Mainstreet Marketplace, a renowned online platform for reselling sneakers, footwear, and fashionable items from global brands, has successfully closed a significant seed funding round, securing a substantial amount of $2 million, and becoming the largest sneaker culture start-up in India. The funding was led by prominent investors, including Deepinder Goyal’s First Lap LLP, Gruhas Proptech, helmed by Zerodha co-founder Nikhil Kamath, and Abhijeet Pai’s venture fund. Notable personalities like Udaan co-founder Sujeet Kumar, Spotify India MD Amarjit Singh Batra, and several angel investors and influential social media figures also participated in the round.
About Mainstreet Marketplace
Initially established as a YouTube channel in 2017 by founder Vedant Lamba, Mainstreet Marketplace has evolved into the largest sneaker culture start-up in India, offering a wide range of footwear and clothing options from industry giants such as Nike, Adidas, Crocs, Supreme, and Dior. The platform operates on a customer-to-business-to-customer (C2B2C) model, enabling customers to resell their owned items on the platform, much like popular online marketplaces like OLX or eBay.
The platform earns revenue through commissions on the reselling of highly coveted sneakers. Some of these products, especially limited edition shoes, witness price appreciation over time. In this segment, Mainstreet Marketplace faces competition from other prominent reselling platforms like VegNonVeg and Superkicks, along with several individuals engaged in sneaker reselling.
Earlier, the Mumbai-based start-up secured pre-seed funding of $125,000 from angel investors, including Kunal Shah, the founder of Cred. With the recent seed funding, Mainstreet Marketplace aims to further expand its operations and reach greater heights of success.
Vedant Lamba shared that the company achieved revenues of INR 24 crore during the fiscal year 2022-23 and anticipates an impressive topline of INR 100 crore in the upcoming fiscal year 2023-24. Presently, Mainstreet Marketplace operates two physical stores, one in Delhi and one in Mumbai, with plans to add six more stores by the end of this year, expanding its footprint across the country.
Why is it the largest sneaker culture start-up in India
The acquisition of $2 million in seed funding marks a significant milestone for Mainstreet Marketplace, reflecting the confidence and support it has garnered from prominent investors and influencers in the industry. The platform has effectively capitalized on the growing demand for sneakers, particularly among collectors, who are willing to pay a premium for exclusive and sought-after designs. Mainstreet Marketplace offers sneakers that range in price from INR 9,000 to as high as INR 8.25 lakhs, with the majority falling within the range of INR 9,000 to INR 1.89 lakhs.
Vedant envisions Mainstreet Marketplace as more than just a platform for sneakers; it aspires to become a marketplace for status-driven commodities, catering to the evolving needs and aspirations of its discerning customers. With the infusion of fresh capital, the company intends to recruit seasoned professionals for key management positions, enhance the quality of customer experience, and further expand its physical presence nationwide.
As India’s startup ecosystem experiences a resurgence in funding, Mainstreet Marketplace stands at the forefront of the sneaker reselling market, poised for exponential growth and success. With its robust funding, strategic vision, and commitment to delivering exceptional customer experiences, Mainstreet Marketplace is set to redefine the dynamics of the reselling industry in the country.
boAt and BookMyShow Navigate Troubled Waters Amidst Rapper Shubh Controversy
Will Torrent Pharmaceuticals Acquire Cipla? Is the Indian Pharma Giant in Financial Trouble?
Tata Nexon Facelift Unveiled: A Game-Changer in the Compact SUV Segment
Royal Enfield: The Regal Journey of Luxury Motorcycles
Physics Wallah Edtech: A Revolutionary Success Story
From YouTube to Billion-Dollar Valuation: Explore how Physics Wallah transformed India's EdTech landscape with affordable education.
Ola Electric Temasek Fundraise: Ola Electric Mobility Pvt Ltd Receives $140 Million Boost from Temasek to Accelerate Growth
Snitch, a fashion label for Men’s wear, records ARR of a whopping 100 crores in Q4 of FY’22
D2C fashion brand Snitch attracts an annual return of Rs. 100 crores within 2 years of its inception, aims to become India’s biggest fashion brand for men.
MediBuddy Secures $18 Million in Funding for Expansion and Acquisitions
Viacom18 Secures TV and Digital Rights for Indian Cricket Team’s Home Matches: A Game-Changer for Cricket Broadcasting
Pepsi Celebrates its Historic 125th Anniversary with 125-Day-Long Campaign
Pepsi Celebrates Its Historic 125th Anniversary with 125-Day-Long Campaign
Latest6 months ago
Ola S1 Electric Scooter: Everything You Need to Know About the Recall
Analysis5 months ago
Aryan Khan’s clothing collection D’Yavol X: The Devilishly Luxurious collection sold out in a day even with whopping prices!
Analysis8 months ago
Organic Food Industry in India: A Booming Industry with Huge Potential
News7 months ago
ReviewAdda By Rahul Jain: Helping Students Navigate Confusing Admission Processes at Private Universities
Analysis6 months ago
UpGrad vs Eruditus: Contrasting revenues in FY22
Analysis5 months ago
Yulu Revolutionizes Urban Transportation in India with Strategic Partners
Stories5 months ago
BlissClub Founder Minu Margeret: Bringing Inclusivity in Activewear
News5 months ago
Reliance, Circle E Retail in Joint Venture to Aid Hamleys and Rowan Toy manufacturing