Redefining Luxury: Culture Circle asked for investment at 240 cr valuation in Shark Tank India Season 4
Luxury is no longer confined to the rich and famous; it’s evolving, accessible, and digitally driven. Culture Circle, a premium online marketplace for reselling luxury shoes, bags, jackets, and accessories, is at the forefront of this revolution at good prices.
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Who are the founders of Culture Circle?
Culture Circle was founded by the childhood friends Devansh Jain and Akshay Jain. The idea of their business is, redefining how India views and consumes luxury. They recently spotlighted in a recent episode of Shark Tank India Season 4 with their idea and business acumen.
The Journey of Culture Circle
26-year-old Devansh and 27-year-old Akshay are childhood friends from Gurugram, Haryana whose bond, was built during their school days and later laid the foundation for their entrepreneurial spirit. Their entrepreneurial journey began as a college project in September 2023. The project platform got over 30,000 visits in its trials without any marketing. They found the opportunity and evolved it into a supply chain platform called SourceX. In Jan 2024, the duo made its buying side app “Culture Circle”
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This venture saw early success and raised ₹16.2 crore in funding from InfoEdge at an ₹80 crore valuation. However, the founders had bigger dreams. Observing a gap in the luxury resale market, they pivoted to create Culture Circle. Devansh pursued his MBA at IIM Ahmedabad, and Akshay became an integral part of JITO, heading Gurugram’s vertical. Their complementary skills and a shared vision made them an unstoppable friend duo.
Culture Circle: The Business
Culture Circle has established itself as India’s leading platform for Gen Z luxury enthusiasts. It offers a curated collection of verified sneakers, streetwear, and high-end fashion at competitive prices. The brand has captured the trust of India's youth in the luxury segment. Its proprietary SourceX authentication system is an AI-driven tool that guarantees genuine products, eliminates counterfeit risks, and sets a new benchmark for trust in the luxury market.
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Culture Circle guarantees authenticity through a two-level verification process. They source products from 234 global websites with over 2.5 lakh active users. The platform has become a go-to destination for reselling luxury items. Sneakers dominate their sales approx 60%, followed by apparel at 30% and accessories at 10%. The success rate of business is also running fast. From April to November 2024 alone, they achieved ₹22.2 crore in sales, with November bringing in ₹5.5 crore.
Beyond its thriving online platform, the company plans to expand physical stores across India and enter global markets, starting with the UAE. Devansh and Akshay’s vision is simple yet ambitious, making luxury accessible while maintaining its exclusivity and authenticity. By using an app-based platform and data analytics, they’ve created a seamless experience for buyers and sellers alike. They want to make it a global Brand.
Culture Circle in Shark Tank India Season 4
Their appearance on Shark Tank India Season 4 was nothing short of electrifying. They Seek ₹1.2 crore for 0.5% equity at a staggering ₹240 crore valuation, the young entrepreneurs faced tough scrutiny. Aman Gupta’s exclamation, “Hum paagal hain kya (Are we insane)?”, set the tone for an intense negotiation. Vineeta thought they came for just Marketing in Shark Tank India. The pitch was peppered with drama, including revelations about Devansh’s ₹10 lakh sneakers and ₹17 crore in the bank. The duo held their ground despite initial scepticism from Vineeta Singh and Namita Thapar.
After several counteroffers and heated exchanges among the ‘sharks’, they sign a deal with Kunal Bahl and Ritesh Agarwal for ₹3 crore in exchange for 3% equity, valuing their business at ₹100 crore. Beyond the numbers and deals, Culture Circle represents a new wave of entrepreneurship in India. Devansh and Akshay’s journey, from childhood friends to successful entrepreneurs, is inspiring. Their ability to leverage technology, build trust, and disrupt a niche market demonstrates their potential to lead India’s luxury revolution. In their own words, “Luxury is not just about owning expensive items; it’s about experiencing authenticity and creating a circle of trust and value.”
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