Imdad Hussain
When Devansh Jain Nawal and Akshay Jain walked into the Shark Tank India for Culture Circle, they weren’t just two founders pitching a business- they were two best friends portraying their common dream. This college project from September 2023 has now become a country shaker in the luxury reselling market.
Their bold ask of ₹1.2 crores for 0.5% equity, valuing the company at a whopping ₹240 crores, drew mixed reactions. Justified or yet another case of overhyping a startup? Come explore their real-life story fair bit of innovation, numbers, controversies, and visions that are changing India’s luxury resale space.
A Friendship Forged in Ambition
Culture Circle roots itself in class 6 when Devansh and Ackshay became best friends. Though life took them on different academic avenues-Devensh took an MBA from IIM Ahmedabad and Ackshay got a computer science engineering degree from Maharaja Agrasen Institute of Technology bond of entrepreneurship between the two only got stronger.
Interestingly, while Devansh was introduced to management studies, Ackshay began his regimen in investments early on, creating an arsenal that is well complemented. This marriage of technical proficiency and business awareness would later come back to be the fulcrum in the working of Culture Circle.
From a college project to a disruptive startup
In September 2023, Culture Circle was born, and it was actually through their buyer-side app that the duo stepped into the big league in January 2024.
The model was a simple yet disruptive aggregation of products from all 234 global sites, price comparison, and actual seller verification through a detailed authentication process with both AI-driven analysis and image scrutiny of 24 pictures per product.
Doing these kinds of pre-owned but brand new luxury goods-sneakers, jackets, or sunglasses-allowed customers quite a competitive piece of the high-end living market.
The Opportunity in Luxury Market: ₹3.2 Lakh Crores
The worldwide luxury resale market is worth 3.2 lakh crores, and Culture Circle will take a substantial chunk of it. Their pricing model is not any less diverse than their product offering:
- Rs. 6000 for the cheapest shoe.
- Rs. 30 lakhs for the most expensive.
This mix of accessibility and exclusivity would make them welcome into the ranks of major customers, thus transforming them into yet another significant player in the luxury reseller ecosystem.
A Data-Driven Approach
Numbers Don’t Lie. Culture Circle*’s success is built upon careful facts and numbers:
- 25 lakh active listings
- 2.5 lakh active users
- 0.8% cancellation rate
- Sales split: 60% sneakers, 20% accessories, and 20% approval.
In November FY24-25, their gross sales totaled ₹22.2 crores, with a blended take rate of 11% and commissions of ₹2.5 crores. Their month-on-month increase of 30% indicates a company on the rise, with a forecast GMV of ₹300 crores for FY25-26. Even more impressive is their financial discipline. With ₹17- ₹17.2 crores in fixed deposits** and a balance of ₹50 lakhs, they’re accumulating funds for future growth.
The Shark Tank India Drama
Their Shark Tank India proposal made headlines—not only for their audacious request but also for the drama that ensued. Every shark except Vineeta Singh made an offer. Kunal Bahl, Ritesh Agarwal, and Aman Gupta first teamed together for a combined offer. However, tension escalated when Aman overheard Devansh mutter, “Hum air ho jayenge” (we’ll become stars). Aman saw this as a hint that the founders were more interested in fame than in the deal. He instantly declined the offer, expressing reservations about their intentions. Despite this, Namita Thapar and other sharks supported the duo, praising their creativity and vision. The episode created a polarising impression—were they media-hungry or simply confident in their direction?
Transparency and Controversy
One of the aspects that differentiates Culture Circle is its transparent GST policy. Unlike many rivals, they pay GST based on their commission rather than the selling price, ensuring compliance and ethical business operations. However, not everything has been simple sailing. Their Best Price Guarantee has raised worries about sustainability. How can they maintain competitive pricing while remaining profitable? Some say that their concentration on growth risks jeopardizing long-term financial stability. Furthermore, its proprietary platform, Source X, has been the focus of controversy. While it is billed as revolutionary, skeptics question whether it is truly unique or whether competitors will be able to replicate it.
Redefining Luxury Reselling
At its core, Culture Circle is about democratizing access to luxury. By connecting individual resellers (who account for 99.5% of their orders) with purchasers, they’ve built an ecosystem based on trust, transparency, and technology. Their authentication process, which combines AI and human verification, ensures quality—an important consideration in the pre-owned luxury market. But their most significant innovation may be their price comparison feature, which enables customers to make informed decisions while undermining typical reseller processes.
The Road Ahead
The adventure of Culture Circle has only just begun, but their goals are clearly clear. With a predicted GMV of ₹300 crores in FY25-26 and a monthly growth rate of 30%, they are well-positioned to dominate the luxury resale industry. However, issues remain. Can they continue their rapid growth without jeopardizing profitability? Will competitors catch up with their technological advantages? with, perhaps most significantly, can the founders balance ambition with controversy?
Conclusion
The narrative of Culture Circle is both fascinating and polarising. From being two best friends in Gurgaon to being the faces of India’s luxury resale revolution, Devansh Jain Nawal and Ackshay Jain have demonstrated that huge dreams, combined with hard effort and creativity, can deliver exceptional outcomes. However, their adventure is far from over. As they face the obstacles of developing a fast-growing firm in a competitive market, one thing is certain Culture Circle is a brand to watch. Whether they become a billion-dollar success story or a cautionary tale, they’ve already accomplished what most companies only dream of: attracting the attention of an entire industry.