E-Commerce Sneakers Platform Culture Circle Raises $2 Mn in Its Seed Round, Led by Info Edge Ventures

Culture Circle, an ecommerce platform focused on sneakers, has raised $2 million in its seed fundraising round, led by Info Edge Ventures. The round also included angel investors.

Devansh Jain Nawal and Ackshay Jain founded Culture Circle in 2023, which manages a premium ecommerce website with over 3,500 retailers and 35 lakh listings. Aside from sneakers, it sells streetwear and premium fashion items such as purses, blazers, backpacks, cardholders, and more.

Culture Circle sells items from labels such as Nike, Yeezy, Dior, Supreme, Common Projects, and Louis Vuitton, among others, on its platform.

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The business intends to use the funds to expand its global operations, improve technology, and strengthen its position as a digital marketplace for hyper-luxury goods.

As part of a pilot program, the Delhi NCR-based business recently expanded into six overseas markets: Qatar, Oman, the UAE, Singapore, the United Kingdom, and Thailand.

“When we established the platform in January of this year, we aimed to be the best in India for shoes, streetwear, and high luxury. We feel we’ve accomplished that. Now, our goal is to be the finest in the world, with the widest collection, the best pricing, and assured authenticity. We’re competing with global players like StockX and GOAT, and our user experience is probably better (than theirs),” Nawal told.

Currently, sneakers and footwear provide 60% of the startup’s sales, followed by clothes (30%) and accessories (10%). The firm operates on an inventory-free model, earning commissions ranging from 9% to 30% on platform purchases.

According to Nawal, Culture Circle generated INR 2.2 crore in income during its first three months of operation from January to March 2024. The startup is now targeting a revenue of INR 50 crore in FY25.

Nawal also stated that Culture Circle was EBITDA profitable in the quarter ending September 2024.

When asked if Culture Circle will seek further money in the near future, Jain replied, “If global expansion requires more resources, we might consider it. But we’re focused on execution; our long-term goal is an IPO within 3-5 years.”

The funding comes at a time when investors are showing a lot of interest in Indian footwear and streetwear firms due to increased popularity, particularly among Generation Z.

Comet, a direct-to-consumer shoe startup, acquired $5 million in Series A funding earlier this year from Elevation Capital. Last year, the Mainstreet Marketplace received $2 million in support.

Crepdog Crew, which distributes shoes and streetwear, had a revenue of INR 69 crore in FY24 and expects INR 150 crore in the current fiscal year.