Yes. Jim O'Neil (the economist in question) grouped them together in a piece of economic research for Goldman Sachs as examples of fast-growing developing economies that he believed would overtake the G7 in terms of GDP by 2050. [1] They weren't ever imagined as a political grouping that would work together as far as I know.

[1] https://www.goldmansachs.com/insights/archive/archive-pdfs/b... is his original paper I believe