Culture Circle’s Big Moment on Shark Tank India

Culture Circle has become the ultimate destination for sneakerheads and streetwear enthusiasts in India. This Gurugram-based startup provides a seamless experience for luxury fashion buyers, offering a curated marketplace with the largest collection of authentic sneakers and streetwear brands like Air Jordans, Yeezys, and Louis Vuitton.

The idea behind Culture Circle was simple yet impactful: to simplify the sneaker-buying process. By aggregating listings from over 30 trusted resellers and implementing a robust price comparison tool, the platform ensures that users get the best deals without compromising quality.

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• Offers a vast range of sneakers, jackets, and accessories.
• Includes high-end brands like Air Jordans, Yeezys, and Louis Vuitton.
• Focuses on pre-owned items in mint condition.
• Proprietary tool compares prices for specific items across multiple resellers.
• Ensures buyers get the best deals.
• Saves time and effort during the shopping process.
• Combines digital analysis and manual verification.
• Authenticates products using a 24-picture review system.
• Builds buyer confidence by guaranteeing genuine items.
• Utilizes a proprietary supply chain platform, sourceX.
• Aggregates data from over 240 global websites.
• Provides access to 25 lakh active listings at any given time.
• Sellers are vetted through recommendations from trusted resellers.

Founded in September 2023 by college students Divansh Jain Nawal and Ackshay Jain, Culture Circle began as a price comparison website before evolving into a full-fledged app in January 2024. What started as a college project has turned into one of India’s top 50 shopping apps within just 11 months.

Initially focused on sneakers, Culture Circle later expanded into jackets and sunglasses, catering to India’s growing demand for high-end streetwear. Products listed on the app range from ₹6,000 for entry-level items to ₹30 lakhs for ultra-premium collectibles.

Culture Circle has seen rapid growth since its inception, supported by its innovative business model and proprietary technology.

• The startup achieved gross sales (GMV) of ₹22.2 Crores between April and November 2024.
• With an average commission rate of 11%, Culture Circle earned ₹2.5 Crores in revenue during the same period.
• For the past three months, the company has been profitable, netting ₹10 lakhs in profits.

• Sneakers: Contribute 60% of the revenue.
• Apparel: Account for 30% of sales.
• Accessories: Make up the remaining 10%.

The company is scaling at an impressive 30% month-on-month growth rate and expects to hit ₹300 Crores in GMV for FY25-26.

Culture Circle appeared on Season 4, Episode 2 of Shark Tank India, seeking ₹1.2 Crores for 0.5% equity, valuing the company at ₹240 Crores. The pitch quickly caught the attention of the sharks, but the high valuation raised eyebrows.

• Vineeta Singh: Expressed scepticism about the valuation, claiming it didn’t match the company’s stage.
• Kunal Bahl: Offered ₹8 Crores for 10% equity, valuing the business at ₹80 Crores.
• Namita Thapar: Countered with ₹1.2 Crores for 1.2% equity, including a 0.5% royalty.
• Aman Gupta: Proposed ₹40 Lakhs for 1% equity and the rest as debt at 10%.

The founders countered with ₹2.4 Crores for 2% equity, valuing the company at ₹120 Crores.

• Namita stuck to ₹1.2 Crores for 1% equity, maintaining her royalty condition.
• Kunal, Ritesh, and Aman collectively offered ₹4 Crores for 5% equity, bringing the valuation down to ₹80 Crores.

However, the negotiations took an unexpected turn when one founder inadvertently revealed that they were willing to accept Namita’s offer to gain exposure. Feeling undervalued, Aman exited the deal, followed by Kunal and Ritesh reverting to individual offers.

The founders eventually closed a deal with Ritesh Agarwal and Kunal Bahl:

• ₹3 Crores for 3% equity, valuing the business at ₹100 Crores.

By blending innovation with authenticity, the founders have created a trusted platform that bridges the gap between global brands and local consumers.

While the Shark Tank experience highlighted their strengths and weaknesses, the funding and exposure will undoubtedly help them achieve their lofty goals. For sneakerheads and streetwear enthusiasts in India, Culture Circle is the go-to destination for premium fashion.