Culture Circle: Luxury Fashion, Shark
Tank, and Growth
Introduction to Culture Circle
Founded in 2023 by Devansh Jain Nawal and Ackshay Jain, Culture Circle is an
innovative luxury fashion and streetwear marketplace that has quickly established itself
as a premier destination for authentic high-end apparel and accessories in India. The
company was born out of the founders’ shared passion for sneakers and streetwear and
their determination to resolve the persistent challenges associated with procuring
genuine luxury products within the Indian market.
Culture Circle curates an exclusive selection of premium sneakers, streetwear, and
accessories from world-renowned global brands including Nike, Adidas, Yeezy,
Supreme, Balenciaga, Dior, Louis Vuitton, Gucci, Prada, and Fendi. These carefully
handpicked collections cater to fashion enthusiasts and collectors demanding both
authenticity and style, positioning the platform as a trusted gateway to luxury fashion.
By addressing the significant gap in the Indian luxury market—a region often burdened
by counterfeit products and inflated prices—Culture Circle has rapidly garnered
attention and acclaim. Its commitment to offering only verified, original products has
earned it the reputation of being a reliable and customer-centric marketplace for
discerning consumers.
Since its inception, Culture Circle has harnessed the founders' combined expertise in
technology, entrepreneurship, and finance to create a seamless online shopping
experience. The platform has become synonymous with genuine luxury streetwear,
appealing to a growing base of millennials and Gen Z consumers who value exclusivity,
quality, and trustworthiness.
Through strategic partnerships with global brands and an ever-expanding network of
verified sellers, Culture Circle not only promotes premium fashion culture but also plays
a pivotal role in shaping India’s luxury streetwear ecosystem, fueling its rise to
prominence in a competitive industry.
Shark Tank India Pitch and Investment Details
In 2023, Culture Circle gained widespread recognition following its compelling pitch on
Shark Tank India Season 4. The co-founders, Devansh Jain Nawal and Ackshay Jain,
presented a persuasive business case seeking an investment of ₹1.2 crore for a mere
0.5% equity stake, which corresponded to a pre-money valuation of ₹240 crore. This
bold ask immediately attracted significant attention from the panel of investors, resulting
in an intense bidding war.
Among the sharks, Kunal Bahl of Snapdeal fame showed strong interest by offering ₹8
crore for 10% equity, suggesting a valuation of ₹80 crore. Meanwhile, Ritesh
AgarwalAman Gupta also weighed in, assigning a valuation around ₹40 crore,
reflecting differing perspectives on the company's market potential.
Notably, Namita Thapar proposed ₹1.2 crore for 1.2% equity paired with a 0.5% royalty
on revenues, a creative structure that the founders ultimately declined as it did not align
with their long-term growth vision.
The intense competition among the sharks underscored the immense confidence
investors had in Culture Circle’s business model, authenticity assurance, and growth
trajectory. After careful deliberation, the founders accepted a joint offer from two of the
sharks: Kunal Bahl and Ritesh Agarwal combined to invest ₹3 crore in exchange for
3% equity. This deal placed a post-money valuation of approximately ₹100 crore on
Culture Circle.
This strategic partnership has since been instrumental in accelerating Culture Circle’s
market presence and scaling operations, leveraging the investors’ deep industry
expertise and networks. The funding injection has strengthened the platform’s ability to
expand its seller base, enhance its AI-driven authentication technology, and increase
brand visibility among luxury fashion consumers.
The Shark Tank investment not only validated Culture Circle’s innovative approach to
tackling counterfeit issues and price transparency in the luxury streetwear space but
also marked a significant milestone in its journey towards becoming India’s leading
marketplace for authentic high-end streetwear and sneakers.
Founders' Background and Company Origin
The inception of Culture Circle is deeply rooted in the complementary professional
backgrounds and personal passions of its co-founders, Devansh Jain Nawal and
Ackshay Jain. Both founders brought unique expertise and shared enthusiasm for
luxury sneakers and streetwear, which catalyzed the creation of a trusted marketplace
that addresses the challenges endemic to India’s fashion industry.
Devansh Jain Nawal: The Finance and Strategy
Visionary
Devansh Jain Nawal is an alumnus of the prestigious Indian Institute of Management
Ahmedabad (IIM Ahmedabad), renowned for producing some of India's leading
business minds. Prior to co-founding Culture Circle, Devansh sharpened his acumen
working at Goldman Sachs, a global investment banking and securities firm. This
experience not only honed his financial and strategic skills but also equipped him to
drive the company’s growth planning, investor relations, and operations with a
disciplined and data-driven approach.
Ackshay Jain: The Technology and Entrepreneurial
Trailblazer
Ackshay Jain came from a robust technology background, having worked at Google and
built entrepreneurial ventures of his own before embarking on Culture Circle. His
expertise in software development, product management, and digital innovation proved
invaluable in designing and scaling the company’s platform. Ackshay’s technical insight
enabled the integration of pioneering features such as AI-driven authentication tools,
which are crucial to ensuring authenticity in an industry plagued by counterfeits.
Genesis of Culture Circle: From Passion to Purpose
The idea for Culture Circle was sparked in 2016 when Ackshay personally experienced
the hurdles of acquiring authentic luxury sneakers in India. After purchasing a pair of Air
Jordans (AJ1 PSG), he encountered inflated prices and authenticity concerns, common
issues in the fragmented Indian sneaker market. This experience illuminated a
significant gap: the absence of a reliable, transparent platform for genuine luxury
streetwear.
Recognizing this market void, Devansh and Ackshay merged their expertise and
passion to conceive Culture Circle. Their vision was clear — to build India’s foremost
luxury fashion marketplace that guarantees authenticity, offers competitive pricing, and
curates a diverse selection of premium products. The founders believed that by
combining technology, finance, and an understanding of consumer needs, they could
revolutionize the Indian luxury streetwear landscape.
Evolution into a Leading Marketplace
Since its official launch in 2023, Culture Circle has evolved into a trusted platform
serving over one million monthly users. The marketplace’s success is underpinned by
a rigorous seller verification process, currently engaging more than 4,000 KYC-verified
sellers, which ensures customers receive only authentic products. The co-founders
continue to leverage their complementary skills—Devansh’s strategic leadership and
Ackshay’s technological innovation—to scale operations, enhance customer
experience, and maintain Culture Circle’s position at the forefront of India’s luxury
fashion sector.
Idea Generation and Business Plan
The genesis of Culture Circle was profoundly influenced by the co-founders’ recognition
of a significant market gap for authentic luxury fashion in India. Devansh Jain Nawal
and Ackshay Jain, both passionate about sneakers and streetwear, identified a
recurring challenge faced by Indian consumers: the prevalence of counterfeit products
and excessively marked-up prices. The luxury streetwear segment was largely
underserved by trustworthy platforms, leaving buyers vulnerable and hesitant.
Their business plan was strategically designed to address these critical issues by
establishing a reliable online marketplace that guarantees authenticity and offers
genuine high-end products at competitive prices. Central to their vision was the creation
of a seamless ecosystem where luxury brands and verified sellers could connect
transparently with discerning customers, particularly India’s urban youth and emerging
affluent millennials who have shown growing appetite for premium streetwear culture.
Key pillars of their business model focused on:
• Authenticity Assurance: Leveraging advanced AI-driven authentication
technology (SourceX) to eliminate counterfeit risks and build consumer trust.
• Competitive Pricing: Empowering customers with price comparison features
across global sellers, ensuring fair market value without compromising on quality.
• Curated Brand Portfolio: Partnering exclusively with globally renowned brands
such as Nike, Adidas, and Gucci to maintain a premium product range.
• Targeted Market Segmentation: Focusing on fashion-forward, digitally native
youth eager to express identity through luxury streetwear.
This comprehensive plan not only positions Culture Circle to fill a market void but also to
scale rapidly by aligning with cultural trends and consumer expectations—transforming
the way luxury fashion is accessed and experienced in India.
Role of Innovation and Creativity
At the core of Culture Circle’s disruptive marketplace model lies its groundbreaking
innovation: SourceX, an AI-driven authentication system designed to combat one of the
biggest challenges in the luxury fashion sector—counterfeit products. SourceX utilizes
cutting-edge machine learning algorithms, image recognition, and data analytics to
verify the authenticity of every item listed on the platform with a high degree of
accuracy.
This advanced technology empowers Culture Circle to assure customers that each
sneaker, streetwear item, or accessory is 100% genuine, significantly enhancing
consumer confidence in a market historically riddled with fake goods. By automating
and scaling authentication processes, SourceX not only reduces manual verification
efforts but also accelerates trust-building at every stage of the buyer journey.
Furthermore, SourceX’s innovation extends beyond authenticity checking. The platform
incorporates a sophisticated price comparison feature, enabling users to transparently
evaluate product prices from multiple global sellers. This functionality helps customers
make informed purchasing decisions by highlighting fair pricing and competitive offers,
thereby addressing concerns about inflated or arbitrary markups often found in luxury
retail.
The integration of AI and data-driven transparency through SourceX differentiates
Culture Circle distinctly in a counterfeit-prone market. It positions the brand as not only
a marketplace but also a trustworthy technology pioneer in India’s luxury streetwear
ecosystem. This inventive approach strengthens consumer loyalty, attracts verified
sellers, and sets new standards for authenticity assurance and customer-centric
innovation in the industry.
Economic Assistance and Government Policy
Support
The Indian government has laid a strong foundation to support startups like Culture
Circle through various initiatives and policies aimed at fostering innovation, facilitating
funding, and simplifying regulatory compliance. Although Culture Circle’s specific
participation in these programs is not publicly documented, these government schemes
create an enabling environment that can be highly beneficial for emerging ventures.
Startup India Initiative
Launched in 2016, the Startup India initiative focuses on building a robust ecosystem
that nurtures innovation and entrepreneurship nationwide. It offers multiple benefits that
startups can leverage, including:
• Tax exemptions on profits and capital gains for eligible startups during initial
years.
• Funding support through a dedicated fund of funds managed by the Small
Industries Development Bank of India (SIDBI).
• Easier compliance via simplified regulatory procedures and fast-track patent
applications.
• Mentorship and networking opportunities through industry partnerships and
government-backed incubators.
Atal Innovation Mission (AIM)
The Atal Innovation Mission, an initiative by the NITI Aayog, promotes a culture of
innovation and entrepreneurship across India. Key components of AIM that aid startups
include:
• Establishment of Atal Incubation Centres (AICs) to offer startups infrastructure,
mentorship, and access to investors.
• Funding and support for startups working on disruptive technologies and
innovative business models.
• National programs and challenges encouraging problem-solving and scalable
innovation.
By engaging with such government-backed programs, startups like Culture Circle
benefit from enhanced access to capital resources, expert guidance, and policy support
that collectively contribute to scaling operations and accelerating growth in competitive
sectors such as luxury fashion ecommerce.
Location Identity and Strategic Presence
Culture Circle is headquartered in India, strategically positioned to leverage the
country’s rapidly growing luxury fashion market. Its presence extends primarily within
major urban centers such as Mumbai, Delhi, Bengaluru, and Hyderabad—cities
recognized for their high concentration of fashion-conscious consumers and affluent
youth demographics.
These metropolitan locations serve as critical hubs for Culture Circle’s operations,
enabling direct access to a sophisticated customer base that values premium
streetwear and luxury sneakers. Urban centers facilitate stronger brand visibility through
localized marketing efforts, fashion events, and collaborations with influencers who
resonate with the target audience.
By focusing on cities with vibrant fashion ecosystems and digitally savvy populations,
Culture Circle benefits from enhanced market penetration and faster adoption of its
platform. The proximity to key logistical infrastructure in these areas allows for efficient
supply chain management and timely delivery, which are essential for customer
satisfaction in luxury ecommerce.
Moreover, this strategic location approach supports Culture Circle’s broader growth
objectives by tapping into communities that appreciate authentic, exclusive apparel
while positioning the brand as a prominent player in India’s evolving luxury streetwear
landscape.
MSME Benefits for Culture Circle
As a recognized Micro, Small, and Medium Enterprise (MSME) in India, Culture Circle
enjoys several government-backed advantages that provide a strong foundation for
sustainable growth and operational scaling. These benefits play a crucial role in
supporting the company’s ambitions to expand its footprint in the luxury fashion
marketplace.
One of the primary benefits Culture Circle can access is collateral-free loans under
various MSME lending schemes. These loans offer affordable financing options without
requiring the company to pledge assets, thereby reducing the entry barriers for capital
investments like technology enhancement, marketing initiatives, and inventory
expansion. Furthermore, subsidies and interest subventions available for MSMEs help
to lower the effective cost of borrowing, enhancing the company’s financial flexibility.
In addition, Culture Circle benefits from participation in government-organized trade
fairs and exhibitions. These platforms provide valuable opportunities for direct
interaction with potential buyers, brand partners, and industry stakeholders. Such
events also enable the company to showcase its curated product portfolio and reinforce
its positioning as a trusted luxury marketplace, thereby attracting new customers and
scaling its seller network.
Another important advantage includes access to various skill development and
entrepreneurship training programs. These initiatives, supported by government
bodies and industry associations, help enhance the management capabilities and
technical expertise of the Culture Circle team. By improving entrepreneurial skills and
operational efficiency, the company is better equipped to navigate competitive
challenges and optimize business processes.
Altogether, these MSME benefits support Culture Circle in strengthening its operational
infrastructure, expanding market reach, and sustaining high standards of product
authenticity and customer service—key factors that contribute to its rapid scaling and
long-term success in the Indian luxury fashion sector.
Promotion Strategies with Evidence
Culture Circle employs a robust and multifaceted promotion strategy that has
significantly contributed to its rapid rise in the luxury fashion marketplace. A pivotal
moment in their promotional journey was their appearance on Shark Tank India
Season 4, which not only enhanced brand visibility but also resulted in a substantial ₹3
crore investment for 3% equity from prominent investors Kunal Bahl and Ritesh
Agarwal. This endorsement acted as a powerful validation for Culture Circle’s business
model and amplified public trust.
Building on this momentum, Culture Circle has cultivated a strong digital presence,
primarily through active engagement on social media platforms such as Instagram and
Facebook. These channels are strategically utilized to showcase their exclusive
product lineup—including rare sneakers and premium streetwear—using high-quality
visuals, stories, and customer testimonials. Regular updates and interactive campaigns
help maintain a loyal following and continuously attract new customers.
Additionally, Culture Circle has engaged in impactful collaborations with well-known
influencers and fashion icons who resonate with their target audience of urban youth
and luxury fashion enthusiasts. These partnerships boost credibility and broaden the
company’s reach by leveraging influencer networks to create authentic endorsements
that highlight the platform’s commitment to authenticity and style.
The promotion strategy also benefits from media coverage following their Shark Tank
pitch, which garnered press attention and featured the brand in reputable business and
fashion outlets. This media exposure complements their digital marketing efforts by
reaching a wider range of potential investors, sellers, and consumers.
In summary, Culture Circle’s promotion approach deftly combines investor-backed
validation, dynamic social media engagement, strategic influencer collaborations, and
effective media relations. This comprehensive strategy not only elevates brand
awareness but also drives sustained growth and consumer trust in India's burgeoning
luxury streetwear market.
Website and Social Media Presence
Culture Circle maintains a strong and strategic digital presence through its official
website and social media platforms, which serve as vital channels for customer
engagement and brand development. The primary digital touchpoint is their official
website, www.culture-circle.com, where users can explore an extensive curated catalog
of authentic luxury sneakers, streetwear, and accessories. The website is designed for
seamless browsing, enabling customers to access detailed product descriptions, real-
time price comparisons, and secure purchasing options.
On social media, Culture Circle actively leverages Instagram (@culturecircle) and
Facebook (Culture Circle) as dynamic platforms for marketing and community building.
Regular posts, stories, and reels showcase exclusive product launches, influencer
partnerships, and customer testimonials to strengthen brand loyalty and expand reach.
These platforms also facilitate direct interaction with the audience, allowing for timely
responses to queries, feedback, and personalized engagement.
Collectively, these digital assets enable Culture Circle to amplify its brand storytelling,
highlight its commitment to authenticity, and sustain meaningful connections with
fashion enthusiasts and luxury consumers across India.
Financial Overview and Business Growth
Since its establishment in 2023, Culture Circle has demonstrated remarkable financial
growth, reaching a pivotal milestone of ₹100 crore in revenue within just one year.
This rapid ascent underscores the company’s robust business model and its ability to
effectively capture and expand its share in India’s luxury streetwear and sneaker
market.
An integral factor behind this growth is Culture Circle’s extensive and engaged
customer base. The platform now serves over 1 million monthly active users,
reflecting a strong market demand and loyal consumer following. This sizable user
community not only drives steady transactional volumes but also enhances the
company’s brand value by fostering an active marketplace environment.
Further fueling the platform’s success is its extensive network of more than 4,000 KYC-
verified sellers. This large seller base ensures a diverse and authentic product
selection, which is crucial for meeting the discerning tastes of luxury fashion
enthusiasts. The rigorous KYC verification process also builds trust among buyers,
reinforcing the platform’s reputation for guaranteed authenticity.
The combination of significant revenue generation, a wide-reaching user base, and a
vetted seller network exemplifies Culture Circle’s effective operational strategy. These
metrics serve as strong indicators of the company’s accelerating market traction and
potential for sustained expansion.
Moreover, the company’s ability to convert investment from Shark Tank India into
scaling technology and marketing initiatives has played a critical role in amplifying its
growth engine. By continually enhancing platform functionality and user experience,
Culture Circle is well-positioned to consolidate its leadership in the luxury fashion
segment and capture further market share in the burgeoning Indian ecommerce
landscape.
