
From AI agents to cloud telephony, Zoom executives discuss company's next act
Zoom wants to be much more than a video chat platform. It is taking on Google and Microsoft in enterprise software by shipping productivity tools such as Zoom Documents, Zoom Team Chat, Zoom Whiteboard, etc. It has also rolled out Zoom AI Companion and is integrating AI into all levels of its product suite.
Zoom is also looking to strengthen its foothold in India by expanding its cloud-based enterprise telephony service called Zoom Phone to four additional licenced service areas across the country. The company further launched Contact Center here that enables customers to reach out to Zoom's enterprise clients through a wide range of channels, including voice, video, virtual agents, social media, email, and messaging apps.
Security is central to everything Zoom does, Steve Rafferty, head of APAC and EMEA at Zoom, told indianexpress.com in an exclusive interaction in New Delhi last week. Echoing this, Sameer Raje, the general manager and head of India & SAARC region at Zoom, highlighted the company's federated approach to AI that empowers its customers with greater control, privacy, and choice.
Here are the edited excerpts from the interview:
Zoom became a household name during the COVID-19 pandemic. Since then, it has pivoted to becoming more than a video conferencing platform. How does Zoom Phone and launching Zoom Contact Center in India further that vision?
Steve: If you think of Zoom as a business communications platform, then video and meetings was the first element of that. Lots of organisations enter from different pivots. So we were meetings first, and now we've got chat, Contact Center, Phone, Clips, Documents, and so much more. We're trying to give our customers and partners one place to meet effectively, whether that's message, video, or phone. Whether it's internal communication or messaging externally with customers or suppliers, Zoom will give you that unified platform experience. That was always the plan. We just started with meetings.
You mentioned that getting Zoom Phone regulatory compliant in India was an elaborate process. What were some of the terms and conditions involved in the DoT authorisation? Also, what do you think needs to change in terms of the eligibility conditions for cloud-based telephony services?
Sameer: Authorisation is basically the license. It's the UL access BMO license which we took in all the six telecom circles [Mumbai, Bengaluru, Chennai, Hyderabad, Andhra Pradesh, and Delhi-NCR]. And each of the circles have their own requirements as well as technical call flow, approvals, so on and so forth.
It's not as simple as building it once for one telecom circle and having it work everywhere. Logically, yes, the product might be the same but each circle requires its own set of regulatory approvals. When you have a global product, the DoT requirements are very stringent. For instance, all equipment must be certified by DoT. There are specific certification programmes and you cannot just use any hardware. From the hardware to the call flows, we had to change some of the elements of the product to make it compliant within the country. Hence, it was time consuming.
Not only that, each telecom circle needs to be connected not only to the Zoom cloud but also to local telcos across the region and country. That includes setting up incoming and outgoing interconnections, which is a complex and time-consuming process.
But that doesn't mean that you cannot use Zoom Phone anywhere outside these circles. Right now, these six circles are where you can procure the license from, but you can travel anywhere and accept calls and make calls to anywhere in the country.
It's been more than a year since Zoom Workplace was introduced. How's the response been from enterprise clients compared to everyday users in terms of adoption and overall experience? How much of that has translated to sales?
Steve: It's been very strong across all of our regions, especially internationally.
What we're seeing now is different entry points for customers. Some customers may come in to start from a Contact Center journey because they've got a particular customer requirement, and we fix that. Then they'll adopt Zoom Phone or messaging.
The workforce is changing at the moment. We're seeing a lot younger, more diverse workforce come in, and they've really taken to the Zoom platform because you can communicate by chat, you can pick up the phone, you can send a clip, you can join a work meeting, engage with customers, and so on.
There's so many different angles to procure information. We've got control of so much data. A business can take that data and deliver better experiences to their customers.
Have you noticed differences in how AI features are being adopted across specific use cases like customer support, live translation, meeting summaries, etc?
Steve: There's two sides to that. There's the internal day-to-day job, and there's how you communicate with customers. We were with a customer last week at a sports shop. What they want is a specific chatbot for their clients, and they also want to be able to escalate that call really quickly to a human depending on the requirements. So if somebody wants to procure a tennis shoe, it is dead easy to handle. But if somebody wants bespoke running shoes, that's a specialist treatment. That's what we're seeing from a customer perspective. Zoom Workplace allows you to move those conversations around.
Sameer: I'll add one critical point to that. We include Zoom Workplace in our license at no extra cost. Any other platform or AI engine may charge $20-$30 per user and the CEO or senior leadership may go for it thinking its the in thing. But are they really going to be that productive? Or does it make more sense to spend that $30 at the lower level so that the support agent can be more productive using AI on Zoom? They should be utilising AI where it makes better sense. It could be customer support or sales. Zoom Workplace can be rolled out across the organisation. One of the other areas that has been very positive to me is having all of that in one location. All the integrations on Zoom Workplace makes life so much easier and gives us hours back every week.
While LLMs (large language models) can be quite convincing, trust is still a barrier to enterprise adoption. How do you solve for that?
Steve: Security has to be at the heart of everything you do, whether it's AI or whether it's a basic implementation of any technology. We work with our customers, from CISO all the way down, to make sure that the data they're exposing is the correct data. We work with a security bank because you've seen from some of our competitors, how they've exposed people's salaries all the way through a business. We start with the security first? What's the outcome you're looking for, and how can we give you a secure outcome? And then the platform gets deployed based on that.
What do you think about the role of AI agents on your platform, especially in automating enterprise workflows? Do you see them evolving into a meaningful revenue stream?
Steve: It's about complementing the human workforce. It's not about replacing them. You've seen a lot of press with some organisations saying 'we're going to slim down our workforce. We're going to stick AI agents out there', and then it's difficult. What we do is, is, we speed up that journey for the customer. If you think about booking flights on air travel, for instance, we can pretty much run that whole system through a virtual agent.
Sameer: If you look at our AI Companion, it's been embedded in a couple of products that we've introduced like Zoom Whiteboard where you can draw a circle and the AI will actually make it into a perfect circle. Zoom Workflows is also in beta right now. Beyond that, we also introduced Custom AI. Let's say you're in a pharmaceutical industry and you're using a particular terminology. You want the AI model to use that terminology, right? So it allows you to create your own language within that.
What is Zoom's approach to AI development?
Sameer: We have a federated model. This means we use our own LLMs as well as other industry-standard LLMs (OpenAI and Anthropic's models). That's how we shift between low-cost and high-cost GPUs. We also permit customers to bring their elements to a certain extent. That's a chargeable service. We are helping organisations break down their silos and improvise employee experience.
We're quite happy for the customer to work where they want, and we support them with all of our tools and our AI and and our platform underneath. It's quite a different model to others.
We've also made a commitment that we won't use customer data to train our models.
But you're also in competition with these big tech companies, right? Most of their AI services seem to be bundled into their office suites.
Steve: Yes but we don't walk into a Google or a Microsoft customer and say, 'What a terrible decision. You need to rip it all out. Stick Zoom in.' We go: 'Congratulations on your decision. Now, let's make sure you get the best value for money'.
Not everything that's bundled works, and you're seeing how those bundles consistently change. What we allow you to do is to take the best video platform and plug it in, as well as the best phone platform if you want to use it. We've got Contact Center that you can plug in to make your Google or Microsoft Office environment sing much better.
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Hindustan Times
22 minutes ago
- Hindustan Times
Jeff Bezos-Lauren Sanchez wedding: Here's why Venice locals have threatened to block canals
As Amazon founder Jeff Bezos gears up to tie the knot with journalist Lauren Sanchez in Venice later this month, not many in Italy's canal city are happy with the high-profile wedding. Few locals have even threatened to block Venice's popular canals. Last week, a group of young people, who described themselves as 'precarious' or under-employed, gathered in a square near the foot of the city's iconic Rialto bridge, CNN reported. In their call to action against the impending nuptials, the protesters put up a massive 'No Space for Bezos' banner, which also featured the Blue Origin rocket in the center. Nearly 300 residents took part in the protest and were cheered by a handful of speakers. The former school armory has been turned into an events venue. There are rumors that the main ceremony could take place here on June 28. On June 12, the protesters somehow managed to hang a 'No Bezos' sign on the bell tower on Thursday. Speaking at the protest, organizer Federica Toninello said that they will ensure that Bezos "never gets to the Misericordia'. "We will block the canals, line the streets with our bodies, block the canals with inflatables, dinghies, boats," CNN quoted Toninello as saying. Another speaker at the event, Na Haby Stella Faye, asked people to make sure the wedding is remembered for their opposition and not Sanchez's outfit changes. Faye said Venice should be remembered as "the city that did not bend to oligarchs'. Questions have been raised over the arrival of Bezos' $500 million superyacht Koru. Venice, one of the most favored tourist destinations worldwide, is said to be combating problems with over-tourism. The city is already charging a 10-euro day-tripper entrance fee during the weekends and peak periods. This comes as residents are leaving the city due to lack of services, such as schools and hospitals. Also Read: Venice locals protest against Jeff Bezos, Lauren Sanchez's lavish wedding: 'No space for Bezos' The city has witnessed several protests before, which have been quite successful. The 'No Grandi Navi' or 'no big ships' campaign, which lasted for years, during the pre-Covid era had banned entry of giant cruise ships from anywhere near the city center. These restrictions led to widespread changes in cruise itineraries. Last week, Luigi Brugnaro hoped that the protest wouldn't dissuade Bezos and Sanchez from going ahead with their plans. He even stated that he was "ashamed of those who behave like this." The couple is expected to tie the knot by the end of June. As per reports, ceremonies take place at the island of San Giorgio Maggiore as well as the 14th century Misericordia, former school armory turned exclusive events venue in central Venice.


Hans India
an hour ago
- Hans India
Nifty 50 vs Nifty Midcap: Which Index Should You Watch in a Volatile Market?
Investing in the Indian stock market can feel like a roller coaster, especially during volatile market conditions. While most traders and investors are familiar with the term Nifty 50, many often overlook the Nifty Midcap index. But which of these two indices should you really be watching when the markets get turbulent? This comprehensive guide aims to break down the core differences, strengths of each index in a volatile Indian market. Whether you're a new trader or a seasoned investor, this will help you make informed choices during uncertain times. Understanding the Basics of Nifty 50 and Nifty Midcap The Nifty 50 is a benchmark index comprising 50 of the largest and most liquid stocks listed on the National Stock Exchange (NSE). It is widely regarded as a reflection of the Indian economy. The Nifty Midcap index, on the other hand, comprises companies that rank below the top 50 in terms of market capitalisation. It represents mid-sized firms that may not have the legacy or clout of large-cap companies, but often offer greater growth potential. Why Size and Liquidity Matter in Volatile Markets During times of market stress, investors tend to flock towards safety—and in the stock market, safety often means liquidity and size. The constituents of the Nifty 50 typically have: Strong balance sheets Wider analyst coverage Institutional investor interest Better corporate governance These traits make Nifty 50 stocks relatively more stable and less volatile during downturns. Midcap stocks, being smaller in size, may not always have the same stability. In volatile markets, they might see sharper price swings—both upwards and downwards. But that doesn't mean they are to be ignored. Nifty 50: The Defensive Play in Turbulent Times If you are a conservative investor or someone looking to preserve capital during a bear phase, the Nifty 50 offers a safer haven. Let's consider the March 2020 market crash caused by the COVID-19 pandemic. The Nifty 50 fell nearly 38% from its January highs to March lows. In contrast, the Nifty Midcap 100 dropped by over 45%, showing that midcap stocks tend to fall harder during panics. But here's the twist—Nifty 50 also recovered faster because of strong institutional buying and resilient fundamentals of its constituents like Reliance Industries, Infosys, and HDFC Bank. Nifty Midcap: Higher Risk, Higher Reward? If you're willing to stomach volatility for higher long-term returns, midcap stocks might deserve a closer look. Historically, midcaps have outperformed large caps over longer time horizons. According to NSE data between 2005 and 2020, the Nifty Midcap 100 delivered around 15-17% CAGR, while the Nifty 50 trailed at 11-13%. This higher return comes at the cost of higher risk. In volatile times, midcaps may experience temporary drawdowns, but these can also present entry opportunities for savvy investors. For instance, companies like Dixon Technologies, Deepak Nitrite, and Indian Hotels, once considered midcaps, have delivered multi-bagger returns and even graduated to large-cap status. Sectoral Exposure: What Do the Indices Really Represent? The Nifty 50 has a higher concentration of banking, IT, and oil & gas sectors. So, any macro event that affects these industries heavily impacts the index. The Nifty Midcap, in contrast, is more diversified across sectors like industrials, healthcare, chemicals, and consumer goods. This offers a broader participation in India's growth story, especially in emerging sectors. During volatile times, certain sectors like healthcare or FMCG tend to outperform. Nifty Midcap gives you access to such sectoral plays that may not be well-represented in the Nifty 50. Valuation Metrics: A Closer Look During Uncertainty Evaluating the Price to Earnings (P/E) and Price to Book (P/B) ratios of both indices helps in making tactical decisions. Nifty 50 P/E often remains elevated due to investor trust in blue-chip companies. Nifty Midcap P/E may look cheaper during downturns but comes with uncertainty in earnings. During volatile times, when the entire market is correcting, midcaps often look undervalued. For long-term investors, this could be an opportunity to accumulate quality midcaps at discount. Case Study: The 2022 Volatility In early 2022, amid rising interest rates and geopolitical tensions, the Indian market saw heightened volatility. While the Nifty 50 managed to stay relatively resilient, supported by heavyweight stocks, the Nifty Midcap index saw deeper cuts—especially in sectors like real estate and logistics. However, within months, several midcap stocks started outperforming their large-cap peers. This pattern shows that midcaps are typically the first to fall and first to rise in a market cycle. Who Should Watch Which Index? Nifty 50 – Ideal For: Risk-averse investors Retirement portfolios SIP-based passive investing Capital preservation in high-volatility environments Nifty Midcap – Ideal For: Aggressive investors Those with a 5-10 year investment horizon Opportunistic traders during market dips Investors seeking diversification beyond blue chips Key Differences Between Nifty 50 and Nifty Midcap Parameter Nifty 50 Nifty Midcap Risk Lower Moderate to High Return Potential Moderate High Volatility Lower Higher Liquidity Very High Moderate Institutional Interest High Moderate Ideal For Conservative Investors Aggressive Investors Strategy Tips During Volatility Diversify across both indices using index funds or ETFs. Avoid lump-sum investing; consider Systematic Investment Plans (SIPs). Use volatility as a friend—buy quality midcaps during dips, but stay within your risk appetite. Keep track of the India VIX Index, which signals expected market volatility. Avoid getting swayed by media noise—focus on fundamentals and valuations. Conclusion: What Should Indian Traders and Investors Do? When markets are swinging wildly, it's natural to look for a safe place. For most investors, the Nifty 50 offers a shield—liquidity, resilience, and predictable performance. But if your risk appetite allows, selectively adding Nifty Midcap exposure during corrections can significantly boost long-term returns. The smart strategy is not to pick one over the other but to maintain a balanced exposure, adjusting weights based on market conditions. In short, the Nifty 50 provides stability, while the Nifty Midcap provides growth. Both indices reflect India's evolving economic story, and a wise investor knows how to ride both waves. Overall, In a volatile Indian stock market, understanding the nuances between these two indices can guide you to better, more confident decisions. Watch the Nifty 50 for cues from large players, but don't ignore the Nifty Midcap—it's where tomorrow's giants are often born.
&w=3840&q=100)

Business Standard
2 hours ago
- Business Standard
MFs' mcap baskets set for reshuffle; Largecap, midcap cut offs to decline
The large, mid and smallcap investment space of mutual funds is set for a reshuffle, with over 20 stocks expected to move in and out of each of the market capitalisation (mcap) baskets. Association of Mutual Funds in India (Amfi) revises the largecap, midcap and smallcap stock list in January and July every year. The half-yearly reclassification is crucial for mcap-based schemes like largecap, midcap and smallcap to remain true-to-the-label by aligning their portfolios according to the category mandate. According to an analysis of mcap data of the first half of 2025 (as of June 16), as many as 11 midcap stocks, including the likes of Indian Hotels, Max Healthcare, Mazagon Dock and Shree Cement, are likely to earn the 'largecap' tag during the next reclassification. The midcap universe may see 12 new entrants, including KPR Mill, Cholamandalam Financial, Godfrey Phillips, and Multi Commodity Exchange. In the reclassification, 100 stocks with the highest average mcap in the previous six months are tagged largecaps. The next 150 stocks are midcaps. The remaining are classified as smallcaps. The changes, especially in the largecap space, are expected to be the highest in recent years, given the volatility in 2025 so far. Correction in the initial months of the year also means a reversal in the post-Covid trend of midcap cut off. The mcap cut off to qualify as a midcap company is expected to come down for the first time in nine such exercises in the last four and a half years. The cut off this time is expected to be around ₹29,000 crore compared to ₹33,221 crore in January 2025. Similarly, in the largecap space, the cut off is likely to come down from ₹1 trillion to ₹90,000 crore. In the post-Covid period, the cut offs had grown multi-fold due to a rally in stock prices. The growing cut offs had even led to calls for expansion of the largecap and midcap universes. Amfi will release the revised list in the first week of July. The new entries in the largecap space are likely to come in place of Rail Vikas Nigam Ltd (RVNL), Hero MotoCorp, Indian Overseas Bank, Cummins India, Swiggy, Polycab India, Bosch, ICICI Prudential Life Insurance, Dabur India, JSW Energy and NTPC Green Energy. From the current midcap basket, stocks like Punjab & Sind Bank, Ola Electric Mobility, Aditya Birla Fashion and Retail, Indraprastha Gas and The New India Assurance Co are likely to get downgraded to the smallcap category. In line for upgrades Midcap to largecap Indian Hotels Co Max Healthcare Institute Mazagon Dock Shipbuilders Solar Industries India Shree Cement Mankind Pharma Apollo Hospitals Enterprise Union Bank of India Lupin Jindal Steel & Power Dixon Technologies India Smallcap to midcap KPR Mill Cholamandalam Financial Holdings Godfrey Phillips India Global Health Multi Commodity Exchange of India ITI Limited Radico Khaitan Laurus Labs Authum Investment & Infrastructure Narayana Hrudayalaya New listings in midcap ITC Hotels Hexaware Technologies Expected changes based on average mcap from Jan 1, 2025 to June 16, 2025 Final changes to be announced on the basis of average mcap between Jan 1 to June 30