In the keynote session of India Internet Day 2020 organised by TiE Delhi-NCR, Zoom Founder and CEO Eric Yuan told Sequoia India Managing Director Rajan Anandan that India is the company's second-largest market in the world (largest outside the US).
Zoom, which went from 10 million DAUs in December 2019 to 300 million DAUs in April 2020, counts a significant chunk of the new user growth from global markets.
Rajan Anandan in conversation with Eric Yuan on India Internet Day 2020 organised by TiE Delhi-NCR
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Anandan, who is also TiE Delhi-NCR President, commended Eric for building an "extraordinary product" where people are spending most of their waking hours now.
Eric, who was one of the first 20 hires at WebEx (later acquired by Cisco) in 1997, spoke of the inspirations behind Zoom that has gone on to redefine video conferencing.
He shared,
Legend has it that when Eric pitched a smartphone-focussed video conferencing tool at Cisco WebEx, the idea was turned down.
"My friends told me to start anything except another video conferencing company because the market was already crowded. But I wanted to build a next-gen product. So, I trusted my gut and followed my dream," he revealed.
Zoom Founder Eric Yuan
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Eric left Cisco WebEx in 2011 to launch Zoom with the primary goal of "delivering happiness" to customers.
With NASDAQ-listed Zoom becoming the hottest Silicon Valley startup this year, the founder has added close to $10 billion to his personal fortune. Eric is currently worth $13.6 billion, according to the Bloomberg Billionaires Index.
How COVID-19 changed Zoom's focus
For almost nine years, Zoom was focussed on business and enterprise customers. However, things turned dramatically with the coronavirus outbreak.
With the widespread shutting down of schools, colleges, and organisations across the world, the demand for remote collaboration tools hit the roof.
Eric said,
Google Meet, GoToMeeting, and other Zoom alternatives in video conferencing apps
"The lesson in this is that no matter what you do, you have to listen to customers carefully to understand why they are using your service," he added.
The founder also admitted that Zoom did make a few "mistakes" when it came to security and privacy of the platform — an issue it continues to grapple with.
He elaborated,
"The lesson learnt is that you may make a small mistake, but it will take a long time to change the perception given your size," Eric added.
In the aftermath of the pandemic, Zoom opened up its platform for free to K-12 schools in 25 countries, including India. Eric said, it was a part of the company's "CSR" duties.
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The future of video communication
Almost all sectors of the industry believe that remote communication will continue to be the "new normal" even after the pandemic.
Zoom already caters to, what Anandan called, "all of life's use cases" — learning, work collaboration, health, entertainment, marriages, and more.
He said,
Rajan Anandan, Managing Director, Sequoia India
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Eric said that video communication will become more "intimate" and close to physical experiences in future. Zoom too is working towards adding new features.
Describing the future of video conferencing, the founder said,
Eric also underscored the importance of having a "local strategy" in global expansion plans. Zoom, which recently announced the opening of a new technology centre in Bengaluru, is looking to ramp up its India operations.
Anandan highlighted that India is the largest market for most US-based tech companies. Is Zoom likely to launch any India-first products (a la Google Pay)?
Eric said, "We want to become more global, but we cannot do that on our own. That is why we are inviting third-party developers to build solutions on the Zoom marketplace."
"We got to have a local strategy. That is the direction we will go," he added.
(Edited by Megha Reddy)
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