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.
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