OYO's Ritesh Agarwal Invests in Culture Circle at Over INR 100 Cr Valuation
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Ritesh Agarwal, founder and chief executive of OYO, has invested in Culture Circle, a fashion commerce platform, at a valuation exceeding INR 100 crore. The funds will be used to enhance the company's artificial intelligence capabilities, expand its product categories, and grow its presence in global markets.
Culture Circle was co-founded by Devansh Jain Nawal and Ackshay Jain. The startup had previously raised INR 3 crore from Agarwal and Kunal Bahl on the television show Shark Tank India, turning down a larger offer to preserve equity. Jain Nawal, an alumnus of IIM Ahmedabad and former Goldman Sachs employee, leads the company alongside Jain, who has worked at Google and currently convenes the JIIF Gurugram chapter.
With over one million monthly users and more than 4,000 verified sellers, Culture Circle offers authenticated luxury and streetwear fashion. The platform uses AI-powered tools to verify products, compare prices in real-time, and connect with trusted global sellers. It currently operates flagship stores in Delhi and Hyderabad and plans to open new outlets in Gurugram, Mumbai, and other cities.
"Culture Circle is one of the most exciting youth-first platforms to emerge from India," said Ritesh Agarwal. "Their focus on trust and experience makes them truly stand out."
Devansh Jain Nawal stated, "This is more than funding, it's a partnership built on shared values." Ackshay Jain added, "We're building a cultural movement and this round will help us scale SourceX, our AI-powered engine, and enter new categories and markets."
Culture Circle aims to position India as a significant force in the global streetwear and luxury landscape while making high-end fashion more accessible to Gen Z consumers.
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