Culture Circle is bridging the trust gap in India’s luxury resale market

The luxury resale market in India is evolving rapidly, with a growing demand for premium fashion, especially streetwear and sneakers. Once dominated by global fashion hubs, high-end resale is now finding a strong foothold among Indian consumers, driven by a growing appetite for authenticated pre-owned goods.

However, trust and transparency remain a challenge for most consumers.

To address this, Ackshay Jain and his childhood friend Devansh Jain co-founded Culture Circle in 2023. The Gurugram-based startup offers an authenticated collection of sneakers, streetwear, and luxury fashion, including handbags, sunglasses, jackets, and dresses. 

“India’s luxury resale market was plagued by unverified products, unreliable sellers, and a lack of transparency. Many transactions were informal and conducted over WhatsApp, which made buyers vulnerable to scams. We saw an opportunity to address these pain points by building a technology-driven marketplace that provided authenticated luxury streetwear and sneakers,” Ackshay Jain tells YourStory.

“Finding authentic sneakers in India was a challenge. As a UK size 11, I struggled with limited options, inflated prices, and no guarantee of authenticity. This wasn’t just my problem; it was a widespread issue,” adds Jain.

This frustration led them to identify a gap in the market, where consumers were paying premium prices without assurance of authenticity or trust. 

While global players like StockX, GOAT, and The RealReal redefined luxury resale in the West, India lacked a structured, reliable marketplace that could cater to its growing demand. 

“As consumers, we were tired of unreliable platforms where authenticity was always a question mark. When we started speaking to other sneaker enthusiasts, we realised this was a shared frustration,” he explains.

According to the founders, the platform ensures authenticity with AI-powered verification and competitive pricing through its network of KYC-verified sellers.

Both Ackshay and Devansh have business backgrounds—in investment and market insights, and Ackshay with operational expertise—and previously co-founded The Healthy Company, which helped them gain valuable experience in scaling businesses.

Culture Circle began as a weekend project at a Goa hackathon, where it quickly gained traction, amassing over 30,000 organic users within months. This success led to the start of Culture Circle in September 2023.

How does it work?

Culture Circle’s proprietary SourceX, an authentication system, aggregates data from hundreds of global websites, offering a vast marketplace for buyers and sellers. It sources listings from over 240 platforms and connects users with more than 3,000 verified sellers.

Currently, the platform features around 2.5 million active listings. It enables users to compare prices across multiple sellers and access exclusive offers from top brands like Nike, Adidas, Louis Vuitton, Yeezy, and Dior. 

Additionally, SourceX provides data-driven insights to help sellers streamline their operations.

“SourceX is more than just a marketplace; it’s an ecosystem that helps sellers grow sustainably by providing actionable insights,” says Jain.

To ensure the authenticity of products, Culture Circle has partnered with CheckCheck, a global leader in sneaker authentication. The platform uses a comprehensive three-step verification process, including seller background checks, manual order reviews, and digital authentication powered by CheckCheck’s proprietary technology.

“Trust is the cornerstone of our platform. Our partnership with CheckCheck has been a game-changer in building that trust,” he says.

Additionally, SourceX’s proprietary technology enhances authentication with computer vision AI, a five-step verification protocol, and physical inspection by trained experts. Each product is validated with a digital authentication certificate and sourced from a verified seller network with strict KYC compliance before being listed on the platform.

Culture Circle’s app has about five lakh downloads on both Android and iOS. 

Growth and expansion

Since its launch, Culture Circle has delivered to over 50,000 customers and expanded into Tier II and Tier III cities, tapping into the increasing demand for luxury fashion among Indian consumers. 

Jain notes, “The enthusiasm from smaller cities has been incredible. These customers value authenticity and are willing to invest in quality.”

The platform’s average order value ranges from Rs 18,000 to Rs 20,000, with higher ticket items like luxury bags and watches adding to the average. 

It charges seller fees ranging from 6% to 30%, depending on the category, with sneakers typically attracting a 9-10% fee and apparel 10-12%.

In January, Culture Circle achieved Rs 50 lakh in topline sales, and by November, the platform had reached Rs 5 crore in net sales, with a gross merchandise value (GMV) of $3 million in its first three months.

About 94% of its revenue comes from online sales, while the remaining 6% is generated from offline stores.

Initially, the platform targeted individuals aged 15 to 30, seeking trendy streetwear like t-shirts and sneakers. As it introduced luxury items, the target demographic expanded to include individuals aged 30 to 50, particularly those interested in high-end accessories like watches and bags.

Jain shares, “We’ve seen tremendous growth since expanding into the luxury segment, and our audience now spans a wider age range. The demand for authenticated luxury fashion is growing rapidly in India.”

Looking to the future

The luxury retail market in India is valued at approximately $8 billion and is expected to grow to $14 billion by 2032, according to analysts at BCG.

Culture Circle secured early backing from IIM-A Ventures and Info Edge Ventures in 2023. Recently, the startup received a Rs 3 crore investment for 3% equity from Kunal Bahl (Snapdeal) and Ritesh Agarwal (OYO). 

“We chose this strategic investment over the Shark Tank's highest-ever offer of Rs 8 crore to partner with investors who share our vision of making authentic sneakers accessible in India,” he says.

Currently, the platform has offline stores in Delhi, Hyderabad, and Mumbai, with new stores launching in the coming year.

It plans to expand its geographical footprint by opening four stores in the UAE by the end of this year.

The startup is also exploring further expansion into other high-demand luxury categories, including watches and bags, and integrating AI to enhance its authentication processes.

Looking beyond India, the founders have set their sights on international markets. 

“India has been an incredible launchpad for us, but we see enormous potential in expanding globally. The demand for authenticated luxury fashion is universal, and we’re excited to be part of that larger conversation,” says Jain.