The world has been hit by the COVID-19 pandemic. The cases of the novel coronavirus have been reported in more than 180 countries, including India. The Healthcare department and other government authorities are working around the clock for the past few weeks to ensure complete safety. The central and state governments have strictly advised to maintain social distancing and take preventive measures to control the community spread. In these tough times, we believe that listening to government authorities and cooperating with them is the only means to fight against COVID-19. We all have to do our bit to overcome this pandemic.
The pandemic has created a huge disruption in the world's economy. If the virus spreads rapidly in the coming weeks, the startups in India will have a tough time to fix the damage control. The Chinese investors, who have been a strong force in the startup ecosystem have called off the fundraising exercises. The magnitude of COVID-19 impact is different in each sector depending on the nature of their service. While the startups in travel, transportation have been adversely hit, the ones in online retail, food, and groceries have witnessed a skyrocketing rise. Overall, it's the worst crisis ever since the great recession.
We at CoinDCX have also taken timely initiatives to withstand the ongoing crisis without compromising the safety of our employees and the public in general as it is of paramount importance to us. We have implemented "Work From Home" as to stay quarantined and following the norms of social distancing is the need of the hour. It's been hardly more than a week of WFH and by now the measures taken by all the departments to remain on track are highly remarkable.
The team has adopted a decentralization working module where everyone's roles are clearly defined to avoid practical challenges of WFH like miscommunications, overlap of work, and unequal distribution of work. The internet connectivity is a major concern as the network strength is different at home for all of us. This situation acts as a speed-breaker because of which deliverables are delayed. I have noticed that everyone is putting in more hours to combat such situations. Kudos to the unparalleled commitment of Team CoinDCX.
I feel extremely proud of Team CoinDCX and am happy to share we have maintained the productivity level across all metrics. In fact, the company's overall productivity has been on a higher note. Since the WFH concept is new for us, there will be lots of new learnings ahead and we are open to embrace it all. We have further decided to prolong WFH till April 14th, 2020. The current situation demands it as the coming 3-4 weeks are very critical for India.