India is an inviting market for those who build tech the right way: Tally MD

In an interaction with TNIE, Goenka said the company is expanding into the Middle East and Africa, among others.
Tejas Goenka, Managing Director, Tally Solutions
Tejas Goenka, Managing Director, Tally Solutions

BENGALURU: India is a hard market but if you build technology correctly it is a very open and extremely inviting market, said Tejas Goenka, Managing Director, Tally Solutions. Homegrown accounting software major Tally, which is planning to launch its new releases soon, is also growing rapidly in international markets.

In an interaction with TNIE, Goenka said the company is expanding into the Middle East and Africa, among others. “The bulk of our business comes from India- about 90%, and in the coming years, we will be seeing 30-40% growth. We are bringing out new products, expanding the reach of our partners,” he said.

In the international market, the firm is growing even faster and it continues to invest more in the ME. “Within the Middle East, the UAE has been a very strong market for us. If you look at the ME and Africa, the SME (small and medium-sized enterprises) behaviour ends up becoming very much like India,” he said.

"In the last few quarters, the big focus for us has been around connecting a business owner to their ecosystem, whether it is to their compliance ecosystem with the government, whether it is to banks, suppliers or customers. Over the next several quarters, we will keep making more connections,” Goenka said.

Talking about competition, Goenka said, "There has always been heavy competition and local competition is very large in India. I think for us we don’t really look at the competition much. We have to always exceed the expectations of customers."

The company is also making use of Artificial Intelligence. Speaking about it, he said, "It is a very strict rule that we will never ever take your (customers) data. For us, the AI story that we want to create is very different from what others are doing. Others are taking data and teaching the models. We have to build an experience that allows customers to use the power of AI, multiple use cases will be there, but we have to do it such that no engineer inside Tally can ever say I have seen the data. The model should be able to learn from customers' data and it should never ever move out of the scope of the customer’s system.”

For Tally, Saudi Arabia is an up-and-coming market and in the next release, it got native Arabic version coming out as well. Goenka wants to make sure that Tally is continuously relevant to its customers and aims to launch innovative solutions for the market. Currently, it enables over 2.5 million businesses worldwide, and it aims to reach out to 3.5 million customers globally by 2026.

According to Tracxn, Tally’s revenue in FY23 stood at R578.2 crore, compared to R483.2 crore in the previous fiscal.

It employs nearly 1,000 people and about 450 people are focused on products alone.

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