“Big tech is bigger than most sovereign nations. ‘East India Company’ is the way to think about them,” Vembu wrote, without naming any specific firm.
A Debt Raise That Turned Heads
The comment was in response to a widely shared post highlighting the sheer scale of Google’s recent fundraising activity. The company reportedly raised $32 billion in debt in a single day—an amount comparable to what a large sovereign government such as India might raise over several months.
More notably, Google issued a £1 billion 100-year bond, marking a rare move in corporate finance. The century bond—longer in tenure than many government-issued securities—echoed a similar issuance last seen in the technology sector when IBM floated one in 1996. For observers, the long-term horizon signalled confidence and scale typically associated with nation-states rather than private firms.
The comparison underscored how major technology corporations increasingly operate with financial muscle, global reach, and policy influence once reserved for governments.
Online Reactions: Data as the New Trade Route
Vembu’s analogy triggered a lively online debate. Some commentators extended the East India Company metaphor further, arguing that while the colonial-era trading firm controlled maritime trade routes, modern tech giants command digital infrastructure and data flows.
One user remarked that dependency on large cloud providers and digital platforms often becomes visible only when pricing structures change or APIs are deprecated—suggesting a form of infrastructural reliance that mirrors historical trade monopolies.
Another commenter pushed back against the critique, arguing that long-term thinking is precisely what distinguishes global tech leaders. Citing India’s once-dominant banking software products like Microbanker and Flexcube, the user suggested that companies with a vision to scale globally ultimately prevail—implying that strategic patience, not overreach, explains Big Tech’s strength.
India’s AI Path: Small, Efficient, Purpose-Built
Even as he questioned the concentration of power in global tech, Vembu struck an optimistic note about India’s own technological direction—particularly in artificial intelligence.
Speaking at the India AI Impact Summit in New Delhi, he observed that India is prioritising smaller, resource-efficient AI models tailored to local needs rather than pursuing scale for its own sake. These “unglamorous” models, he said, are cost-effective and energy-efficient, yet highly practical.
He cited startups such as Sarvam AI as examples of companies already building compact AI systems designed for targeted use cases. According to Vembu, this approach could become the norm in India: develop lean systems now, and scale gradually as infrastructure costs decline.
AI as a Workforce Multiplier
At Zoho, AI adoption is already accelerating. Vembu revealed that the company is deploying AI tools extensively in software development and seeing significant productivity gains. Over the next year, he expects this integration to expand across the organisation.
Rather than fearing job displacement, Vembu expressed confidence that AI—like previous waves of technological change—will create new roles. He suggested that software engineers will need to move closer to customers, focusing on problem-solving and practical application rather than routine coding tasks.
“With our vast youth population, we have the most AI-enthusiastic population in the world,” he noted, adding that India’s demographic advantage positions it uniquely to capitalise on emerging technologies.
AI in Rural Education: A “Massive Learning Booster”
Vembu also highlighted AI’s potential in grassroots education, particularly for rural students. Drawing from Zoho’s engagement with predominantly rural communities, he described purpose-built AI tools as transformative aids for teachers—helping address foundational literacy and numeracy challenges.
These small, targeted AI systems can assist educators in reaching students more effectively while encouraging hands-on innovation. Vembu pointed to projects where students are building practical solutions, including small-scale custom electric vehicles, with AI serving as what he called a “massive learning booster.”
A Broader Conversation on Power and Progress
The debate ignited by Vembu’s East India Company analogy reflects a deeper question: as technology firms amass unprecedented financial, infrastructural, and data-driven power, how should societies interpret and regulate their influence?
While critics see echoes of monopolistic dominance, others argue that scale, long-term capital, and innovation are essential to global competitiveness. For India, the focus appears to be on carving out its own path—leveraging youthful energy, frugal engineering, and targeted AI deployment to build capability without replicating the excesses of the past.
In that tension between scale and sovereignty lies one of the defining conversations of the digital age.