Latest news with #CultureCircle
Entrepreneur
17-07-2025
- Business
- Entrepreneur
OYO's Ritesh Agarwal Invests in Culture Circle at Over INR 100 Cr Valuation
With over one million monthly users and more than 4,000 verified sellers, Culture Circle offers authenticated luxury and streetwear fashion. You're reading Entrepreneur India, an international franchise of Entrepreneur Media. 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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Business Standard
16-07-2025
- Business
- Business Standard
OYO's Ritesh Agarwal invests in luxury fashion startup Culture Circle
Culture Circle, a hype and luxury fashion app, has raised funds from Ritesh Agarwal, founder and chief executive officer (CEO) of OYO, a global travel technology platform, at a valuation of over ₹100 crore for an undisclosed amount. This follows the brand's earlier deal worth ₹3 crore (for 3 per cent equity, according to media reports) with Agarwal and Kunal Bahl, co-founder of Snapdeal and Titan Capital, on Shark Tank India, according to Culture Circle's release. Currently valued at over ₹400 crore, the startup is witnessing fourfold growth in its business. Culture Circle has over 1 million monthly users and more than 4,000 KYC-verified sellers. It consistently ranks among India's top 50 shopping apps, the release stated. 'Culture Circle is one of the most exciting youth-first platforms to emerge from India. Their focus on trust and experience makes them truly stand out,' Agarwal said in a statement. Devansh Jain Nawal, co-founder and CEO, Culture Circle, said this is a partnership built on shared values. Ackshay Jain, co-founder and chief operating officer (COO), said the company is building a cultural movement and this funding round will help scale SourceX, its artificial intelligence (AI)-powered engine. Jain further added that it will also help the company expand into new categories and global markets. 'Culture Circle recently announced plans to go international this year, further accelerating its mission to democratise luxury for Gen Z and position India as a key player in the global streetwear and luxury market. With flagship stores in Delhi and Hyderabad, Culture Circle offers India's largest collection of authenticated luxury fashion, from Nike and Yeezy to Dior and LV (Louis Vuitton), powered by a proprietary five-step AI-led verification system,' it said in a statement. Additionally, the company is expanding its physical footprint with upcoming flagship stores in four more cities, including Gurugram and Mumbai.
Mint
28-05-2025
- Business
- Mint
Inside India's hush-hush hype luxury economy where sneakers cost more than gold
Would you pay ₹7 lakh for a pair of limited-edition Nike-Dior Air Jordan sneakers or ₹50,000 for a tiny monster stuffed toy or ₹20,000 for lip gloss iPhone covers? India's young, style-conscious and wealthy shoppers are shelling out big money for such hype-driven luxury. The country's super-rich shoppers are driving demand for hype wear and collectibles, some of which is never officially sold in the country. Demand is propelled by scarcity, brand hype, and social media buzz created by global fashion houses, streetwear giants, or celebrity-led brands through exclusive drops and collaborations. Buyers pay a premium for underground luxury on resale platforms such as Culture Circle and Crepdog Crew. Some even treat it as an investment which they can flip in the future. As high as 72% of buyers are under 28 years of age—mostly males from big metros, according to Devansh Jain, who co-founded Culture Circle with Ackshay Jain. But sales in tier II cities are now growing at over 60% month-on-month, he said. The average spend is about ₹32,000 per order, with some users spending lakhs within weeks of their first purchase. Handbags are being picked up by women aged 25-32, often as a first, big luxury purchase, Jain said. Many customers are purchasing two or three sizes of the same item: one to wear, others to store 'like wine" in the hope of appreciation. Hype wear or limited-edition clothes, shoes and accessories are a global style phenomenon built on scarcity and status. While they're tough to find in stores and sell out fast, they reappear (usually brand new) on resale platforms at much higher prices, targeting those who want a shot at exclusivity. Among India's young consumers, search for such alternative assets and a hunger to own and experience luxury also reflects growing affluence. Also read | Foreign luxury jewellers chase India's young, wealthy buyers Luxury sneakers and Stanley tumblers to collectible Japanese soft toys and Hailey Bieber's lip gloss are flying off the shelves as global novelty 'drops" or limited collections find buyers in India. Even everyday items like ₹7,500 Off-White branded arrow socks or ₹8,000 Supreme branded water bottle are turning into status symbols. Some sellers even stay anonymous because they are holding stock worth crores of rupees, multiple collectors told Mint, speaking on the condition of anonymity. Culture Circle recently facilitated the sale of The Air Jordan 1 High OG Dior, Nike's streetwear shoes with Dior's luxe detailing and monogram under the shoe. Only 8,500 pairs exist worldwide, making the sneaker a coveted collector's item, with resale prices crossing ₹7 lakh apiece. A footmat to most, the Virgil Abloh x Ikea Marekrad "Wet Grass" rug stirred a resale frenzy, fetching around ₹1.4 lakh. Abloh, a designer and an artist, is known for blending streetwear with high fashion. The collection included over a dozen items sold globally, with the rug originally priced at $249, selling for 560% more than its base price. On Culture Circle and Crepdog Crew, you can find the special edition Rhode lip-gloss case to a ₹400,000 Louis Vuitton x Takashi Murakami Keepall Bandouliere 50 Black bag, which otherwise retails for ₹320,000. These are frequently resold at steep markups. Sneaker love in Ludhiana A pair of rare, red sneakers can fetch up to ₹30 lakh and go even as high as ₹50 lakh on Culture Circle, according to Jain. Last month, a woman in Delhi walked into its physical stores and bought every pair of special-edition sneakers in her size. No questions asked, no discounts needed. And the motivation? 'Bragging rights, cred, and being able to say, 'You can't find this anywhere else." In Haryana's Sonipat, Ronak Batra, 26, runs a company called Kicks Charger that sells special-edition sneakers from Adidas and Nike to On Cloud and Yeezy. The lawyer, who is not practising anymore, said he spends all his time acquiring special-edition sneakers from these retail stores and then reselling them. "Earlier, when the competition was less, the percentage you could earn from a sneaker could go up 15-20%, but now that's gone down somewhat and is around 10%, especially if the pair is under ₹10,000," he said. Also read | DS Luxury bets on premium fashion boom, plans 30 stores by FY28 as India's luxury market is set to boom This month, he sold a ₹35,000 The Air Jordan 1 'Lost & Found' Chicago', which became popular in 2022 for its nostalgic design that replicates a vintage 1985 sneaker discovered in a dusty stockroom, complete with aged details and a mismatched box lid. It taps into sneaker culture's love for storytelling and history, while appealing to both old-school collectors and new fans. Batra, who started collecting himself at the age of 21 and slowly turned it into a business, said, 'Globally, there must be under 10,000 such pairs. Though the real number is unknown, but collectors know it is a special shoe." Earlier, his clients were in college, but now the hype shoes business is transcending the age barrier. He even has 50-year-old buyers who are friends of his father. 'Maybe some of these people won't understand the cultural significance, but their family members tend to teach them about them as well." Sneakers also top the demand charts. Some buyers will even pay double, triple and even 10 times the original price just to own a sneaker seen on a celebrity's Instagram. A black-and-white pair of Nike shoes named 'Panda" Dunks sold 780 units in three minutes around the world. Read this | Luxury Boom: Accor expands in India as rising prosperity fuels hotel demand The obsession is not confined to the metro cities. Ludhiana—with a population 1.6 million—now ranks among the top five in luxury sneaker sales for Culture Circle. Business families' Gen Z kids are apparently driving that trend, said co-founder Devansh Jain. 'No logic' Labubu dolls, a line of expressive Japanese soft toys, are now prized collectibles among Indian buyers. There's a surge in demand for brands that aren't even officially in India: Rick Owens, LOEWE, Eric Emmanuel, Gymshark, Lululemon. And if something's spotted on a celebrity — whether it's Hailey Bieber or a cricketer from India's playing XI — it sells out in minutes. Prices can spike up to 400% purely because of an Instagram story. Gurugram-based realtor and collector Abhijeet Singh, 25, a sneakerhead who has 130 pairs, buys in doubles so he can keep one and wear the other. He recently paid ₹480,000 for the Nike Air Jordan Low, but his average purchase price is ₹25,000-30,000. 'For me, it's all about authenticity," Singh said. 'Earlier, when I began to collect, there were no means to cross-check products, but now you can upload the original bill or receipts you get with the product on the Culture Circle platform to cross-check on a third-party platform if it's a legitimate product." As for demand, 'there's no logic to it", he said. 'If it's rare, it is wanted. If it's sold out, it's worshipped." And read | Ticking up: Hublot CEO on India's growing appetite for luxury watches
Fashion Network
16-05-2025
- Business
- Fashion Network
Culture Circle partners with Gully Labs to launch first sneaker design
Authenticated streetwear and luxury platform Culture Circle has released its debut sneaker in collaboration with streetwear label Gully Labs. Titled 'The Winner', the limited-edition drop marks Culture Circle's first venture into product design. Only 42 pairs of the sneaker have been produced, referencing the year 1942 and the formation of India's first national defence force, Culture Circle announced in a press release. Each pair is hand-numbered and features off-white embroidery on the toe for exclusivity. The black sneaker includes a raised knitted upper with premium leather overlays, a padded EVA midsole, and a chunky silhouette inspired by resilience and strength. Other design elements include a flap and Velcro closure, Gully Labs branding on the heel alongside the Culture Circle emblem, a suede-lined back tab, and a high-traction rubber outsole. The sneaker is priced at Rs 51,000, reflecting the 51 lakh personnel currently serving in India's defence forces. 'True style is about more than just looks, it's about legacy,' announced the brand in its press release. The majority of the proceeds from sales will go towards war relief and veteran welfare efforts. The sneakers have launched exclusively on Culture Circle's e-commerce store and reflect the business' plan to explore limited-run releases to engage shoppers.
Fashion Network
01-05-2025
- Business
- Fashion Network
Culture Circle partners with CheckCheck for dual authentication of luxury fashion
Indian marketplace for authenticated luxury fashion Culture Circle has partnered with global authentication firm CheckCheck to introduce a dual product authentication system for products sold on its platform. The initiative, described as an industry first in India, aims to strengthen buyer trust in the resale of premium fashion and footwear. The partnership integrates CheckCheck's global expertise into Culture Circle's existing AI-powered authentication process, announced Culture Circle in a press release. Each product purchased will now include a certificate of authenticity, offering buyers additional assurance. KYC-verified sellers on the platform are now required to authenticate their products through CheckCheck prior to listing. 'Trust is everything in the resale game, and at Culture Circle, we don't take shortcuts,' said Devansh Jain Nawal, co-founder of Culture Circle, in a press release. 'This partnership is a game-changer- giving sneaker-heads and luxury shoppers the confidence they deserve.' The collaboration also aims to enhance the customer experience by treating authentication certificates as premium, shareable assets. With this initiative, Culture Circle announced it has become the only platform in India to offer such a level of verification, further positioning itself as a trusted source for brands like Nike, Adidas, Dior, and Balenciaga. 'Culture Circle's commitment to trust and transparency perfectly aligns with our mission," said CheckCheck's chief executive Perry Nguyen. "By combining our authentication expertise with their innovative marketplace, we're raising the bar for sneaker and luxury resale in India.'
