Business News Desk, Content Creator Sharan Hegde has laid off 15 percent of the employees from the 1% club. It has been only about two years since he started this platform and he has taken this decision as part of cost-cutting. Sharan Hegde says that due to hiring mistakes and increasing expenses, he has decided to reduce the workforce. Now the company’s focus is on reducing costs through AI. Sharan Hegde is a financial content creator with over 27 lakh followers on Instagram who helps people achieve financial freedom. He started the company in the year 2022.
‘Sharan Hegde is not bankrupt’
When Sharan Hegde fired 15 percent of the employees in his two-year old company, his close relatives got worried. Although he wrote a long post on LinkedIn and said that he has laid off 15%, there are messages from many friends asking if he is going bankrupt? On this, Sharan further said that as a financial influencer, who has made his career on financial education, will he himself go bankrupt? He clarified that the 5 thousand square feet office in Mumbai was built entirely from the company’s profits. Apart from this, Rs 10 crore remains in the FD account of investors on which 8.5 percent yield is being given.
Then why were there layoffs?
His note regarding the layoffs came after an anonymous post on Reddit in which a person said that the company has laid off 40 employees, including himself. The anonymous post claimed that the company has fired half of the video creators, all content creators and almost all graphic designers, along with several vice presidents and assistant vice presidents. Sharan Hegde says that 1% Club started 2 years ago with 5 interns from the bedroom and today it has around 200 employees. He further said that needless to say, when you grow so fast, some mistakes are made regarding hiring and expenses. Sharan said that he and Raghav Gupta are very strict in their financial planning and vigilance and they are running the company without using any investor capital. Sharan Hegde has done engineering from Bengaluru. Before coming to content creation and Mumbai, he worked at KPMG and PwC.
