Zoho Invests Rs 1,105 Crore in Saudi Digital Infrastructure Development
- ByStartupStory | March 6, 2024
Zoho Corp, a Software-as-a-Service unicorn, revealed plans to invest approximately Rs 1,100 crore (SAR 500 million) for the digital infrastructure development in Saudi Arabia, aligning with the Saudi Vision 2030. The investment aims to establish strategic partnerships with local government entities to advance the kingdom’s digital transformation initiatives. “Zoho Corporation has a strong R&D foundation, as we have invested in building our full technology stack, including the data centres that are run using our proprietary patented technology,” said Sridhar Vembu, CEO and Co-founder of Zoho Corp.
To ensure compliance with Personal Data Protection Laws (PDPL), Zoho inaugurated two new data centres in Jeddah and Riyadh, bringing the total to 18 data centres worldwide. “Located in Jeddah and Riyadh, the two data centres are now fully operational…Zoho Corp. is a leading global technology company that encompasses prominent brands such as Zoho and ManageEngine,” the firm stated.
Apart from the infrastructure investment, Zoho Corp has earmarked Rs 221 crore to support Small and Medium Enterprises (SMEs) in Saudi Arabia. The initiative allows companies to utilize wallet credits annually over the next decade to access Zoho’s suite of 55+ cloud-based applications for training purposes. “These partnerships will help ease the adoption of digital technologies for SMEs in Saudi Arabia and promote digital upskilling amongst local businesses,” the firm emphasized.
In its financial report for FY23, Zoho reported consolidated revenue of Rs 8,703 crore, marking a nearly 30 percent year-on-year increase. However, despite revenue growth, the consolidated net profit saw a marginal rise of 3 percent year-on-year, amounting to Rs 2,836 crore. “Zoho on February 1 reported consolidated revenue of Rs 8,703 crore in the financial year 2023 (FY23), up nearly 30 percent year-on-year despite an overall slowdown in demand for the software industry across the globe,” the statement highlighted.
Follow Startup Story
Related Posts
