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Forbes India

10 resources from Forbes India we point people to, and the questions each answers.

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✓ Link checked India Free Intermediate

Vembu on why India is Zoho's fastest growing market and could become its largest, which is the strongest available counterargument to skipping the domestic market. Also good context on building GTM capacity outside the metros.

Sridhar Vembu is preparing Zoho for the rise of India

From Forbes India by Harichandan Arakali ~12 min read

  • Zoho crossed 100 million users in 2023 with about 15,000 employees.
  • India is its fastest-growing market and third-largest after the US and EU; Vembu expects second place in three to four years.
  • The company is moving to a hub-and-spoke model, hiring away from the Chennai headquarters.
  • The market he sizes: close to two billion people in the global information worker base.
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The reference account of India's biggest product-led company: a Chrome extension that reached 20 million developers with no outbound engine, then converted that into enterprise revenue. Useful counterweight when everyone tells you to hire SDRs.

Emerging Indian SaaS Leaders: Postman's Abhinav Asthana, Ankit Sobti and Abhijit Kane

From Forbes India by Harichandan Arakali long read

  • Postman reached 20 million developers and a 5.6 billion dollar valuation in 2021, up from 2 billion a year earlier.
  • Users made 855 million API requests in twelve months, a 56 percent jump year on year.
  • Sign-ins came from 234 countries, a developer-led distribution built without a traditional sales motion.
  • The company raised over 430 million dollars across four rounds while based in India.
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Has the number that makes the point: over 80 percent of Rocketlane's 600 plus enterprise customers are in the US. Also carries the no MVP stance, build what you are proud to show the world.

SaaS startup Rocketlane is going global

From Forbes India by Siddhant Konduskar Long read

  • Rocketlane signed 30 paying customers within its first 2.5 months and had 15 private beta users before that.
  • It serves over 600 enterprises with more than 80 percent of customers in the US, on 45 million dollars raised.
  • Revenue grew 2.5x in 2024; India revenue was 28.5 crore rupees in FY24.
  • Their founding rule was no MVPs: build only what you are proud to show the world.
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The present day proof that this is a policy and not a phase, with Mani Vembu confirming R&D spend still exceeds marketing spend at a billion dollar company.

How Zoho is rewriting the rules of enterprise tech

From Forbes India by Naini Thaker About 7 min read

  • Zoho serves over 100 million users in close to 150 countries with more than 55 products built over three decades.
  • About 20 percent of Zoho Corp's talent comes from Zoho Schools rather than campus hiring.
  • It spent 20 million dollars and used 256 NVIDIA GPUs to train its own Zia LLM in 1.3B, 2.6B and 7B sizes.
  • Arattai sign-ups jumped from 3,000 to 330,000 a day in September 2025, and Zoho takes a 10 to 15 year view on it.
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The most quotable source, with 1.1 crore customers acquired without ever advertising, and the deliberate absence of revenue targets, spam emails and push notifications.

I'm proud that at Zerodha we don't have growth targets: Nithin Kamath

From Forbes India by Neha Bothra About 8 min read

  • Zerodha reached 1.1 crore customers without ever marketing or advertising.
  • Kamath says they have no revenue or growth targets at all.
  • About 75 to 80 percent of revenue is brokerage revenue.
  • They started out thinking 100,000 customers would mean they had made it.
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The best single profile of how Zoho funded itself, split into WebNMS, ManageEngine and Zoho.com, and built a talent pipeline that kept its cost base low enough to undercut everyone.

The Bootstrapped Buddhist: How Sridhar Vembu built Zoho

From Forbes India by Harichandan Arakali Long read

  • Zoho started in 1996 as AdventNet and was profitable almost from the beginning, with no outside investors.
  • Zoho University graduates, recruited straight from school, made up about 15 percent of the 3,600-person staff.
  • The ManageEngine division alone was doing 120 million dollars a year while Zoho Corp overall neared 200 million.
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The clearest Indian example of a company outgrowing its own product name and building an umbrella brand over Freshservice, Freshsales and Freshcaller. Read it as a case in timing: they renamed before shipping more products, not after.

Freshdesk rebrands as Freshworks to reflect bigger business management software ambition

From Forbes India by Harichandan Arakali 7 min read

  • Freshdesk became Freshworks in June 2017 to stop being read as a customer support company only.
  • At the rebrand it had over 100,000 customers, more than 150 million dollars raised, and seven acquisitions.
  • The umbrella covered Freshdesk, Freshservice, Freshsales and Freshcaller under one brand.
  • A Google and Accel study projected Indian SaaS at 10 billion dollars of revenue by 2025, about 8 percent of global demand.
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The scale-up half of the Postman story, including the world's largest API community with 75,000 public APIs shared, and Asthana on getting past the assumption that a global developer product could not come out of Bengaluru.

Abhinav Asthana and Postman: Putting India on the global tech map

From Forbes India by Harichandan Arakali 12 min read

  • By August 2021 Postman had 17M-plus users, 500,000 organizations, and 98 percent of the world's largest corporations as customers.
  • Series C in 2020 was $150M at a $2B valuation; Series D in August 2021 was $225M at $5.6B, over $430M raised in total.
  • Headcount more than doubled with 300-plus hires from 13 countries from the start of 2020.
  • Asthana's framing: everything traces back to solving a customer pain point, and without that understanding you do not succeed.
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The rupee denominated revenue ladder plus the saying no story: refusing to enter buy now pay later against investor pressure and a projected valuation lift.

Razor-sharp checkout: How Razorpay grew close to eight times in four years

From Forbes India by Rajiv Singh About 8 min read

  • Razorpay's operating revenue went from 193 crore rupees in FY19 to 1,481 crore in FY22.
  • It turned a small standalone profit (6 crore in FY21, 9 crore in FY22) while staying loss-making on a consolidated basis.
  • Growth was partly bought: seven acquisitions in three years, four of them in 2022 alone.
  • Its June 2019 round was 75 million dollars at roughly a 450 million dollar valuation.
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Written just after the Nasdaq listing, it states the arrangement plainly: based in Chennai with half of sales origination there and most R&D in India, at roughly 300 million ARR.

Startup to Scaleup: How Girish Mathrubhootham built the Saas-y Freshworks

From Forbes India by Harichandan Arakali About 12 min read

  • Freshworks reached 300 million dollars of ARR before its IPO, which priced at 36 dollars above the 28 to 32 band.
  • It spends 20 to 22 percent of revenue on R&D.
  • The counterintuitive move was building for SMBs first and scaling those products up into large enterprises.
  • Culture runs on the CHAT acronym: craftsmanship, happiness at work, agility and accountability, true friend of the customer.
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