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Recently 1% Club came out with a brand film featuring Finance with Sharan and Viraj Ghelani who depicted the country's working population. People are often stuck in jobs they dislike because financial obligations like EMIs and lifestyle expenses dictate their choices and, in a way, let money control them. They find themselves trapped in a vicious cycle, working for money that ultimately fails to liberate them, instead entangling them further due to their lack of financial knowledge. The only way out is to understand how money works. 1% Club’s “The Great Escape” showcased Sharan and Viraj in a familiar corporate office filled with unfamiliar comic twists. The duo play harrowed colleagues who unlock the secret of an exclusive club. What is this club’? How do we get in?

In an exclusive chat with Storyboard18, entrepreneur and financial content creator Sharan Hegde breaks down the rationale behind the campaign, transitioning into entrepreneurship, the finfluencers versus SEBI saga and more.

Sharan, can you take us through the genesis of this campaign?

The genesis of the campaign is very simple. Once the company reaches a very mature state, it becomes our responsibility to educate the audience. There is no other company which has a business model like ours. We educate our audience first and then we propose the right financial services to them. We feel that the biggest problem in financial services today is that companies are selling financial products to their customers without really educating them about what it is.

A very prevalent problem in today's country is that the youth feels like they are trapped in their jobs. Even though they have studied for so many years, they are not able to live a life that they envisioned in their twenties or thirties.

They still feel like they are trapped and we wanted to enunciate that feeling. A very similar kind of experience faced by students when they are preparing for competitive exams, you know, preparing for their exams and that sort of environment has now sort of percolated into our adult life as well because, you know, companies are taking unfair advantage.

Indian work culture is one of the worst in the world. We wanted to personify that and show that to the audience. There is one thing that is definitely in your control that is your hard earned money that you are making by toiling nine, twelve hours in your office. But unfortunately you've not been taught how to manage it, how to leverage it and how to make that money work for you.

As a company, we are coming up with solutions for you to manage the money that you're earning instead of letting it waste in your savings account or your FDs.

Do you aspire to transition into entrepreneurship following the footsteps of many creators who have also ventured into businesses?

We just opened an office, a five thousand square feet office and we have 100 employees. We have also raised money from Nikhil Kamath to the tune of 10 crores. Since last year, we were valued at 100 crores and since then we have quadrupled our revenues. We're thinking of opening another office space in another city.

The future entrepreneurs of the country will be creators first, because the only other way to be an entrepreneur otherwise is to be a deep tech person; either you come from a computer science background or from a product management background.

But that is no longer enough today because it's very easy to build an app and a product. There are so many white label solutions available for you to build your own digital product. How do you stand out when you start a business today?

Being a content creator really helps you to stand apart from the crowd and gives you a lot of unfair advantages in today's country. Within two years, we are at a state where most companies take 10 years. It's all possible because of the distribution, social media and content creation.

As a creator, how do you currently monetize your content and what strategies have been most effective for you in generating revenues?

As a content creator, you are essentially a media house. The additional media houses, newspaper channels - they are the original influencers; they're run by a team of writers. They have been making money by selling ad spaces in newspapers.

Fast forward to today, the new media houses are influencers like me who are creating content and educating the audience on the new age platforms like Instagram, YouTube and LinkedIn. Finance with Sharan as a media house reaches up to 60 lakh people.We have probably reached about 2-3 crore people in the last three years. When you're reaching so many people, companies come to you with a proposition to collaborate as they feel the brand's product resonates with the kind of influencer's content and the kind of audience that's following them, which is affluent people in metro cities. 

The whole concept of brand deals is nothing new. It is just a reimagined version of how a newspaper made money from posting ads on their pages.

Now, an influencer is making money by talking about a product in an honest manner to their audience who is trusting them because of the content that they are producing. Now we go into a bifurcation; take the example of an education content creator; for them the natural progression is to create an education program because audiences follow you for learning.

I'm a finance content creator, therefore I'll be creating finance programmes. We have personal finance, stock market, credit card, insurance planning, tax planning, swing trading, the whole gamut. On the other hand, if you're an entertainment content creator, the natural progression is to get into Bollywood, maybe do advertisements, get into TV shows and get into movies.

Do you believe that earning through content creation is a sustainable trend or do you see it as a momentary high involving the digital landscape?

Yes and no. Being a content creator today is no longer a good-to-have thing, it's a must-have thing. When you think of a content creator, you're probably thinking about a person dancing on Instagram. However, I look at content creation as a way to market your own self.

Regardless of whether you make brand deals or not, content creation is going to help you in your own time. Why are CEOs today creating content? Why would a billionaire spend hours and hours creating content on YouTube? It is because it helps their own brand value, which in turn helps their business.

If someone is going to tell me that they are not from IIT, it is no longer an excuse. Today, it is very easy for a person who comes from a tier three or tier four college to create content on a topic that he or she likes and disrupt the competition.

It is not about how much money I can make through brand deals. It is about how much you can stand apart from the crowd in your chosen line of profession.

What are your future plans and aspirations in terms of expanding your brand and presence in the digital space?

Content creation is one such profession where it's always zero to one. Whatever is working right now will not work later on. There is nothing like a future plan where I'm building on top of something. It's always reinventing and reimagining what you are. Like, for example, when I started creating content, I was creating comedy skits.

Today, I ventured into podcasts. It’s all about reinventing yourself and reimagining yourself and resonating with the audience. Content creators are the ones who will probably be the best marketers going forward because nobody understands the consumer mindset as much as a content creator.

How do you view regulations? Do you think there are roadblocks to creative freedom or do they help the industry in any way?

In the last one year, the entire finfluencer versus SEBI saga has been blown out of proportion, thanks to the media who likes making mountains out of a mole hill. The regulators are on the side of content creators. If you talk to people in the industry or even the SEBI chairman, he clearly said that people who are creating content for the purpose of education and are looking to further financial literacy in the country are welcomed.

If you see the number of Demat accounts that have risen in the last two or three years, right, it has actually tripled in the last three or four years. This is very closely correlated to the number of finance content creators which has come up.

Thus democratization of financial literacy and awareness has happened purely because of content creators. Regulators are definitely on the side of content creators because without that, the country is going nowhere because our traditional education system has let down billions of people.

It's clearly evident that even a person who is very educated as per conventional standards doesn't know what to do with the money because 90 percent of the money is lying in the bank account.

Sharan Hegde: Democratization of financial literacy  has happened purely because of content creators

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. 

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.”

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

By Asha Menon

A financial influencer or finfluencer’s tweets, which imply assured returns, have started a Twitter war. Furu-busters (short for ‘fake guru busters’) who look to protect retail investors’ interests, have been calling on the market regulator to take action.

Securities and Exchange Board of India (SEBI) rules prohibit algo sellers from influencing investors with any mention of future returns. But a large number of algo sellers bypass regulatory oversight by operating as software vendors, and the finfluencer has used a bridge platform that enables this.

Also read| What do experts say about regulations for finfluencers?

Mohammed Nasir or Md Nasir, who has a following of 69,400 on Twitter and of 3.65 lakh on YouTube, has been advertising an algo that is “expected” to deliver weekly profits of around 10 percent. That translates to an annual return of more 11,800 per cent on weekly compounding. If we assume a simple 10 per cent return every week, that translates to an annual return of 520 per cent. For perspective, the Sensex has posted a 12-percent compound annual growth rate over the last 10 years.

MoneyControl has written to Nasir and the article will be updated with his responses if and when they come in.

Nasir’s algo adverts on Twitter started a few days ago. There was one on March 20 and another on March 21. While the first asked for a minimum investment of Rs 5 lakh and promised returns more than three times the salary earned from a private or government job, the second raised the bar.

In the March 21 tweet, Nasir invited people to do live trading in his office. Seating was limited to 45 people. According to the tweet, the minimum capital needed would be Rs 50 lakh, weekly profit “expected” would be a “minimum” of Rs 5-6 lakh and finally—the big promise—of giving the user the promised profit if the profit isn’t made from trading.

This is an absolute no-no, according to an algo seller, who has sold a few algos that have been cleared by exchanges. “You cannot say anything that would influence the buyer such as implying a profit,” said the seller, who did not want to be named. According to Rajesh K, director of Alice Blue, an online brokerage, an algo seller cannot cite even past performance data in public spaces to influence buyers.

This rule applies to regulated algos that are sold through brokers. But there are many algo sellers who offer their products through platforms (not trading platforms) that claim to sell software or software as a service, and thus escape regulation. This is how it works: If an algo seller has a trading strategy, then he or she can use these “bridge” platforms that automate the strategy; carry promotional content that includes handpicked back-tested data, and indicate future return “targets”; and help link it to the prospective buyer’s trading account.

Nasir has used Tradetron, which is one such platform.

Investment advisory?

There are other problems that traders pointed to in Nasir’s tweet. He wrote, “Everything will be transparent, I will be with you in market hour (sic)”. Traders we spoke to believe that this is a promise that he will be available to guide people’s trades. Under SEBI rules, only registered investment advisors are allowed to do this and a search on the regulator’s registry of investment advisors did not show Nasir or his firm Baap of Chart (BoC) listed.

Traders’ suspicion of Nasir guiding trades is only reinforced by what is given on BoC’s website. On its home screen, there are details of a Premium WhatsApp Group Announcement. It says that, for a monthly fee of Rs 3,300, timely updates for entry and exit of trades and daily trade ideas will be sent directly to a person’s WhatsApp number.

This stands starkly in contrast to the disclaimer on his website that says that the information provided through the website is only for educational purposes and that the intention is not to provide “any financial advice, investment advice, trading advice, or any other advice”.

On fintwit, a platform for stock analysts, Nasir is a highly divisive figure. On the one hand there are people who identify themselves as Boc-ians (cult followers of Baap of Chart), and wonder about Nasir’s love life and vacationing alone. On the other hand, there are people who face down threats to challenge Nasir’s claims and amplify posts of complaints of fraud against him.

“He has built his following by sending small sums or goodies to people in dire need. Then he leverages their goodwill and posts to sell his workshops and trading calls,” said a market insider.

‘Finfluencer’ openly flouts norms, implies over 11,000% in a year

On October 25, finfluencer and educator Mohammad Nasiruddin Ansari, who has a strong social media presence on platforms like Telegram, YouTube and X has been banned by SEBI for providing investment advisory services without the required registration.


Popularly known as ‘Baap of Chart’, he also has to refund Rs 17.20 crore, which as per SEBI’s order was earned through ‘illegal advisory service’. As mentioned by SEBI, under the guise of educational training pertaining to the securities market, Ansari was providing stock recommendations.


Additionally, he convinced investors to enroll in his courses which were provided through the ‘Baap of Chart’ application. The courses stressed upon strategies for investing in the securities market. This was followed by guaranteeing a certain yet a consistent profit, stated the media report. Once the investor proceeds ahead to purchase the course, he or she becomes a part of a private chat group. The chat group provides recommendations on ‘buy’ and ‘sell’ in the domain of securities. 

SEBI tightens grip around finfluencers; takes action against Mohammad Nasiruddin Ansari

Note to readers: ‘Influencers’ have forever changed the way brands and people engage with each other. Bringing together brands, content creators and digital publishers and curating a narrative for marketers are the influencer marketing agencies. They are the new-age agencies focused on the biggest disruption in the world of brands - influencer marketing. Storyboard18’s special series brings to you a view of what these influencer marketing mavericks do and how they think. 

Finnet Media started with one influencer. The company went from one to hundred creators within a year. What’s interesting is that the founder and CEO of Finnet Media, Ayush Shukla, is an influencer himself, specializing in edutainment. Maybe that’s what makes this 23-year-old entrepreneur from Bengaluru shine bright in the influencer management and marketing ecosystem. His personal experiences make him better at his job, he tells us. 

A post from one of his social media accounts explains how he is passionate about helping his creators grow. The post was about one of the financial influencers he manages - Sharan Hegde, who has quickly grown to become one of the country's most popular influencers in the financial category. 

An excerpt from Shukla's post: “The first time I spoke to Sharan was in April 2021 when he was creating content for just 7k followers. We had a long talk about brands and how I can help him scale up his social media game.Cut short it's been 18 months, he's at 2.5 Million. Last year in July when he was at 30k followers, I remember telling him "try 50k this month" and the guy touched 100k that month. The reason behind his influence on other people is his stronghold on finance and the ability to explain that in the most entertaining manner ever.”

Finnet has at least a dozen similar success stories.  

So, what is Finnet and what does it do? 

It is a Mumbai-based influencer management agency.

We ask Shukla why he thought of starting Finnet. Here's what he said. 

“Finnet Media was launched to solve the biggest roadblock in the Indian digital landscape - the lack of an institution that prioritizes efficiency, performance and execution without sacrificing on quality in the content creation space,” he tells Storyboard18. 

“We work with a singular vision, which is to bring finesse, create impact and drive growth for all our stakeholders,” he adds. 

Let’s dig into Finnet’s origins. 



<blockquote>The backlash (against finance influencers) was harsh and not justified at all. You don’t blame the Indian Cricket team if BYJU’s is not performing well. It’s the same thing.</blockquote>



FACT FILE 

Founding year: June 2021

Founder:  Ayush Shukla

Revenue: Rs 13.4 crore between June 1, 2021 and March, 31 2022

Number of employees: 8

Key Clients (Brands): Amazon, Groww, Cred, Flipkart, Meta, Skill Share, Slice, upgrad, small case. The client list has more than 70 brands.
Key Clients (Influencers): Sharan Hegde, Anushka Rathod, Jay Kapoor, Vedant Rusty, Lakshya Narula, Caslynn. Finnet works with close to 150 creators.

GET TO KNOW FINNET 

Best campaigns

We worked with brands on their TV advertisements which is quite a new thing. We don't usually see content creators in mainstream TV ads, so it was both fascinating and challenging. Stock Gro and Tyke heavily advertised these during the IPL and our creators like Sharan Hegde, Anushka Rathod, Shreyaa Kapoor, Ujjwal Gadhvi, and Caslynn Naha were a part of it.

We had replaced the celebrities with these creators on TV. Our creators don't worry about monetizing their content, that's what we do. They can just focus on creating content and leveling up.

Biggest challenge

This project was also the most challenging one. It was difficult to pitch the idea of replacing celebs with content creators. But they were also smart enough to understand that getting creators is very economical as opposed to big celebrities. And we were replacing the traditional system of celebrity sponsorship, hence the load to deliver and outperform ourselves was huge, and luckily it was all worth it.

[caption id="attachment_1762" align="alignnone" width="750"]<img src="https://images.storyboard18.com/storyboard18/WhatsApp-Image-2022-07-07-at-4.21.55-PM-1024x682.jpeg" alt="Shukla with one of India's leading finfluencers, Sharan Hegde" width="750" height="500" class="size-large wp-image-1762" /> Shukla with one of India's leading finfluencers, Sharan Hegde[/caption]

Biggest challenges/issues facing the influencer marketing agencies and solutions

Hiring has been a challenge for the agencies for sure. 

We don't typically work like a corporation. We're more of a creator enabler, and we have no cap on the creative freedom of our employees. This approach is new to the job market as a whole, which is a reason why hiring becomes very challenging. Also, making brands understand that influencer marketing is way different than performance marketing. We're not salesmen but a credible face for your brand.

Backlash against finfluencers: Justified?

The backlash was harsh and not justified at all. You don’t blame the Indian Cricket team if BYJU’s is not performing well. It’s the same thing. The influencers job is to educate and spread awareness and thanks to ASCI norms, influencers always give declarations of paid promotions, so it is clear that none of the content they put up is organic endorsement. It is on the audience if they follow trends blindly and then blame the influencers. It doesn’t work that way.

Introduction of ad/promotion regulations

The industry is very open to regulation. Regulation brings in checks and balances. Introduction of regulations will put an end to a lot of instability that might be there in this space. So we are all waiting for any development on regulations and we will be more than happy to welcome it and fortify our creators.

Biggest opportunities coming up 

Fintech creators have the distribution. So leveraging this distribution for brands and helping them grow is always a big opportunity because the agencies help them multiply their business by closing more clients.



<blockquote>Creators are turning into entrepreneurs. Fintech creators would become fintech founders, edtech creators become edtech founders.</blockquote>



Top three trends that will change the ecosystem

Creators are turning into entrepreneurs.
 
They are focusing more on building a community. Having a close community of 100k is better than having a million followers.
 
They're also doing brand consultancy, workshops, courses, to impart more skills for better employability or entrepreneurship.

Next big disruption coming down the line for the industry

Creators are turning into entrepreneurs. Fintech creators would become fintech founders, edtech creators become edtech founders. 

Three annoying things all clients do

Treating influencer marketing like performance marketing. 

Changing the content and not trusting the creator's style and content. 

Taking a long time for approval. 

Three questions for influencers

Who are they creating content for?

Why are they making content in the first place? 

What are they getting from this? It's important to recognize if they are doing it for money or just because it looks like a lucrative space. This can always give them a perspective.

Influencer Marketing Mavericks: How Finnet Media’s building a ‘fininfluencer’ empire 

FINFLUENCER