Luxury and hype platform Culture Circle raises pre-seed funding from IIMA Ventures

Culture Circle, a luxury and hype platform, has raised an undisclosed amount in a pre-seed funding round from IIMA Ventures, formerly known as IIMA-CIIE.

The funding will support Culture Circle's expansion into new categories, such as luxury fashion, watches, designer handbags, and collectibles. Additionally, the startup plans to establish experience centres in major Indian cities and expand internationally.

Leadership comments

The co-founders of Culture Circle, Devansh Jain Nawal and Ackshay Jain, expressed their vision for the platform, stating, "Culture Circle is not just another online sneaker and streetwear store. We're creating a community where individuals passionate about premium brands can connect, discover, and buy exclusive pieces seamlessly at the guaranteed best prices in India without worrying about authenticity."

What does Culture Circle do?

Founded in 2023 by Devansh Jain Nawal, an IIMA alumnus, and Ackshay Jain, Culture Circle has quickly established itself as a platform for luxury and hype products.

The platform hosts over 1,900 verified sellers and serves more than 300,000 monthly users. The company's product range includes popular brands such as Nike Air Jordans, Yeezys, and Supreme. 

Expansion plans

With the new funding, Culture Circle plans to establish experience centres in Delhi, Hyderabad, and Mumbai. 

The startup also intends to launch its platform in key international markets, including the UAE, Singapore, and Thailand. It aims to achieve annualized sales of $25 million within the next 12 months.

Market potential

The luxury and hype market has seen significant growth, driven by consumer demand for high-end brands with cultural relevance.

In 2021, consumers spent $916 billion on trending luxury, fashion, and street brands. The global luxury resale market was valued at $32.6 billion in 2021 and is projected to reach $51.8 billion by 2026.

Devansh Jain Nawal and Ackshay Jain co-founded The Healthy Company before establishing Culture Circle. Their entrepreneurial journey began when Devansh was pursuing his MBA at IIM Ahmedabad, where he was part of the IIM Aavericks program run by IIMA Ventures.