Quorum Club, the lifestyle hospitality brand, recently secured an undisclosed sum in a pre-series A funding round. This funding was led by Gruhas, an investment firm co-founded by Nikhil Kamath, Zerodha’s co-founder, and Abhijeet Pai, president of the Puzzolana group, a construction equipment manufacturer.
Other investors participating in the funding round include Alok Oberoi, Gurmeet Nihal Singh, Sabre Advisors, Shon Randhawa, Sattva Group, and Karanpal Singh.
In a statement, Quorum Club revealed that Gruhas now holds a 5% stake in the brand following this investment.
Vivek Narain and his wife, Sonya Jehan, established the Quorum Club in 2018. The brand manages three distinct offerings: Quorum, a members-only club with a subscription model; District 150, a venue for meetings and events; and Business Quarter, a coworking space.
Presently, Quorum Club operates in Gurgaon, Hyderabad, and Mumbai. The ambitious plan is to broaden its presence by launching 6-7 additional branches in cities such as Bengaluru, Goa, and Delhi within the next five years.
Quorum Club, boasting a membership base of approximately 2,800 individuals, caters to high-profile entrepreneurs and C-suite executives. Looking ahead, Quorum aims to broaden its member demographic to include social media influencers and individuals from creative fields.
“Our target membership is a cross-section of society. We want interesting people doing interesting things like young entrepreneurs, professionals in the creative field, chairman of companies… it’s not just a CEO’s club or a C-suite club,” Narain said.
Quorum Club imposes a one-time joining fee ranging from Rs 4 lakh to Rs 5.5 lakh, coupled with an average annual fee of about Rs 1.5 lakh. These fees vary based on different categories and cities. Over the past two-and-a-half years, the club has achieved an impressive top-line growth of 70% to 80%. Vivek Narain anticipates this positive momentum to continue into 2024 and 2025.
In collaboration with Mumbai-based creative talent management firm Collective Artists Network, Gruhas has initiated a Rs 150-crore fund. This fund aims to support 10-15 consumer startups in fashion, lifestyle, and others.
After the Covid-19 pandemic, paid community platforms and networks in India have gained traction. Examples include Offline, launched by angel investor Utsav Somani, and Leap Club, a social platform for women professionals.
