One Thing Today in Tech
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_sm.jpg?impolicy=website&width=360&height=270 "Freshworks Investor Day — One takeaway that reflects enterprise customer push")
Freshworks Investor Day — One takeaway that reflects enterprise customer push
Freshworks organised its first investor day last week and provided some granular data on how it's doing and where it's headed. One noteworthy takeaway was that Freshservice, the company's IT service management and related operations product, has emerged as its most powerful growth engine—increasing in the "low 40s" percent annually, which is more than twice as fast as the company's overall growth in recent quarters. CEO Girish Mathrubootham, who also envisions all his products to be increasingly AI-infused, expects to capture multiple adjacent opportunities
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One thing today in tech — Indian SaaS leader Zoho crosses 100 million users worldwide
Indian SaaS bellwether Zoho, which hit $1 billion in revenues last year, has touched 100 million users around the world, the company said in a press release. In recent years, Zoho has led the Indian SaaS sector's push to go after larger customers in the midmarket and upmarket segments. Today, Zoho offers over 55 software products to 700,000 businesses in 150 countries. It is also among only a handful of Indian cloud software companies that are profitable. Its customers in India include the Tata Group and IIFL
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One thing today in tech — Edtech funding in India, especially early-stage, fell sharply in 2023
Total funding into the Indian edtech space plunged 48 percent to $971 million in 2023 between January 1 and August 7, when private markets intelligence provider Tracxn compiled data for a new report on the sector. Edtech startups had raised $1.87 billion in the same period in 2022. Early-stage investments worth $75.7 million were recorded in 2023 YTD, an 88 percent drop from $618 million raised in the same period last year and an 82 percent drop compared with $414 million raised in the same period in 2021
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One thing today in tech — How India's tier-2 cities could become global innovation hubs
India's digital tech workforce is making it a destination for the next wave of foreign companies looking to establish centres for R&D, software development and engineering. And there is an opportunity to expand the ecosystem to tier-2 cities, Nasscom, the country's biggest tech lobby, and accounting consultancy firm Deloitte, say in a new report. The report identifies 26 cities that are emerging hubs and can grow to become deeply integrated with the tech innovation ecosystem in the country
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EU a step closer to AI Act; IBM acquires Agyla in France; Zoho sees 65 percent growth with larger customers
European lawmakers took a significant step towards regulating artificial intelligence (AI) with the advancement of new draft legislation, Reuters reports. The legislation aims to ensure that AI serves people, society, and the environment, emphasising the importance of protecting fundamental rights. Also in this report, Zoho said it's making investments across its portfolio of products to accelerate the strong growth it is seeing with larger customers, who now account for a third of the Chennai software company's overall business
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After Infosys Topaz, Accenture announces $3 bln plan, to double AI workforce to 80,000
Accenture plans to invest $3 billion over three years in its Data & AI practice, joining the roster of global tech services and consulting giants investing heavily in generative AI, including Indian rivals Infosys and Tata Consultancy Services. Accenture also plans to double its AI workforce to 80,000. This news comes three months after the company announced 19,000 job cuts to reduce costs. Also, in this brief, India's technology minister reacts to Twitter co-founder Jack Dorsey's allegations of bullying by the Indian government, including during the farmer protests in 2021
