Founders Devansh Jain Nawal and Ackshay Jain declined Rs 8 crore offer, and opt for a strategic investment of Rs 3 crore for 3% equity from Kunal Bahl and Ritesh Agarwal
New Delhi: Streetwear and sneaker brand Culture Circle which appeared on the television reality show Shark Tank has received the highest-ever investment offer of Rs 8 crore, the company said in a release on Wednesday.
However, founders—Devansh Jain Nawal (IIM Ahmedabad, ex-Goldman Sachs) and Ackshay Jain (JIIF Gurgaon Convenor, ex-Google)—chose an investment of Rs 3 crore for 3% equity from Kunal Bahl (Snapdeal) and Ritesh Agarwal (OYO).
“Our mission is to make authentic luxury accessible to everyone. This milestone validates our vision and reinforces the trust we aim to build with our customers,” said Devansh Jain Nawal, CEO of Culture Circle.
Founded in 2023, the brand offers sneakers, streetwear, and luxury fashion. The brand’s mobile application has over one million monthly users and a community of more than 1,90,000 followers across social media. It features brands like Nike, Adidas, Louis Vuitton, Dior, Yeezy, and more.
The Rs 3 crore investment will fuel the company’s expansion of inventory, enhance technology, and scale operations further. Culture Circle also aims to establish physical stores across India and enter international markets, starting with the UAE, the release added.
