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. In this note, we want to share our thoughts, reasons, and most importantly, reiterate our commitment to you, our team, and our mission.
Navigating the Market Challenges:
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. These factors had a significant impact on our volumes and thus revenues. To adapt, 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 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.
Realigning for the Future:
We deeply appreciate the dedication of each team member, however there are certain positions that, sadly, do not align with current business priorities. We’ve tried our utmost to explore various alternatives, 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.
Supporting Our Colleagues:
To all impacted, we deeply regret and we are very sorry for this. This is a tough time, and we acknowledge that. To those with whom we are parting, we extend our heartfelt gratitude for your dedication to this company, and we genuinely appreciate your contributions. Our HR team is dedicated to ensuring a smooth and compassionate transition during this challenging time.
To provide the impacted employees with necessary assistance & resources, we have put together a support package consisting of severance pay equivalent to the full notice period, additional one month of salary, variable pay & incentives dues, encashment of unutilised leaves, extension of health insurance & wellness benefits and access to counseling support.
The Path Ahead – Moving Forward with Conviction:
For those who continue to stay with us, 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. We also want to assure you that no further team reduction is planned. 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.
As we move forward, 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.
To our Valued Customers & Partners:
Your trust and satisfaction are always at the forefront of our priorities. We recognize that times of transition may cause uncertainty, but we wish to reassure you that, as a customer-centric company, our dedication to delivering outstanding service has not and will not waver. Ensuring your satisfaction is, and always will be, our topmost goal.
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.
With your support, we will continue to build, innovate, evolve, and contribute to building the future of the internet.