The 1% Club, a personal finance platform co-founded by Sharan Hegde and Raghav Gupta, has laid off 15% of its workforce in a strategic move to cut costs through AI-driven efficiencies.
Despite this, Hegde emphasized the company’s robust financial health, reporting $8 million in annual revenue and a high EBITDA of 35-40%. Since its founding in 2022, the platform rapidly scaled from 5 to nearly 200 employees. Affected employees received severance packages and job support. Additionally, Hegde noted that Rs 10 crore of investor funds are secured in an FD earning 8.5% interest.