Devansh Jain (Culture Circle): 10 Key Things You Must Know

Overview

Devansh Jain Nawal is a prominent Indian entrepreneur known primarily as the co-founder and CEO of Culture Circle, Asia's leading luxury and hype fashion platform. Originating as a tech-driven solution to authenticity and pricing challenges in luxury sneaker and streetwear resale, Culture Circle has rapidly grown into a cultural movement and a business powerhouse. Devansh’s background spans elite education and corporate experience, including IIM Ahmedabad and Goldman Sachs, which have shaped his innovative approach. The journey of Devansh Jain and Culture Circle combines youthful ambition, technical savvy, disruptive novelty, and a passion for fashion culture—making his story a unique narrative in India’s startup ecosystem. This article explores key facets of Devansh Jain’s life, career, and impact related to Culture Circle, with insights into the wider luxury fashion market, entrepreneurial challenges, and future prospects.

1. Background and Education

Devansh Jain Nawal was educated at prestigious institutions that helped lay the foundation for his entrepreneurial journey. He graduated from the Indian Institute of Management Ahmedabad (IIM Ahmedabad), one of India’s premier business schools, where he developed strong business acumen. Prior to this, he studied engineering at the Netaji Subhas Institute of Technology (NSIT) in Delhi. His stellar academic record includes scoring 99.96 percentile in the Common Admission Test (CAT). His corporate experience includes stints at Goldman Sachs and Microsoft, which provided development in finance and technology before venturing into entrepreneurship. This blend of technical and managerial education and experience has underpinned his success as a founder.

2. Founding Culture Circle

Co-founded with longtime friend Ackshay Jain in 2023, Culture Circle was born out of a shared frustration with the luxury streetwear and sneaker reselling market in India. Both founders experienced issues of authenticity, inflated prices, and limited access to exclusive products. They envisioned a platform that offered verified, authentic luxury apparel with transparent pricing. Culture Circle evolved from a college hackathon project to a fast-growing marketplace, combining technology with cultural energy to serve fashion lovers and collectors. Their goal was to create not only a marketplace but a verified, trustworthy community.

3. Culture Circle’s Business Model and Technology

Culture Circle operates as an AI-powered online marketplace specializing in luxury sneakers, streetwear, and accessories. It aggregates listings from thousands of verified sellers across platforms providing millions of active listings, from coveted brands like Nike, Adidas, Louis Vuitton, Dior, Yeezy, and Supreme. The platform’s proprietary technology, SourceX, powers an advanced five-step authentication process using AI, computer vision, and expert manual review to guarantee product authenticity. It also offers price comparison and exclusive deals for users, ensuring the best prices on verified products and significantly reducing risks of counterfeit goods. SourceX also aids sellers with data-driven market insights, fostering sustainable business growth.

4. Culture Circle’s Rise to Prominence and Market Impact

Since launch, Culture Circle has become Asia's number one hype and luxury app with over one million monthly users and more than 4,000 KYC-verified sellers. The company’s user base spans Gen Z and millennials passionate about sneaker culture and premium fashion. It pioneered transparency and trust in an industry where fake products and inflated prices were prevalent, thus establishing new standards for resale luxury in India. Its success catalyzed a cultural shift, making luxury and streetwear fashion more accessible and authentic to younger consumers in India and beyond.

5. Shark Tank India Appearance and Investment

Culture Circle gained nationwide attention when Devansh Jain and Ackshay Jain appeared on Shark Tank India Season 4. The pitch was noteworthy not only for its business but also due to Devansh wearing Rs 10 lakh Dior Air Jordan sneakers during the presentation, which attracted much media buzz. The founders asked for Rs 1.2 crore for 0.5% equity, implying a Rs 240 crore valuation, sparking intense debate among the panel, with some judges criticizing the valuation as high. Ultimately, they declined a record Rs 8 crore offer and chose a strategic Rs 3 crore investment for 3% equity from renowned investors Kunal Bahl and Ritesh Agarwal. This deal, valuing Culture Circle at Rs 100 crore, was hailed as historic and validating of their vision. The episode further elevated the brand’s credibility and visibility.

6. Devansh Jain’s Role and Leadership Style

As co-founder and CEO, Devansh Jain guides the overall vision and strategy of Culture Circle. His leadership combines deep technical understanding with cultural insight and business savvy. He emphasizes community-building alongside technology, fostering authenticity and accessibility. His experience with AI, machine learning, and data science informs the company’s innovative platform development. He values accountability, trust, and ownership in his team, attributing Culture Circle’s rapid growth to a strong internal culture and customer-centric approach. Devansh is also active in mentoring and entrepreneurship discussions, advocating risk-taking and innovation.

7. Ackshay Jain and Partnership

Ackshay Jain, Devansh’s childhood friend and co-founder, complements him with a tech and entrepreneurial background including a computer science degree from Maharaja Agrasen Institute of Technology and experience at Google. Ackshay is the COO and focuses on operations, technology development, and scaling. Together, their friendship and shared vision have been central to Culture Circle’s success. Their story reflects strong personal trust and aligned values, which is rare in startup co-founder dynamics and contributes significantly to their effective leadership.

8. Culture Circle’s Expansion and International Ambitions

Post-success in India, Culture Circle has embarked on expanding both offline and internationally. It already operates coveted flagship stores in Delhi and Hyderabad, with plans to open outlets in Gurugram, Mumbai, and other metros. Internationally, it has launched beta programs in markets like the UAE, Qatar, Oman, Singapore, UK, and Thailand. The startup’s focus on controlled growth balances offline retail experience with tech-driven marketplace strengths. Global expansion is driven by demand for verified luxury resale platforms in emerging markets, as well as a growing Indian diaspora. Devansh envisions Culture Circle establishing India’s place in the global streetwear and luxury resale industry.

9. Financials and Valuation Insights

Culture Circle has raised approximately $2.45 million in funding rounds led by Info Edge Ventures, IIM Ahmedabad Ventures, and strategic investors Kunal Bahl and Ritesh Agarwal. Latest valuation estimates range around Rs 100 crore at the time of the Shark Tank deal, with business performance rapidly improving. The startup achieved Rs 5 crore net sales and a gross merchandise value (GMV) of $3 million within months of operation. The brand’s revenue channels include 94% online sales and growing offline sales. The company’s user acquisition relies heavily on organic growth and influencer partnerships, especially within youth and sneakerhead communities.

10. Controversies and Challenges

The founders have faced skepticism, especially regarding their initial high valuation and funding needs given reported cash reserves. A few Shark Tank panelists criticized the valuation as “outrageous” and accused the pitch of seeking marketing exposure. Logistics and customer service challenges typical of rapidly scaling e-commerce startups have been reported but are actively addressed. Authenticity skepticism in the luxury resale market prompted development of the stringent SourceX system. Public discourse around their Rs 10 lakh sneakers sparked debates on ostentation versus business strategy. Despite challenges, Devansh and Culture Circle continue to adapt, focusing on transparency and customer trust as pillars of their value proposition.

Conclusion

Devansh Jain Nawal’s journey from a high-achieving student and corporate professional to a visionary entrepreneur highlights the confluence of technology, culture, and commerce shaping India’s luxury fashion sector. Through Culture Circle, he has addressed longstanding market trust issues by delivering a tech-enabled, community-driven platform that democratizes access to authenticated, premium streetwear and sneakers. Their strategic funding choices, rapid growth, and international ambitions position Culture Circle as a pioneer for Gen Z and luxury resale in India and beyond. As the startup continues to evolve in a dynamic market, Devansh Jain’s leadership blends ambition with innovation, signaling a promising future for India’s position in the global fashion technology arena. Could Culture Circle redefine not just fashion retail but also how India’s young consumers engage with culture and commerce?