Culture Circle, a fast-growing fashion commerce platform specialising in luxury and streetwear, has raised a strategic investment from Ritesh Agarwal, the Founder and Chief Executive Officer of hospitality unicorn OYO Rooms. The funding was raised at a valuation exceeding ₹100 crore, marking a significant milestone in the startup’s journey.
This investment follows Culture Circle’s earlier appearance on Shark Tank India, where it secured ₹3 crore from Ritesh Agarwal and Kunal Bahl, Co-founder of Snapdeal. Notably, the founders turned down a more substantial offer of ₹8 crore, opting instead for strategic capital that aligned with their long-term vision. Since then, the company claims to have reached an overall valuation of ₹400 crore, driven by accelerated growth and increasing traction among consumers and sellers.
The platform currently reports over 1 million monthly active users and has onboarded more than 4,000 verified sellers. Over the past few quarters, Culture Circle has recorded a fourfold increase in its key growth metrics, solidifying its position in the premium fashion resale and retail ecosystem.
Culture Circle was co-founded by Devansh Jain Nawal and Ackshay Jain. Nawal is an alumnus of the prestigious Indian Institute of Management (IIM) Ahmedabad and a former investment banker at Goldman Sachs, bringing strategic financial insight to the company. Jain, on the other hand, has worked with Google and currently leads JIIF Gurugram, contributing deep product and operational expertise to the venture.
According to the founders, the freshly infused capital will be utilised to strengthen and scale SourceX, the company’s artificial intelligence-powered product authentication system, which plays a pivotal role in ensuring quality and trust across its platform. Additionally, Culture Circle plans to expand into new product categories and international markets as part of its next phase of growth.
The startup is also gearing up to enhance its offline retail footprint, with plans underway to open new experience stores in Gurugram and Mumbai. These additions will supplement its existing flagship stores in Delhi and Hyderabad, creating a seamless omnichannel presence.
Culture Circle operates a resale marketplace that focuses on branded sneakers and premium fashion, catering to India’s growing demand for authentic luxury and streetwear. With strategic backing and a loyal customer base, the company is preparing for a global expansion later this year.
