Macroeconomic pressure
Zoho also witnessed the impacts of macroeconomic pressures, which led to a slowdown in SaaS businesses. The company slowed down hiring in FY22.
SaaS rival Freshworks conducted several rounds of layoffs to weather the macroeconomic pressure.
However, Vembu said that Zoho will not lay off employees, no matter what.
"We definitely saw downturn... I told my employees that there may be salary cuts, no hikes but definitely no layoffs...This reflects the philosophy of the company," he said..
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Moneycontrol