Exclusive: Sneakers Focussed Marketplace Culture Circle Bags $2 Mn
Summary
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. Were 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%. But were 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.