Oracle, a major provider of cloud services, reported on Thursday that its India business saw phenomenal growth in the first quarter of FY23, with the Oracle Cloud Unit (OCI) recording over 100% growth (year over year) for the third consecutive year.

According to Kapil Makhija, Vice President – Technology Cloud Business, Oracle India, the OCI is growing in India at a rate of 25% quarter over quarter (QoQ), and the company has had double-digit growth across all lines of business, in some cases even triple-digit growth.

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“This is specifically true for the India region where in the IaaS/PaaS market, we are growing at 25 per cent QoQ continuing on the growth trend we have been witnessing for the last three years,” said Makhija.

He said that in the last eight months, the company catered to more cloud projects than it had in the last three years — across the private and public sectors.

“This momentum indicates the value that OCI has brought to customers as a result of speed of execution, performance, scalability and cost savings,” Makhija added.

In the first quarter of FY23, Oracle was a huge growth across all lines of businesses.

“Oracle India stands apart in the cloud space in the IaaS and PaaS market. Cloud technology has done significantly well and Oracle’s India business has been a strong growth engine for the company,” the Oracle executive noted.

Oracle’s quarterly revenues were up 18 per cent year-over-year to $11.4 billion globally.

Makhija said the company aims to be the preferred cloud provider for all Indian organisations, both in the private and public sectors.

“Our MeitY empanelled cloud regions, in Mumbai and Hyderabad, are running at full capacity and as a result, we have doubled our cloud customer base in the past few years,” he told IANS.

New customers are HDFC Life, Federal Bank, NSE, Cognizant, Manappuram Comptech and Consultants Limited, SBI, Polycab, Forbes Marshall Pvt Ltd and Tensor etc, according to the company.

“We have also defined more avenues of working with our partners and expanding business opportunities for them and us,” said Makhija.

More than 15,000 businesses, both large and small and in both the public and commercial sectors, in India use Oracle.

The Cloud major currently operates in 38 Cloud areas across 20 nations, with the addition of 6 more by the end of 2022.

(inputs from IANS)