2 weeks Ago
Sharan Hegde , financial influencer and founder of the 1% Club, announced a 15% reduction in his workforce, marking his first major cost-cutting measure since the company’s founding in 2022. The layoffs, according to Hegde, are part of an effort to streamline expenses through artificial intelligence-driven efficiencies. US Election 2024 US Election Result Live Updates Swing state results deciding who'll be new POTUS Trump vs Harris: Who’s winning which state? Full list Hegde, whose Instagram following exceeds 2.
7 million, shared the news on LinkedIn, revealing that the decision aligns with a strategic shift towards AI-driven cost savings. He stated, "I just laid off 15% of my workforce and I received a lot of messages from my friends and media if I’m going bankrupt. As a finance influencer who built his career around financial education, the irony isn’t lost on me.
" Reddit post claims layoffs affected key roles A Reddit post from an anonymous individual claiming to be a former 1% Club employee added details about the recent layoffs. The post alleged that approximately 40 employees, including various VPs, AVPs, half of the video editors, all content creators, and most graphic designers, were let go. However, ET.
com has not independently verified the authenticity of this Reddit post. Company growth and financial discipline Hegde addressed questions about the company’s financial stability, clarifying that the recent expansion, which includes a 5,000 sq ft office in Mumbai, was funded by profits rather than investor money. He mentioned that ₹10 crore in investor capital is untouched and currently resides in a fixed deposit account earning an 8.
5% interest rate. Data Science SQL for Data Science along with Data Analytics and Data Visualization By - Metla Sudha Sekhar, IT Specialist and Developer View Program Web Development Intermediate Java Mastery: Method, Collections, and Beyond By - Metla Sudha Sekhar, IT Specialist and Developer View Program Marketing Performance Marketing for eCommerce Brands By - Zafer Mukeri, Founder- Inara Marketers View Program Office Productivity Zero to Hero in Microsoft Excel: Complete Excel guide 2024 By - Metla Sudha Sekhar, IT Specialist and Developer View Program Artificial Intelligence(AI) AI-Powered Python Mastery with Tabnine: Boost Your Coding Skills By - Metla Sudha Sekhar, IT Specialist and Developer View Program Web Development Java 21 Essentials for Beginners: Build Strong Programming Foundations By - Metla Sudha Sekhar, IT Specialist and Developer View Program Marketing Digital marketing - Wordpress Website Development By - Shraddha Somani, Digital Marketing Trainer, Consultant, Strategiest and Subject Matter expert View Program Web Development Master RESTful APIs with Python and Django REST Framework: Web API Development By - Metla Sudha Sekhar, IT Specialist and Developer View Program Finance Financial Literacy for Non-Finance Executives By - CA Raja, Chartered Accountant | Financial Management Educator | Former AVP - Credit, SBI View Program Office Productivity Advanced Excel Course - Financial Calculations & Excel Made Easy By - Anirudh Saraf, Founder- Saraf A & Associates, Chartered Accountant View Program HR Human Potential and the Future of Employment By - Lynda Gratton, Prof. at London Business School, Speaker, Author, Global Thought Leader View Program Marketing Digital Marketing Masterclass by Neil Patel By - Neil Patel, Co-Founder and Author at Neil Patel Digital Digital Marketing Guru View Program Strategy ESG and Business Sustainability Strategy By - Vipul Arora, Partner, ESG & Climate Solutions at Sattva Consulting Author I Speaker I Thought Leader View Program Web Development Advanced C++ Mastery: OOPs and Template Techniques By - Metla Sudha Sekhar, IT Specialist and Developer View Program Marketing Modern Marketing Masterclass by Seth Godin By - Seth Godin, Former dot com Business Executive and Best Selling Author View Program Strategy Succession Planning Masterclass By - Nigel Penny, Global Strategy Advisor: NSP Strategy Facilitation Ltd.
View Program Artificial Intelligence(AI) AI and Analytics based Business Strategy By - Tanusree De, Managing Director- Accenture Technology Lead, Trustworthy AI Center of Excellence: ATCI View Program Web Development Django & PostgreSQL Mastery: Build Professional Web Applications By - Metla Sudha Sekhar, IT Specialist and Developer View Program Reflecting on the company’s rapid growth since its inception, Hegde said, "I started this company from my bedroom with just 5 interns 2 years back and fast forward today we have almost 200 employees. Needless to say, when you grow at such lightning speed you are bound to make some mistakes with hiring and redundant expenses." Hegde and co-founder Raghav Gupta continue to run the 1% Club on a bootstrapped model, emphasizing financial discipline and a strong commitment to financial planning.
Meanwhile, the post also sparked a debate on social media with several users criticising spending on expensive rented space and exaggerated numbers. — GabbbarSingh (@GabbbarSingh) — adi_thatipalli (@adi_thatipalli) Background of the founder Originally from Mangaluru , Hegde has a background in engineering and prior experience at consulting firms KPMG and PwC in Bengaluru before transitioning to content creation. Now based in Mumbai, he has established himself as a prominent figure in financial education on social media.
(You can now subscribe to our Economic Times WhatsApp channel ).
