Culture Circle, a luxury fashion platform, has received strategic funding from Ritesh Agarwal, the founder and CEO of OYO. The company’s valuation now exceeds Rs. 100 crore. This investment comes shortly after the brand’s appearance on Shark Tank India, where it secured a Rs. 3 crore deal with Ritesh Agarwal and Kunal Bahl. The founders opted for this offer instead of a record Rs. 8 crore bid, aiming to focus on long-term growth. Since then, the business has grown four times bigger and now values over Rs. 400 crore.
The startup was started by Devansh Jain Nawal, an IIM Ahmedabad graduate and former Goldman Sachs employee, along with Ackshay Jain, a JIIF Gurgaon Convenor and ex-Google employee. In a short time, Culture Circle has become a major name among India’s youth in the luxury fashion space. The app has over one million users every month and more than 4,000 sellers verified through KYC. It regularly ranks among India’s top 50 shopping apps.
“Culture Circle is one of India’s most exciting platforms for young people,” Ritesh Agarwal said. “Their focus on trust and quality makes them stand out.”
The founders, Devansh Jain Nawal and Ackshay Jain, said, “This is more than just funding. It’s a partnership based on shared values. We want to build a movement around culture. This round will help us grow SourceX, our AI engine, and reach new categories and markets worldwide.”
Looking ahead, Culture Circle plans to grow outside India this year. The goal is to make luxury more accessible for Gen Z and to position India as a key player in the streetwear and luxury fashion markets globally.
The company has flagship stores in Delhi and Hyderabad that display India’s largest collection of authenticated luxury brands. They sell brands like Nike, Yeezy, Dior, and Louis Vuitton. A unique five-step AI system checks every product for authenticity. The company is also planning to open new flagship stores in four more cities, including Gurugram and Mumbai.