Synopsis
The Gurugram-based startup, which operates as a luxury marketplace, enabling users to compare prices across verified sellers of authenticated sneakers, t-shirts, streetwear, and watches, will use the fresh funds for enhancing its AI engine, expanding into new product categories, and entering global markets.
Fashion commerce startupCulture Circle has secured an undisclosed amount from Oyo founder and chief executive Ritesh Agarwal at a valuation of over Rs 100 crore, the company said.
The funds will be used for enhancing its artificial intelligence (AI) engine, expanding into new product categories, and entering global markets.
Founded in 2023 by Devansh Jain Nawal, and Ackshay Jain, the Gurugram-based startup operates as a luxury marketplace, enabling users to compare prices across verified sellers offering authenticated sneakers, t-shirts, streetwear, and watches.
The startup, which mainly targets Gen Z consumers, boasts over one million monthly users and more than 4,000 KYC-verified sellers.
“We’re building a cultural movement, and this round will help us scale SourceX, our AI-powered engine, and expand into new categories and global markets,” the founders said in a statement.
The startup, which mainly targets Gen Z consumers, boasts over one million monthly users and more than 4,000 KYC-verified sellers.
“We’re building a cultural movement, and this round will help us scale SourceX, our AI-powered engine, and expand into new categories and global markets,” the founders said in a statement.
The company is planning to grow its offline presence by opening new stores in cities such as Gurugram and Mumbai. It currently operates stores in Delhi and Hyderabad, offering products from global brands like Nike, Yeezy, Dior, and Louis Vuitton, along with a range of other streetwear brands.
According to the startup, it is witnessing a 4X growth in business and is currently valued at over Rs 400 crore. Prior to this, the company had raised Rs 3 crore on Shark Tank India from Agarwal and Titan Capital’s cofounder Kunal Bahl.
Commenting on the investment, Agarwal said, “Culture Circle is one of the most exciting youth-first platforms to emerge from India.”
On Wednesday, Gurugram-based fashion commerce platform Zulu Club closed a $250,000 funding round from early-stage venture capital firm TDV Partners.
Source: www.economictimes.indiatimes.com