India, May 1 -- A year after announcing its foray into the semiconductor space, SaaS unicorn Zoho has now put its $700 Mn chipmaking plan on hold.

Zoho's founder Sridhar Vembu took to X to announce the development, saying that the company needs surety in its technological path before securing capital and government backing.

"On our semiconductor fab investment plan, since this business is so capital intensive it requires government backing, we wanted to be absolutely sure of the technology path before we take taxpayer money," he said.

For now, Zoho is putting its chip plan on hold till it finds a better way to navigate technological support.

"We did not have that confidence in the tech so our board decided to shelve this idea for the ...