“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 stated in a weblog put up on Tuesday.
The layoffs have impacted workers throughout departments. The Mumbai-based startup, which turned unicorn in 2021 helped by a $90 million funding spherical led by B Capital Group, stated it had put in place numerous price environment friendly measures to tide over the disaster, together with re-prioritising sure initiatives and investing in automation however the present market realities compelled the agency 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 stated. The firm claimed that the layoffs will likely be a one-time train and there are not any additional group reductions deliberate.
Even as the present enterprise surroundings is steeped with challenges, the corporate stated that it nonetheless goals to drive crypto and web3 adoption to 50 million folks by 2025.