Oracle Cloud Infra Sees 50% YoY Growth In India During Q2FY24

Oracle Cloud Infrastructure (OCI) reported its growth numbers in the Indian market on Tuesday, with 50 per cent year-over-year (YoY) increase in cloud consumption during the second quarter of the fiscal year 2024 (Q2FY24). 

According to recent data released by Oracle, the Cloud@Customer offering witnessed a 380 per cent YoY growth in the same period, underlining a possible growing preference among businesses for hybrid cloud solutions tailored to their specific needs.

Small and medium-sized businesses (SMBs) have emerged as a key driver of OCI's growth trajectory, fueling over 70 per cent YoY consumption growth for the past three years. 

Oracle's Fusion applications, including ERP cloud solutions, have been significant in driving the company's success in the Indian market. With a double-digit growth in the first half of fiscal year 2024 (H1FY24), complemented by continuous growth momentum from the previous quarter, Oracle's Fusion applications have seemingly solidified their position as a good choice for businesses seeking robust and scalable cloud solutions.

The ERP cloud business, within Oracle's Software-as-a-Service (SaaS) portfolio, has emerged as a good growth driver as well, contributing to a 34 per cent YoY growth in H1FY24.

"We are bullish of sectors like healthcare, e-commerce, IT services, BFSI, public sector – they are all modernising at a rapid pace. Oracle Fusion Applications business has been growing and Oracle Fusion Cloud ERP is one of the biggest contributors, growing at 34 per cent," said Deepa Param Singhal, Vice President, Cloud Applications, Oracle India.

Q2FY24 marked the third consecutive quarter of growth for Oracle Fusion Cloud Business in India, which showed sustained momentum and market acceptance of Oracle's cloud offerings. Oracle witnessed a 28 per cent increase in revenues from net new customers during the quarter.

Overall, Oracle reported a 13 per cent growth in Q2FY24 in its Applications business, with core ERP experiencing a 14 per cent growth rate. 

The important customer wins for Oracle Cloud Infrastructure and Oracle Fusion Cloud Applications in India include prominent names such as CRIF High Mark, Max Life Insurance, Lulu Group, Tata Motors, Wipro, Tech Mahindra, HDFC Credla, Religare Finance, Fortis Healthcare and Apollo Tyres, among others. 

"Oracle is driving change in industries and dominates some of the biggest transformations in India – be it in banks or insurance or UPI or fintech or NBFCs, public sector, telco or digital natives or education. Our Next-gen technologies like AI, ML, edge computing will help our customers unlock new possibilities for automation and intelligent cloud solutions,” said Srikanth Doranadula, Group Vice President, Technology, Oracle India.