Culture Circle, founded in 2023 by Devansh Jain Nawal and Ackshay Jain, has rapidly emerged as India’s premier luxury e-commerce platform, specializing in sneakers, streetwear, and high-end fashion items.
The platform offers an extensive catalog of over 3.5 million listings from more than 3,500 verified sellers, featuring iconic brands such as Nike, Yeezy, Dior, Supreme, and Louis Vuitton.
Culture Circle Founders and Vision
Devansh Jain Nawal, an alumnus of IIM Ahmedabad with experience at Goldman Sachs, and Ackshay Jain, formerly associated with Google, co-founded Culture Circle to address the challenges faced by Indian sneaker enthusiasts, including counterfeit products and limited availability of sought-after styles.
Their vision was to create a reliable, tech-driven marketplace that bridges the gap for sneakerheads and fashion lovers alike.
Business Model and Growth
Operating on an inventory-free model, Culture Circle connects buyers with verified sellers, ensuring authenticity through a rigorous five-step verification process. The platform earns commissions ranging from 9% to 30% on sales.
Within the first three months of operations, the company reported revenue of ₹2.2 crore and is now eyeing a revenue of ₹50 crore by FY25. Sneakers account for 60% of the total revenue, followed by apparel at 30% and accessories at 10%.
Funding and Expansion
In December 2024, Culture Circle secured $2 million in seed funding led by Info Edge Ventures, with participation from angel investors.
This capital infusion is aimed at scaling operations globally, enhancing technology, and reinforcing its position as a digital marketplace for hyper-luxury goods.
The startup has expanded to six international markets, including Qatar, Oman, the UAE, Singapore, the UK, and Thailand, as part of a pilot program.
Culture Circle Shark Tank India Appearance
Culture Circle’s appearance on Shark Tank India Season 4 garnered significant attention. The founders sought an investment of ₹1.2 crore for 0.5% equity, valuing the company at ₹240 crore.
After negotiations, they secured a deal with Kunal Bahl, who invested ₹2 crore for 2% equity, and Ritesh Agarwal, who invested ₹1 crore for 1% equity.
Future Outlook
With a strong financial foundation and ambitious vision, Culture Circle aims to become a global leader in the luxury fashion e-commerce space.
The founders have expressed confidence in taking the company public within three years, highlighting their commitment to growth and innovation.
Key Metrics
| Metric | Value |
|---|
| Founding Year | 2023 |
| Founders | Devansh Jain Nawal, Ackshay Jain |
| Initial Revenue (3 months) | ₹2.2 crore |
| Projected Revenue (FY25) | ₹50 crore |
| Seed Funding Raised | $2 million |
| Number of Sellers | Over 3,500 |
| Number of Listings | Over 3.5 million |
| International Markets | Qatar, Oman, UAE, Singapore, UK, Thailand |
Culture Circle’s rapid growth and strategic initiatives position it as a formidable player in the luxury e-commerce sector, both in India and internationally.
