer to where they are.