Exclusive: Sneakers Focussed Marketplace Culture Circle Bags $2 Mn

Sneakers-focussed ecommerce platform Culture Circle has raised $2 Mn in its seed funding round led by Info Edge Ventures. The round also saw participation from angel investors. 

The startup plans to use the capital to scale its operations globally, enhance technology, and reinforce its position as a digital marketplace for hyper-luxury goods.

Founded in 2023 by Devansh Jain Nawal and Ackshay Jain, Culture Circle operates a luxury ecommerce platform and claims to have more than 3,500 sellers and 35 lakh listings. Besides sneakers, it sells streetwear and luxury fashion items like bags, blazers, backpacks, cardholders, among others.

Culture Circle sells items from brands like Nike, Yeezy, Dior, Supreme, Common Projects, Louis Vuitton, among others, on its platform.

The Delhi NCR-based startup recently expanded to six international markets – Qatar, Oman, the UAE, Singapore, the UK, and Thailand – as part of a pilot programme. 

“When we launched the platform in January this year, our goal was to be the best in India for sneakers, streetwear, and high luxury. We believe we achieved that. Now, our benchmark is to be the best globally – offering the largest collection, best prices, and guaranteed authenticity. We’re competing with global players like StockX and GOAT, and honestly, our user experience is arguably better (than them),” Nawal told Inc42. 

Currently, sneakers and footwear account for 60% of the revenue of the startup, followed by apparel at 30% and accessories at 10%. The startup operates on an inventory-free model and earns commissions of up to 9% to 30% from sales on the platform.

Nawal said that Culture Circle raked in a revenue of INR 2.2 Cr in the first three months of operations in January-March 2024. The startup is now eyeing a revenue of INR 50 Cr in FY25. 

Nawal also claimed that Culture Circle was EBITDA profitable in the quarter ended September 2024.

When asked if Culture Circle will look for further funding in the near future, Jain said, “If global expansion requires more capital, we might consider it. But we’re focused on execution, our long-term plan is an IPO in 3-5 years.”

The funding comes at a time when the Indian footwear and streetwear startups are garnering a lot of interest from investors on rising adoption, especially among GenZ. 

Earlier this year, D2C sneaker startup Comet raised $5 Mn in its Series A funding round from Elevation Capital. Last year, The Mainstreet Marketplace also bagged a funding of $2 Mn. 

Crepdog Crew, which sells sneakers and streetwear, posted a revenue of INR 69 Cr in FY24 and expects to clock INR 150 Cr in revenue in the ongoing financial year.