Indian firms must create own models to avoid massive layoffs: Zoho’s Sridhar Vembu

New Delhi, Nov 14 As Meta, Twitter and the rest of the Big Tech companies sack thousands of employees which has hit India too, Sridhar Vembu who is CEO and Co-founder of Zoho Corporation said on Monday that we need to create our own value system which is not imported or borrowed from the Silicon Valley in the US.

According to Vembu, who has built a billion-dollar product company in India, told that Silicon Valley has always faced big booms and huge busts in the past and this is the first time it has hit employees in India to such a large extent.

"We are bruised badly this time because we imported a value system from the Silicon Valley model where this boom and bust cycle has always been there. It is the first time it arrived in India at a massive scale, so that's why it feels hard for us but this was the norm there. And again, we accepted without question whether all of those Big Tech models work here," Vembu told .

A prudent CEO or CFO would have anticipated this current economic slowdown and tightened the belt long back, because historical record is very clear this happened earlier, in the dot-com bust of 2000 or the great global financial crisis in 2008.

"The historical awareness would have led us to foresee with reasonable accuracy that a downturn will come, even a year ago. I have always said that we should learn from Silicon Valley but cannot apply all of those lessons here. We have to build companies differently," said the Zoho CEO.

For example, companies like Meta