Mainstreet Marketplace Raises $2 Million in Seed Funding, Attracts Prominent Investors for Sneaker Reselling Platform
- ByStartupStory | June 26, 2023
Mainstreet Marketplace, a sneaker reselling platform, has successfully closed a seed funding round, raising $2 million (approximately Rs 16 crore). The funding round saw participation from notable investors, including First Lap LLP (led by Zomato CEO Deepinder Goyal), Nikhil Kamath (co-founder of Zerodha), Gruhas Proptech (venture fund by Abhijeet Pai), Sujeet Kumar (co-founder of Udaan), Amarjit Singh Batra (MD of Spotify India), along with other angel investors and social media influencers.
Founded in 2017 by Vedant Lamba as a YouTube channel, Mainstreet Marketplace has quickly evolved into a prominent platform for sneaker enthusiasts. In the previous year, the startup raised pre-seed funding of approximately $125,000 (around Rs 1 crore) from angel investors, including Kunal Shah (founder of Cred).
In an interaction with ET, Lamba expressed his excitement about the new investment, stating, “We’re deploying the funds towards hiring an experienced senior management team, expanding our brick-and-mortar presence in more cities, and building the quality of our customer experience.”
With revenues of Rs 24 crore in FY22-23, Mainstreet Marketplace is expecting to achieve a topline of Rs 100 crore in FY23-24. Currently operating two stores in Delhi and Mumbai, the company plans to add six more by the end of the year.
Lamba emphasized the bootstrapped nature of the business and the need for creative scaling strategies. He mentioned, “This capital will help us scale by hiring more people and increasing the quality of customer experience.”
Mainstreet Marketplace positions itself as a customer-to-business-to-customer (C2B2C) marketplace, focusing on status-driven commodities. While sneakers are their initial focus, Lamba stated, “We’re figuring out what’s next in the marketplace for status-driven commodities.”
The platform offers renowned brands such as Nike, Adidas, Yeezy, Supreme, and Drewhouse. It boasts an exclusive clientele that includes Bollywood celebrities like Ranbir Kapoor, Karan Johar, and Ranveer Singh.
Mainstreet Marketplace generates revenue through commissions on the reselling of coveted sneakers. This sector has seen significant growth globally and in India, with collectors willing to pay top dollar for limited edition shoes. Prices on Mainstreet range from Rs 8,999 to Rs 8,24,999 for a pair of sneakers.
Nikhil Kamath expressed his confidence in the company, stating, “Often investing in a company is really investing in the person who runs the company. Vedant is not only one of the brightest young operators we have met in a long time but also a friend. Excited to be on this journey with him.”
Follow Startup Story
Related Posts
