'Nikhil Kamath's funding is lying as an FD': The 1% Club co-founder Raghav Gupta
In an exclusive chat with Storyboard18, The 1% Club's co-founder Raghav Gupta revealed ambitious plans to expand their offerings, catering to the evolving demands of their members. It plans to tap into its learners client base to diversify financial services.
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The 1% Club (One Percent Club), a two-year-old startup helmed by finfluencer Sharan Hegde and Raghav Gupta, has started focusing on expanding its financial offerings by optimizing its members.
In an exclusive chat with Storyboard18, co-founder Raghav Gupta revealed ambitious plans to expand their offerings, catering to the evolving demands of their members. From asset purchasing to insurance policies, 1% Club is on a mission to become the ultimate one-stop shop for financial solutions: "Our aspiration is to be a 'One Stop Solution Provider', empowering individuals through education and facilitating their purchases of assets, insurance policies, and other personal finance services".
"Besides, our goal is to provide hassle-free experiences for our subscribers, ensuring their continued loyalty and cementing our position as a trusted brand," Gupta added.
Gupta mentioned that they have launched a masterclass on credit cards and the startup plans to introduce courses on achieving milestone purchases, such as buying a first real estate asset with no initial capital or acquiring a first car.
When asked whether The 1% Club was an edu-tech platform or fintech, he replied, "It is the largest socio-finance community. A community that has two verticals. One is the education vertical, and the other financial services. The monetization happens through education and financial services, but the 1% Club is a community".
The unlisted company has 64,000 paying lifetime members at present and a revenue rate of more than Rs 60 crore. Gupta attributed the rapid growth of the company to the 'content'.
"People are organically watching us on Facebook, LinkedIn, and YouTube because of the content's quality and platforms' algorithm, therefore, our cost of customer acquisition is meager".
Gupta said that courses related to personal finance (such as insurance and tax planning), as well as, fundamental and technical analysis have increasingly drawn people's interest, predominantly in the 27 to 35 age bracket.
Last year 1% Club secured Rs 10 crore in pre-series A funding from entrepreneur Nikhil Kamath's venture capital firm Gruhas.
"Kamath's funding is lying as an FD," Gupta quipped. He added, "We have not touched that money as we are very profitable and operating a bootstrap company".
Gupta said his objective is to make a long-term institutional business that changes the way people look at their money.
"We want to focus on making a person's financial profile easier and accessible through our application".
According to Tofler's report, One Club Ventures is an unlisted private company incorporated on 16 June 2022. The company has three directors- Shreya Balakrishna Hegde, Sharan Hegde, and Raghav Gupta.
Gupta serves as a director in four Indian companies-One Club Ventures Pvt ltd, Futurense Technologies Pvt Ltd, One Centurion Ventures Pvt Ltd, and Angelink Edutech Pvt Ltd.
