Indian software entrepreneur Sridhar Vembu, founder of Zoho Corp, stated that while the global economy is showing signs of a slowdown. "Globally, we see a distinct slowdown in September; while we are acquiring new customers, layoffs among existing customers means our numbers are getting affected,” Vembu said. India's market for Zoho's business software products grew at a rate of 37% in 2022, becoming the company's third-largest and fastest-growing market. He predicted that India would move up to the second-largest market position in the next 3-4 years and become Zoho's biggest market in a decade. Zoho also entered the German market with its business applications. Vembu believes it's only a matter of time before Zoho competes effectively with major players like Salesforce and SAP. The company also launched new features for its collaboration product, Zoho Cliq, which has seen significant growth in India.