Culture Circle, a luxury and hype platform, has secured an undisclosed amount in pre-seed funding from IIMA Ventures (formerly IIMA-CIIE). The fresh capital will be used to expand into more categories, such as luxury fashion, watches, designer handbags, and collectibles.
It is also planning to expand its offline presence with experience centers in Delhi, Hyderabad, and Mumbai, as well as launch its platform in key international markets like the UAE, Singapore, and Thailand. As per a company statement, Culture Circle aims to achieve annualised sales of $25 million (INR 200 crore) within the next 12 months. The company says that it has more than 1900 verified sellers on its platform, offering a wide selection of streetwear at competitive prices to its 300,000+ monthly users.
"Culture Circle is not just another online sneaker and streetwear store. We're creating a community where individuals passionate about premium brands can connect, discover, and buy exclusive pieces seamlessly at the guaranteed best prices in India without worrying about authenticity, "said Devansh and Ackshay, co-founder of Culture Circle.
The company was founded by Devansh Jain Nawal (ex-Goldman Sachs, co-founded The Healthy Company) and Ackshay Jain (ex-Google, co-founded The Healthy Company). Their entrepreneurial journey with Culture Circle began in 2023, while Devansh was pursuing his MBA at IIM Ahmedabad. Devansh, an IIMA alumnus, is also an Entrepreneur in Residence (EIR) from the IIM Aavericks program run by IIMA Ventures.
In recent years, there has been a surge in spending on high-end brands with cultural relevance and hype, fueling the need for affiliation amongst customers. In 2021, $916 billion was spent by consumers on trending luxury, fashion, and street brands. Moreover, the global luxury resale market in 2021 was valued at $32.6 billion and is expected to reach $51.8 billion by 2026.
