Culture Circle, a fashion commerce platform specialising in luxury and streetwear, has secured a strategic investment from Ritesh Agarwal, the founder and CEO of OYO. The deal values the startup at over Rs 100 crore.
This is not the first time Agarwal has backed the company. Along with Kunal Bahl, he previously invested Rs 3 crore in Culture Circle during an appearance on a popular business reality show, turning down a larger Rs 8 crore offer.
Following its rapid growth, Culture Circle now claims to have crossed an overall valuation of Rs 400 crore. The platform boasts 1 million monthly users and over 4,000 verified sellers. It has recorded four times growth in recent quarters.
The startup was founded by Devansh Jain Nawal and Ackshay Jain. Nawal is an alumnus of IIM Ahmedabad and a former employee at Goldman Sachs, while Jain has worked with Google and currently leads JIIF Gurugram.
The fresh capital will be used to expand SourceX, the company’s AI-driven authentication system, and to enter new product categories and international markets. Culture Circle also plans to open new offline stores in Gurugram and Mumbai.
Currently, the company operates flagship stores in Delhi and Hyderabad. It runs a resale marketplace for branded sneakers and luxury fashion and is gearing up for its global launch later this year.
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