Synology aims to grow India business by three-fold in 2023

Taiwan-based data storage firm Synology aims three-fold growth in its India business by next year as it will expand presence in beyond tier-2 markets and deepen penetration in the enterprise segment, a senior company official said on Tuesday.

Taiwan-based data storage firm Synology aims three-fold growth in its India business by next year as it will expand presence in beyond tier-2 markets and deepen penetration in the enterprise segment, a senior company official said on Tuesday. Synology, Sales Department, Regional Manager, Michael Chang said the company's 70-80 per cent revenue in India, at present, comes from mid-market, which comprises small and medium businesses, while 20 per cent comes from the enterprise segment.

''We are looking to expand our presence beyond tier-2 cities as well as deepen penetration in the enterprise segment. In 2023, we aim to grow our India business by 300 per cent,'' Chang said. Without disclosing its actual revenue, he claimed that Synology has been recording 100 per cent year-on-year growth since 2019 on the back of the strength of its product portfolio in data storage and backup, file collaboration, video surveillance and network infrastructure solutions. Chang said that Synology had registered global revenue of USD 600 million in 2021 and has the target to be a USD 1 billion company by 2025. ''India is among our global top 20 markets and top 3 in Asia Pacific. In three years, we expect India to be our top market in the Asia Pacific,'' Chang added.