Culture Circle, a Delhi NCR-based luxury ecommerce platform specializing in sneakers and streetwear, has secured $2 million in seed funding. The round was led by Info Edge Ventures and supported by prominent angel investors. Founded in 2023 by Devansh Jain Nawal and Ackshay Jain, the startup plans to utilize the funds to scale operations internationally, enhance technology, and solidify its position as a leader in hyper-luxury goods.
With over 3,500 sellers and 35 lakh listings, Culture Circle offers a curated collection of sneakers, streetwear, and luxury fashion from brands like Nike, Louis Vuitton, Yeezy, and Supreme. Operating on an inventory-free model, the platform earns commissions ranging from 9% to 30%. Its recent pilot program expanded services to six international markets, including Qatar, the UK, and Singapore.
Culture Circle claims to generate 60% of its revenue from sneakers, 30% from apparel, and 10% from accessories. In its first quarter, the company recorded revenue of INR 2.2 Cr and is now targeting INR 50 Cr in FY25. Impressively, the startup achieved EBITDA profitability by September 2024.
“We launched to dominate India’s sneaker and streetwear market and now aim to lead globally,” said co-founder Nawal. Competing with global platforms like StockX and GOAT, Culture Circle prioritizes affordability, an extensive collection, and authenticity. The founders also revealed plans for a potential IPO within the next 3-5 years, contingent on execution and global growth.
The rise of sneaker and streetwear startups reflects growing demand, particularly among Gen Z. Culture Circle joins a thriving market alongside players like Comet, which raised $5M this year, and Crepdog Crew, forecasting INR 150 Cr revenue for FY25.
