Mumbai-Based Crypto Investment Firm CoinDCX Lays Off 12% Of Workforce

Mumbai-based CoinDCX has reduced 12% of its workforce amidst the prolonged bear market in cryptocurrencies and the impact of TDS on domestic exchanges. Sumit Gupta & Neeraj Khandelwal in a blog post on Wednesday shared their thoughts, reasons for the jobs cut. However, the founders reiterated their commitment to the team and its mission.

In the post, the founders said, "It is with a heavy heart that we bring forth some challenging news. Today we are making the difficult decision to reduce the size of our team by about 12% and some of our incredibly talented team members will be parting ways with the organization. We deeply regret that.!"

CoinDCX's founders explained the challenging times in the market. They said, "As you all know, 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 on domestic exchanges."

Hence, these factors had a significant impact on our volumes and thus revenues.

To adapt, the founders added, "We undertook several proactive measures, including direct cost optimization and investment in automation to drive efficiency and productivity. We also reprioritized certain initiatives/products in line with our long-term business strategy."

To further ensure running as a healthier business way forward, Sumit and Neeraj's blog post added, "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 profitable and sustainable growth."

Despite exploring various alternatives, CoinDCX's post added, "but current market realities compel us to take some tough decisions."

"We believe that this is the right thing to do for the business. We understand the emotional toll of this decision, and we bear its weight, both in responsibility and in emotion," the founders said.

For those who will stay with CoinDCX going forward, the founders' post said, "We continue to remain bullish on the India opportunity and committed to our mission of driving crypto and web3 adoption to 50 Million people by 2025."

CoinDCX also assured that no further team reduction is planned. The founders added, "To ensure that, we have had multiple thorough and deliberate discussions and worked closely with the senior leaders in the company. However, we understand you might have many questions and we'll be addressing them all very soon."

Going forward, they added, "we assure you that we remain committed to weathering any kinds of challenges and building a stronger and healthier business. We believe in the power of Web3 and our resolve to build and innovate in India for the world stands firm."

"As we look towards the horizon, we're optimistic about the Indian market and our role in contributing to building the Web3 ecosystem in India and beyond. We stand committed to our mission to accelerate the adoption of crypto and web3 applications, and to usher in a digital realm that epitomizes openness, inclusivity, and fairness - is not just a statement. It's our commitment to you and the world," the post concluded.