Founded in 1849 for The East India Company’s senior employees, the club's original members, the subsequent loss of its Indian possessions ultimately led to mergers with the Sports Club in 1939, the Public Schools Club in 1972 and the Devonshire in 1976. Nowadays, the public school membership is the most important element. Public school leavers may join the club on advantageous terms, which helps ensure its future, and the club is described as one of the less snobby ones in central London with a much younger average membership-age than most. Sebastian Coe and Nigel Farage are both cited as current members.

Retaining elements of previous buildings on the site, numbers 16 & 17 were rebuilt in 1865 to the designs of Charles Lee, with two stories added in 1939. Club facilities include dining rooms, several bars including an American Bar, a library, card room and billiards room, and a gymnasium. The main dining room has portraits of India's British administrators and its military heroes, with a definite ambience of imperial nostalgia. There are 66 bedrooms.

The club is gentlemen-only membership, would-be lady members are directed to another club’s website. However, ladies are allowed into certain club rooms at certain times. A members' vote in late 2023 re-confirmed the gentlemen-only membership policy.

The club was rocked a few years ago by the theft of half a million pounds by one of its financial employees, described by the club secretary as an “unfortunate event”! The cask ale on offer is sold at what is described as a ridiculously low price!