India surpasses US as largest market for Zoho’s finance suite #IndiaFinance

India and the Middle East are the largest markets for Zoho’s Finance Suite, Prashant Ganti, Head of Product Management, Finance and Operations BU, Zoho Corp shared. The company has also enhanced its finance suite in Mexico and Germany, among other markets.

“For a long time, the US was at the top. But after GST, India overtook the US as the largest market. I used to read about how in India, it’s difficult to make money with software. But in 2022, our new revenue in India exceeded that of the US, so that’s a reflection point because we proved money could be made here if you do it right. India is among the top markets, and we are also doing well in the Middle East,” he noted.

• Read: Zoho apps: What’s new?

Ganti also noted that Zoho has the largest-selling accounting software in the Middle East, and the UAE in particular. It has a presence in other markets, such as the UK, Kenya, South Africa, Mexico, and Germany.

Following the launch of the German edition of the finance suite last year, the company is now supporting e-invoicing capabilities that align with the German government’s requirements.

Zoho also announced the addition of key capabilities in its finance and operations applications, which will help Mexican businesses and accountants enhance operational efficiency, simplify routine financial tasks, and ensure regulatory compliance.

• Read more: Zoho Finance and Operations suite sees 50% revenue growth in India

The new features are introduced in Zoho Books, SAT’s CFDI-compliant cloud accounting, Zoho Practice, an accounting practice management application built for accountants, and Zoho Inventory, an order and inventory management application.

“Generally, the accounting software needs to be configured for the local market. It’s more challenging specifically from a compliance standpoint. In Kenya, we are doing well because they had this invoicing requirement and came up with something called eTIMS, or an electronic tax invoice management system, which can be directly linked to the Kenyan Revenue Authority. In Kenya, arguably, we were the first to develop that,” he said.

The company has an edition for South Africa, is a ZATCA-approved player in Saudi Arabia, and connects with HMRC, the UK’s equivalent of the Revenue Authority. Other products like the travel and expense part of the finance suite can be used globally, Ganti stated.

Zoho serves customers in 150+ countries. The Zoho finance suite provides 15 country-specific editions and one global edition. The company intends to expand into more markets.