Gemini Taps Former Paytm VP to Lead Expansion in India
Gemini, a prominent crypto exchange, has hired Sachin Ranglani, the former Vice President of Paytm, to spearhead its expansion in India. The move follows a $24 million investment plan to strengthen operations in Gurgaon, India’s tech hub.
Gemini Pushes Forward Despite Challenging Regulations
Ranglani, an experienced fintech executive who served as Paytm’s senior vice president of product management for three years, will oversee Gemini’s India operations and manage a team of around 80 staff members. The company plans to increase its headcount to over 100 by the end of 2023 and aims for nearly 200 employees by 2024.
Gemini’s global chief technology officer, Pravjit Tiwana, praised the quality of tech talent in India and sees great potential in expanding the team.
Despite the ambitious expansion plans, Gemini has yet to launch a crypto exchange in India. This may be attributed to the country’s strict crypto taxation policies, including a flat 30% tax on crypto gains and a 1% tax deduction at source for crypto transactions. These regulations have had a significant impact on trading volume in the country.
Gemini’s expansion into India aligns with the trend of crypto firms expanding their presence in the country. Coinbase established an office and began hiring engineering staff in India earlier this year, while BitGo is hiring for multiple roles in Bengaluru.
In addition to India, Gemini is also focused on building its business team in Singapore. The company aims to expand its Singapore team to around 100 members, further diversifying its global presence.
Hot Take: Gemini’s Ambitious Expansion Amid Regulatory Challenges
Gemini’s decision to invest in talent and technology as it expands globally demonstrates its ambition to become a leading player in the crypto exchange market. Despite setbacks and regulatory hurdles, the company remains optimistic about its growth prospects. Gemini believes that initiatives like “Startup India,” which fosters entrepreneurship and technological development, will support its expansion efforts.
As Gemini solidifies its global footprint, it continues to navigate regulatory scrutiny and challenges within the industry.
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