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NEW DELHI: Crypto exchange CoinDCX has laid off 12% of its workforce or 71 employees as it is navigating a tough business environment.
“Startups and businesses globally are going through challenging times due to tough macro conditions, more so in crypto because of the prolonged bear market and impact of TDS (tax deducted at source) on domestic exchanges. These factors had a significant impact on our volumes and thus revenues,” founders Sumit Gupta and Neeraj Khandelwal said in a blog post on Tuesday.
The layoffs have impacted employees across departments. The Mumbai-based startup, which turned unicorn in 2021 helped by a $90 million funding round led by B Capital Group, said it had put in place various cost efficient measures to tide over the crisis, including re-prioritising certain initiatives and investing in automation but the current market realities compelled the firm to downsize.
“To further ensure we run as a healthier business way forward, the current situation demands that we work with a more efficient team structure. To this end, we have made the difficult decision to resize certain teams and to steer the business towards a profitable and sustainable growth,” the founders said. The company claimed that the layoffs will be a one-time exercise and there are no further team reductions planned.
Even as the current business environment is steeped with challenges, the company said that it still aims to drive crypto and web3 adoption to 50 million people by 2025.
“Startups and businesses globally are going through challenging times due to tough macro conditions, more so in crypto because of the prolonged bear market and impact of TDS (tax deducted at source) on domestic exchanges. These factors had a significant impact on our volumes and thus revenues,” founders Sumit Gupta and Neeraj Khandelwal said in a blog post on Tuesday.
The layoffs have impacted employees across departments. The Mumbai-based startup, which turned unicorn in 2021 helped by a $90 million funding round led by B Capital Group, said it had put in place various cost efficient measures to tide over the crisis, including re-prioritising certain initiatives and investing in automation but the current market realities compelled the firm to downsize.
“To further ensure we run as a healthier business way forward, the current situation demands that we work with a more efficient team structure. To this end, we have made the difficult decision to resize certain teams and to steer the business towards a profitable and sustainable growth,” the founders said. The company claimed that the layoffs will be a one-time exercise and there are no further team reductions planned.
Even as the current business environment is steeped with challenges, the company said that it still aims to drive crypto and web3 adoption to 50 million people by 2025.
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