2024-11-07 12:36:16 :
Sharan Hegde, an influential financial content creator with more than 2.7 million Instagram followers, has announced a 15% layoff. The move marks the first major cost-cutting move by his company, the 1% Club, since it was founded two years ago. Hegde explained in a LinkedIn post that the decision is part of the company’s efforts to achieve AI-driven cost savings.
“I had just laid off 15% of my staff and I was getting a lot of messages from friends and media outlets telling me I was going bankrupt. As a financial influencer who has built a career around financial education, the irony is not lost on me Meaning,” he shared.
Layoffs spark speculation
The layoffs sparked speculation after an anonymous post on Reddit claimed that about 40 employees had been laid off. The post, posted by a former employee, states that multiple senior positions, including vice president and assistant vice president, have been laid off, along with many content creators and graphic designers. However, the authenticity of Reddit cannot be independently verified.
Hegde, who founded ‘1% Club’ in 2022, clarified that the company’s expansion, which includes setting up a 5,000 sq ft office in Mumbai, is entirely funded by profits. He also revealed $Investor funds of Rs 10 crore are retained in fixed deposits and earn an interest yield of 8.5%.
Speaking of the company’s rapid growth, Hegde explains: “I started the company in my bedroom two years ago with five interns, and today we have almost 200 employees.” He admits that rapid expansion can sometimes be difficult Mistakes can result, especially when it comes to recruitment and overhead costs.
“We have been running this company bootstrapped and have never used investor funds because we are very rigorous about financial planning and due diligence,” Hegde added, emphasizing the company’s commitment to financial responsibility.
Hailing from Mangaluru, Hegde worked at KPMG and PwC before turning to content creation and moving to Mumbai.
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