Leading Indian crypto exchange CoinDCX has announced a 12% reduction in headcount due to a prolonged bear market and difficult tax policies in the domestic market. The Mumbai-based company has about 590 employees and about 71 are affected by the lay-off decision. CoinDCX was founded in 2018 by Neeraj Khandelwal and Sumit Gupta.
The company has offered a support package to the outgoing employees, which consists 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.”
Indian crypto exchanges have seen trading volume dropping by over 90% since the government announced a 1% TDS and 30% capital gains tax in February 2022. CoinDCX secured a $135 million Series D funding round in April 2022.
“… 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 further ensure we run as a healthier business way forward, the current situation demands that we work with a more efficient team structure,” CoinDCX said in a statement.
