India-based global tech company Zoho Corp. has announced a $35 million strategic investment in Egypt’s leading payment solutions provider, Fawry, as part of its ongoing efforts to drive the digital transformation of Egyptian businesses. This partnership, formalized through a Memorandum of Understanding (MoU) signed on the sidelines of Zoho’s annual user conference, Zoholix Egypt 2024, aims to leverage the strengths of both companies in accelerating the adoption of digital tools by local enterprises.
The $35 million will be allocated through Zoho’s portfolio to help more than 70,000 businesses under Fawry’s network embrace digital solutions. The move signals Zoho’s deepening commitment to Egypt’s rapidly growing digital economy, where increasing numbers of companies are digitizing their operations to enhance efficiency and competitiveness. The partnership is expected to provide Egyptian businesses access to Zoho’s extensive suite of cloud applications, including CRM, productivity, and HR management tools, while integrating Fawry’s advanced payment solutions.
Expansion of Zoho’s Footprint in Egypt
Zoho’s announcement of this partnership follows a year of significant growth in Egypt. The tech company reported a 33% increase in revenue from the country in 2023, while its local partnership network expanded by 101%. This growth reflects the success of Zoho’s “Cross-Border Local Growth” strategy, which focuses on tailoring global solutions to meet the specific needs of local markets.
By localizing its products and services, offering them in Arabic, and introducing flexible pricing models to address currency fluctuations, Zoho has strengthened its position in the Egyptian market. Popular products such as Zoho One, Zoho Workplace, and Zoho CRMPlus have seen increased adoption among businesses of all sizes. This local approach has not only fostered trust but also driven sustainable growth, positioning Zoho as a key player in Egypt’s business technology ecosystem.
“Egypt’s vibrant market, with its rich talent pool and innovative business ideas, offers tremendous potential for companies like ours,” said Haidar Nizam, Zoho’s President for the Middle East and Africa. “Our products are designed to help local businesses increase efficiency and improve customer experiences, while supporting their growth in a competitive market.”
The partnership with Fawry marks a pivotal moment in Zoho’s journey in Egypt, providing businesses with access to over 55 cloud applications. Zoho’s cloud suite, which includes tools for managing operations, human resources, finance, and customer relations, will be accessible through a Zoho e-wallet balance. This balance will allow Fawry’s customers to use the services for up to a year, significantly lowering the barriers for companies seeking to adopt digital tools.
Fawry, a leader in digital payments in Egypt, brings to the table its expansive payment network and expertise in facilitating digital transactions. “Fawry has always been committed to supporting local businesses with cutting-edge digital payment solutions,” said Mohamed Kamel, Head of Business Development at Fawry. “Partnering with Zoho will further enable us to help Egyptian businesses enhance their operations and scale in a dynamic market.”
By combining Zoho’s technological capabilities with Fawry’s payment infrastructure, the collaboration aims to provide businesses with a seamless platform to digitize their operations and improve overall efficiency. The initiative is also set to support Egypt’s broader push toward a digital economy, with the government actively promoting digital transformation in key sectors.
For Zoho, the partnership with Fawry is part of its broader strategy to strengthen its foothold in the Middle East and Africa. The region has seen a significant rise in demand for digital solutions, driven by a growing appetite for innovation and the need for businesses to remain competitive in an increasingly tech-driven world.
Prem Anand Filomani, Zoho’s Director of Strategic Growth for the Middle East and Africa, highlighted the significance of the collaboration: “Our goal is to empower Egyptian businesses to embrace digital transformation and create sustainable growth. By working with Fawry, we aim to remove operational burdens and provide tools that will allow businesses to thrive.”
This investment marks one of the largest initiatives by Zoho in the Egyptian market, reaffirming the company’s belief in Egypt’s potential as a hub for digital innovation. As businesses in the country continue to adopt advanced technologies to streamline operations and cut costs, the partnership with Fawry positions both companies at the forefront of Egypt’s digital revolution.
The collaboration between Zoho and Fawry comes at a time when Egyptian businesses are increasingly seeking ways to improve efficiency, cut operational costs, and enhance customer experiences. As competition intensifies, companies are turning to digital solutions to stay ahead, making Zoho’s tools and Fawry’s payment solutions critical to their success.
Through this partnership, Zoho and Fawry aim to support businesses of all sizes, from small enterprises to large corporations, by providing affordable and easy-to-use digital tools. The initiative is expected to drive innovation across industries, further integrating Egypt into the global digital economy.
Zoho’s $35 million investment in Fawry represents a strategic effort to accelerate Egypt’s digital transformation and empower businesses to thrive in a competitive market. By combining Zoho’s robust cloud technology with Fawry’s payment expertise, the partnership promises to be a significant catalyst for growth in Egypt’s evolving digital landscape.