Sharan Hegde lays off 15% of its employees and turns to AI for more profitability

“This is our first cost reduction exercise since our inception. We have identified significant cost savings through AI that can improve profitability and efficiency, and which can be reinvested into business growth,” said Sharan Hegde, CEO of the 1% Club, in an article on LinkedIn. To help the licensed For employees, the company offered severance pay based on seniority and extended support to find them jobs, he added.