Sharan Hegde Lays Off 15% Of Employees; Here's What He Said

Finance influencer Sharan Hegde has recently announced that he has laid off 15 percent of his workforce. The decision comes as part of his first cost-cutting exercise since he set up his company a little over two years ago, he said, adding that the company is now focusing on implementing AI-driven cost savings.

Sharan Hegde Lays Off 15% Of Employees:

He has shared his official statement on LinkedIn, he said, "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."

He added, "I started this company from my bedroom with just 5 interns 2 years back, and fast forward today we have almost 200 employees."

"Some Mistakes With Hiring..."

"Needless to say, when you grow at such lightning speed you are bound to make some mistakes with hiring and redundant expenses. Raghav Gupta (co-founder) and I have been running this company bootstrapped without ever using investor capital because we are super strict with our financial planning and diligence," he concluded.

Photo Credit: Instagram

About the Issue:

Hegde's note on the layoffs comes after an anonymous post on Reddit by a person claiming to be an employee who was laid off from the Mumbai-based influencer's 1% Club. The Reddit user claimed that around 40 employees have been laid off.

As per the Reddit post, "They've terminated various VPs and AVPs, half of the video editors, all content creators, and almost all the graphic designers."