India’s sneakerheads and streetwear enthusiasts have found a game-changer in Culture Circle, a Gurugram-based startup that bridges the gap between global luxury brands and Indian consumers. Founded by Devansh Jain Nawal and Ackshay Jain, the platform offers a curated marketplace of authentic sneakers, streetwear, and accessories, including sought-after brands like Air Jordans, Yeezys, and Louis Vuitton. However, it was their appearance on Shark Tank India that truly catapulted them into the national spotlight.
Devansh and Ackshay’s entrepreneurial journey is rooted in their 14-year friendship and shared vision. With Devansh’s background in engineering from IIT Ahmedabad and their combined experience in corporate roles, the duo exemplifies the modern, tech-savvy entrepreneur. Ackshay, an active member of JITO (Jain International Trade Organization), also heads Gurugram’s vertical, showcasing his leadership skills beyond their business. Their camaraderie and complementary skills became evident during their Shark Tank pitch, which featured a surprising detail: Devansh wore shoes worth ₹10 lakhs for the occasion, a moment that both shocked and impressed the sharks.
During their pitch, the founders shared their bold vision for Culture Circle, seeking ₹3 crores for 3% equity at a valuation of ₹100 crores. They presented a strong case with impressive financials, revealing that they had already raised ₹16.2 crores in a previous round at a valuation of ₹80.2 crores. Between April and November 2024, the company achieved gross sales (GMV) of ₹22.2 crores, generating ₹2.5 crores in revenue with consistent profitability over the last three months. However, their lofty valuation sparked intense debates among the sharks.
The negotiations were anything but straightforward. While the sharks admired the founders’ data-driven approach, innovative app-based platform, and rigorous authentication process, concerns about their valuation became a sticking point. Namita Thapar offered ₹1.2 crores for 1.2% equity but included a 0.5% royalty clause, which the founders refused, standing firm on their valuation. Aman Gupta countered with a ₹1.2 crore offer for 1.5% equity at an ₹80 crore valuation, while Kunal Bahl took a bolder step, offering ₹8 crores for 10% equity. Ritesh Agarwal proposed ₹1.2 crores for 1.33% equity, and Vineeta Singh eventually opted out, expressing doubts about the valuation.
The turning point came when the founders made a counteroffer of ₹2.4 crores for 2% equity at a ₹120 crore valuation, which the sharks found too ambitious. In a moment of light-hearted tension, Devansh remarked, “Namita, 0.1% royalty, air ho jayenge” (suggesting that the royalty would ruin the deal). This led to a dramatic exit by Aman, who declared, “You have not come here for a deal, air hone aaye ho” (you came here to show off). Despite the drama, negotiations resumed, with the sharks offering ₹4 crores for 5% equity, a deal that the founders ultimately declined.
In the end, Devansh and Ackshay closed a deal with Ritesh Agarwal and Kunal Bahl, securing ₹3 crores for 3% equity at a valuation of ₹100 crores. This deal not only brought the funding they needed but also validated their vision and established them as pioneers in India’s luxury sneaker and streetwear market.
The Shark Tank journey highlighted what makes Culture Circle truly unique. Their platform aggregates over 25 lakh active listings from 240+ global websites, offering customers unmatched variety and access to high-end sneakers, jackets, and accessories. They have built a reputation for authenticity, using a 24-picture review system that combines digital analysis and manual checks. By aggregating listings from over 30 trusted resellers, their proprietary price comparison tool ensures buyers get the best deals without compromising on quality.
For Devansh and Ackshay, Shark Tank India was not just about securing funding; it was about proving their mettle as entrepreneurs and reinforcing their commitment to disrupting the luxury resale market. The experience also shed light on their dynamic partnership, innovative mindset, and customer-first approach.
With the mentorship of seasoned investors like Ritesh Agarwal and Kunal Bahl, Culture Circle is poised to scale new heights. The company’s ability to bridge the gap between global luxury brands and Indian buyers makes it a trailblazer in the industry. The Shark Tank deal was more than a financial win—it was a cultural moment that affirmed their place in India’s startup ecosystem.
Devansh and Ackshay’s story is one of innovation, resilience, and passion. Culture Circle is not just a business; it’s a movement that has given sneakerheads and streetwear enthusiasts in India a platform they can trust. As they look to the future, the founders are determined to make luxury fashion more accessible while staying true to their roots of authenticity and innovation.
