Culture Circle, a sneaker-focused ecommerce marketplace platform, has successfully raised $2 million in its seed funding round led by Info Edge Ventures, with participation from notable angel investors. This new infusion of capital aims to propel the startup into global markets, enhance its technology stack and cement its position as a trusted digital marketplace for hyper-luxury goods.
Founded in 2023 by Devansh Jain Nawal an IIM Ahmedabad graduate and Ackshay Jain, Culture Circle operates as a luxury ecommerce marketplace platform that connects sellers and buyers of high-end sneakers, streetwear and luxury fashion.
Since its launch, the platform has a network of more than 4,000 KYC-verified sellers and 3.5 million product listings, making it one of the fastest-growing players in the space.
Brands featured on the platform include renowned names like Nike, Yeezy, Dior, Supreme, Louis Vuitton and more
Headquartered in Delhi NCR, Culture Circle recently ventured into six international markets namely Qatar, Oman, UAE, Singapore, UK, and Thailand as part of a pilot program.
The expansion aligns with the startup’s ambition to become a global leader in the luxury ecommerce space.
Culture Circle operates on an inventory-free model, earning commissions between 9% and 30% on sales.
- Footwear, particularly sneakers, accounts for 60% of the company’s revenue, followed by
- Apparel (30%) and
- Accessories (10%).
In its first quarter of operations (January-March 2024), the platform achieved a revenue of INR 2.2 crore. The company is targeting an ambitious INR 50 crore in revenue for FY25, while maintaining EBITDA profitability, which it achieved in the quarter ending September 2024.
Culture Circle’s success comes amid a growing wave of investor interest in the Indian footwear and streetwear market, particularly among Gen Z consumers.
Earlier this year, Comet, a D2C sneaker startup, raised $5 million in its Series A funding. Similarly, The Mainstreet Marketplace secured $2 million last year. Culture circle also has plans for an IPO within the next 3 to 5 years.
Competitor Crepdog Crew, known for its sneakers and streetwear, reported a revenue of INR 69 crore in FY24 and projects INR 150 crore in revenue for FY25.
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