CONFIDENTIAL · SERIES B · MAY 2026
Z
ZOHO CORPORATION

The Operating
System for
Business.

30 years. Zero VC. $1.4B ARR. 100M users.
Now raising our first — and only — institutional round.

RAISE $300M
VALUATION $10B
ROUND Series B
SV
Sridhar Vembu Founder & CEO · Padma Shri 2021 · IIT Madras
EXECUTIVE SUMMARY

Why Zoho. Why Now.

$1.4B ARR · FY2025 ↑ 28% YoY
100M+ Registered Users ↑ 18M in FY25
118% Net Revenue Retention Best-in-class
74% Gross Margin 22% EBITDA
750K+ Paying Customers 150+ countries
$0 Total Debt Profitable since 2001
01 24 consecutive profitable years — unmatched in SaaS
02 55+ integrated products at 60–80% below competitor pricing
03 Zia AI embedded across all products — no bolt-on strategy
04 Clean cap table — first raise ever, zero prior VC dilution
05 <2% market share of a $650B TAM — massive runway ahead
Sridhar Vembu · CEO · 30 yrs
Tony Thomas · CTO · 30 yrs
Raju Vegesna · CPO · 22 yrs
Hyther Nizam · MEA · 18 yrs
Vijay Sundaram · CSO · 14 yrs
Zoho Corporation · ir@zoho.com · zoho.com 01 / 03
MARKET · PRODUCT · FINANCIALS

A $650B Market.
We Own <2%.

TAM — Global SaaS $650B → $1.2T by 2030
SAM — Business Apps $210B → $390B by 2030
SOM — Zoho's Geographies $48B → $92B by 2030
Zoho Current ARR $1.4B · 0.66% share
55+ PRODUCTS · ONE PLATFORM
CRM & Sales Finance & ERP HR & People Marketing Collaboration IT / ManageEngine Zia AI Platform Analytics & BI Low-Code / Dev Customer Support
ZOHO ONE — FLAGSHIP PRODUCT
Zoho One $1,850/mo · 50 users 55+ apps · AI included
VS
Salesforce + Slack $14,750/mo ~8 apps · AI extra $75/user
Microsoft 365 + Dynamics $11,200/mo ~12 apps · AI extra $30/user
Zoho One saves customers up to $154,800/year vs. Salesforce stack
FINANCIAL PERFORMANCE
ARR Growth (USD Millions)
$500MFY19
$600MFY20
$700MFY21
$900MFY22
$1.05BFY23
$1.09BFY24
$1.4BFY25
$2.9BFY28E
8.2 mo CAC Payback vs. 18mo avg
53:1 LTV:CAC (PLG) vs. 3:1 good
0.75% Monthly Churn vs. 2.5% avg
6.8 yrs Avg Tenure vs. 3.2yr avg
REVENUE BY GEOGRAPHY (FY2025)
Americas
42% · $588M
Europe
24% · $336M
India
18% · $252M
MEA
10% · $140M ↑38%
APAC
6% · $84M
COMPETITIVE POSITIONING
CompanyARRMultipleProfitable?
Salesforce$34.9B7.2x✗ Net Loss
HubSpot$2.6B11.5x✗ Net Loss
Freshworks$0.7B8.1x✗ Net Loss
Zoho (this raise)$1.4B7.1x✓ 22% EBITDA

Zoho valued at discount to loss-making peers — compelling entry point

Zoho Corporation · ir@zoho.com · zoho.com 02 / 03
EQUITY · CAPITAL · TERMS

The Cleanest
Cap Table
in SaaS.

No prior VC. No preference stack. No anti-dilution overhang. First raise in 30 years.

POST-SERIES B CAP TABLE
$10B Post-Money
Sridhar Vembu (Founder)94.09%$9.41B
Series B Investors3.00%$300M
Tony Thomas (Co-Founder)1.94%$194M
ESOP Pool (Employees)0.97%$97M
Pre-Money $9.7B
→
Raise +$300M
→
Post-Money $10.0B
→
Price/Share $9.70
USE OF $300M
International Expansion
$105M · 35%
AI & R&D
$90M · 30%
Infrastructure & Security
$60M · 20%
Strategic M&A
$45M · 15%
SERIES B TERM SHEET
IssuerZoho Corporation Pvt. Ltd.
RoundSeries B Preferred Equity
Total Raise$300,000,000 USD
Post-Money Valuation$10,000,000,000 USD
Price Per Share$9.70 (Series B Preferred)
Investor Ownership3.00% post-money
Min. Ticket Size$25,000,000 USD
Max. Investors12 (clean cap table)
Liquidation Pref.1x Non-Participating
Anti-DilutionBroad-based weighted avg.
Board Seat1 Observer (non-voting)
DividendNon-cumulative, 8% p.a.
ConversionAuto on IPO above $15B
Lock-Up (Post-IPO)180 days
Governing LawIndia / Delaware (US entities)
Target CloseSeptember 30, 2026
Expected IPOFY2029 · NSE/BSE + NYSE dual listing
Legal CounselAZB & Partners · Fenwick & West
AuditorDeloitte India → PwC (IPO readiness)
FY2028 TARGETS (POST-RAISE)
$3.0BARR Target
1.5MCustomers
20Countries Direct
$25–30BIPO Valuation
Ready to invest in the world's most profitable SaaS company?
ir@zoho.com · zoho.com/investor-relations
Zoho Corporation · ir@zoho.com · zoho.com · Confidential 03 / 03