Software as a service company, Zoho Corporation has reached $1 billion in annual revenue, riding on its diversified product portfolio amid the economic slowdown, according to a report by the India Times.

The Chennai-based global technology company is best known for its online office suite offering Zoho Office Suite. With over 55 products the platform offers its users CRM tools to stay on top of their sales operations and grow their businesses.

The company claims its integrated platform Zoho One now supports 50,000 organisations across more than 160 countries and in India, and more than 80 million users around the world rely on Zoho to run their businesses.

It attributes its growth to strong R&D capabilities across categories and markets it diversified and claims that it spends three times its marketing spend on R&D and has received 25 patents in the last three years.

Despite slow growth, the company has announced that it plans to open 100 network PoPs (point of presence) around the world in the next five years for providing users with faster networks, and also double its investment in technologies such as blockchain and AI (artificial intelligence).