OYO’s Ritesh Agarwal invests in luxury streetwear fashion commerce platform Culture Circle
OYO founder and CEO Ritesh Agarwal has contributed a strategic round to Culture Circle, a luxury and streetwear-focused fashion commerce platform. Over Rs 100 crore was the valuation at which the funding was made. The startup had previously turned down a bigger offer of Rs 8 crore in favor of Rs 3 crore from Agarwal and Kunal Bahl on Shark Tank India.
After its recent expansion, Culture Circle claims that its total valuation has surpassed Rs 400 crore. Over 4,000 verified sellers and one million monthly users are reported by the platform. In recent quarters, it has grown four times.
Ackshay Jain and Devansh Jain Nawal founded the business. Nawal used to work for Goldman Sachs and is a graduate of IIM Ahmedabad. Jain, the founder of JIIF Gurugram, was formerly employed by Google.
The funds will be utilized to develop SourceX, the company’s AI-powered authentication system, as well as to enter new product categories and international markets, according to the founders. In Mumbai and Gurugram, it also intends to open new physical stores.
Culture Circle has flagship locations in Hyderabad and Delhi and operates a marketplace for the resale of luxury clothing and branded sneakers. Later this year, the business plans to launch internationally.
