Culture Circle secures investment, plans UAE expansion

Luxury fashion, sneaker, and streetwear retail business Culture Circle has secured an investment of Rs 3 crore on television show Shark Tank, after turning down an offer of Rs 8 crore. The business has its sights set on international expansion and plans to start with the UAE. 

“History was made on Shark Tank India,” announced Culture Circle on Facebook. “Culture Circle, Asia’s number one hype and luxury app, received a record-breaking Rs 8 crore offer from Kunal Bahl and multiple offers from four sharks. However, they chose to stay true to their vision. Aman had already experienced the platform and loved the seamless user experience and unparalleled collection. Namita was impressed by the price comparison feature, ensuring the best global prices. The sharks were also captivated by Culture Circle’s AI Authentication system, delivering world-class authentication right from India. A milestone moment for innovation and ambition!”

The business accepted a Rs 3 crore investment from entrepreneurs Kunal Bahl of Snapdeal and Ritesh Agarwal of Oyo in return for a 3% equity stake in the business. Culture Circle plans to use the funds to enhance its technology, further expand its operations, and bolster its inventory. 

“Our mission is to make authentic luxury accessible to everyone,” said Culture Circle’s CEO Devansh Jain Nawal, India Retailing reported. “This milestone validates our vision and reinforces the trust we aim to build with our customers.”

Devansh Jain Nawal and Ackshay Jain launched Culture Circle in 2023 and the e-commerce platform retails luxury brands including Dior and Louis Vuitton as well as streetwear labels including Adidas, Yeezy, and Nike. The business has built a community of around 1.9 lakh followers across social media.