Tech major Oracles’ Software as a Service (SaaS) business in India has witnessed 43 per cent growth in Q4. Deepa Param Singhal, Vice-President Applications, Oracle India, said India has been one of the fastest-growing markets in the JAPAC region, as growth momentum builds across verticals and industries.
The company has seen an upward trajectory across all SaaS offerings. In Q4, its Enterprise Resource Planning (ERP) pillar grew 44 per cent, Human Capital Management (HCM) pillar grew 14 per cent and Advertising and Customer Experience (CX) pillar grew 131 per cent. The HCM business was the biggest growth driver in India, with 20 per cent YoY growth in FY23, according to Singhal.
“India is providing the foundation of success for the overall JAPAC SaaS business. We are coming on two or three solid years in business, so we’ve had tremendous success i the last few years. Additionally, 35 per cent per cent of our revenue came from net new customers in FY23,” Singhal told businessline.
Globally, in Q4, Oracle SaaS revenue was up 47 per cent in constant currency to $3 billion. For the full fiscal year, total revenues were at $50 billion, up 18 per cent in dollars and 22 per cent in constant currency.
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Singhal said organisations are now adopting a cloud-only strategy, instead of cloud-first, and are increasingly relying on modern applications to improve their finance, human resources, supply chain, commerce, marketing, sales, and services functions. The need for businesses to deliver with immediacy and ensure great experiences, and have agile and efficient operations, is fueling growth in the market, she noted.
Oracle India has seen momentum across industries such as healthcare, financial services, manufacturing, IT/ ITeS, BFSI, and the public sector. Bajaj Finance, Bank of Baroda Cards, SBI Cards, Hindalco Industries Ltd, myTVS, JK Lakshmi Cement, Unilever, Mphasis, EXL, Omega Healthcare Management Services, Infocepts, AU Small Finance, Axis Bank, IDFC, IndusInd Bank, Income tax department, among others are some of its customers in India.
“Our long-term growth strategy for the SaaS market in India is really about capitalising our ongoing momentum through innovations,” Singhal said.