Founder exits, user slump, and competition: inside the playbook of India’s largest Web3 firm Polygon
Synopsis
Polygon has seen senior executives including the two co-founders leave the firm in the last one year. Apart from leadership churn, concerns were raised about lay-offs in February 2023, though the company had raised USD450 million only a year earlier. So, what ails Polygon? Here’s a deep dive.
On October 4, when Jaynti D Kanani announced his exit from Polygon, the company he co-founded in 2017, it wasn’t just the pangs of separation that reverberated across the Web3 spectrum. Kanani announced on X that the decision to stay away from day-to-day operations was taken six months ago, but he vowed to contribute to Polygon’s growth from the sidelines. Kanani’s exit was the latest in a string of high-profile departures at Polygon in recent
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ET Prime
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