Lakhs and crores are units of the Indian numbering system commonly used throughout the Indian subcontinent. Lakhs are equivalent to "hundreds of thousands" while crores are equivalent to "hundreds of lakhs".
Therefore, 1 crore is equal to 100 lakhs.
Etymology of lakh
Lakh (sometimes spelt as Lac) comes from the Sanskrit Laksha (लक्ष). What is not exactly known is the origins of Laksha. While it does represent 100,000, it might actually share its roots with the words lac and lacquer. The resin (or 'red dye') is extracted from trees infested by vast swarms of lac insects, which might have led to the words association with the large number.
Etymology of crore
Crore (100 lakhs or ten million) comes from the Sanskrit koti (कोटि) and Prakrit krodi. It is also pronounced karor, karod, koti, kodi, etc. in various Indian languages. The word (or a variant) has also spread to Arabic, Persian, and Pashto. The spread of Buddhism has also introduced it to Thai, Japanese, Chinese, Tagalog, and other East Asian languages.