Nikhil Kamath invests in Sharan Hegde's The 1% Club

The investment will help strategically position Hegde's startup at the forefront of fintech innovation and influencer-driven businesses

By Tasmayee Laha Roy

Published: Oct 30, 2023 02:56:58 PM IST

Updated: Oct 30, 2023 03:13:15 PM IST

The 1% Club is a members-only platform founded by Sharan Hegde and Raghav Gupta. From left to right: Sharan Hegde, Nikhil Kamath, Abhijeet Pai and Raghav Gupta

Finfluencer-turned-entrepreneur Sharan Hegde and Raghav Gupta of The 1% Club have secured Rs10 crore in pre-series A funding from Gruhas, a venture capital firm co-founded by Nikhil Kamath and Abhijeet Pai from the Puzzolana Group.

“The 1% Club represents a unique fusion of finance and community, a combination that can transform how individuals approach wealth creation and financial management. I believe in the potential of this platform to redefine the future of fintech and edtech,” said Kamath, co-founder of Zerodha.

The 1% Club is a members-only platform that offers educational resources, mentorship, and entrepreneurial opportunities to help individuals plan their financial future. The funds secured from the Gruhas investment will be used to expand operations and attract talent.

“The company is on the cusp of broadening its horizons from a primarily edtech-oriented platform to one that encompasses both fintech and edtech,” The 1% Club said in a statement.

The investment may mark a crucial turning point for The 1% Club and highlight the growing impact of credible finfluencers in the country’s startup ecosystem as the Securities and Exchange Board of India increasingly tightens vigilance on influencers.

The 1% Club is in advanced stages of seeking registration with SEBI.

Also read: Zerodha co-founder Nikhil Kamath signs Giving Pledge, commits to donate 50% of his wealth

Strategic support

The partnership with Gruhas adds a layer of strategic support that positions Hegde’s startup at the forefront of the evolving fintech innovation space and influencer-driven businesses and marketing.

“People can only invest wisely and make informed financial decisions when they are well-educated about the subject. The 1% Club combines the power of education with the convenience of fintech, enabling our users to embark on a journey of financial empowerment,” Hegde said.

“At The 1% Club, the goal is to cater to the aspiration of improving the financial well-being of the new India,” Gupta said.

“We are delighted to support Team Sharan and their vision for The 1% Club,” said Pai, co-founder of Gruhas. “The 1% Club is addressing the issue of financial literacy and community building by combining essential data statistics with a unique way of communication that significantly increases reach and interaction with the current young.”