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OYO's Ritesh Agarwal invests in luxury fashion startup Culture Circle
This follows the brand's earlier deal worth ₹3 crore (for 3 per cent equity, according to media reports) with Agarwal and Kunal Bahl, co-founder of Snapdeal and Titan Capital, on Shark Tank India, according to Culture Circle's release. Currently valued at over ₹400 crore, the startup is witnessing fourfold growth in its business. Culture Circle has over 1 million monthly users and more than 4,000 KYC-verified sellers. It consistently ranks among India's top 50 shopping apps, the release stated.
'Culture Circle is one of the most exciting youth-first platforms to emerge from India. Their focus on trust and experience makes them truly stand out,' Agarwal said in a statement.
Devansh Jain Nawal, co-founder and CEO, Culture Circle, said this is a partnership built on shared values. Ackshay Jain, co-founder and chief operating officer (COO), said the company is building a cultural movement and this funding round will help scale SourceX, its artificial intelligence (AI)-powered engine. Jain further added that it will also help the company expand into new categories and global markets.
'Culture Circle recently announced plans to go international this year, further accelerating its mission to democratise luxury for Gen Z and position India as a key player in the global streetwear and luxury market. With flagship stores in Delhi and Hyderabad, Culture Circle offers India's largest collection of authenticated luxury fashion, from Nike and Yeezy to Dior and LV (Louis Vuitton), powered by a proprietary five-step AI-led verification system,' it said in a statement.
Additionally, the company is expanding its physical footprint with upcoming flagship stores in four more cities, including Gurugram and Mumbai.
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