A group of investors, including Zomato CEO Deepinder Goyal’s First Lap LLP, Zerodha co-founder Nikhil Kamath, and Abhijeet Pai’s venture fund Gruhas Proptech, have invested $2 million in the sneaker reselling platform Mainstreet Marketplace. Amarjit Singh Batra, MD of Spotify India, Sujeet Kumar, a co-founder of Udaan, and a number of other angel investors and social media influencers also took part in the round.
Mainstreet Marketplace was started by Vedant Lamba as a YouTube channel in 2017. It offers brands like Nike, Adidas, Yeezy, Supreme, and Drewhouse and boasts an exclusive clientele that includes Bollywood stars like Ranveer Singh, Karan Johar, and Ranbir Kapoor.
The company makes money by receiving commissions on the sale of expensive sneakers. Some of these items experience price increases over time, particularly the limited-edition shoes. In this market, Mainstreet Marketplace faces rivalry from companies like VegNonVeg, Superkicks, and a few other people who resell these goods.
The Mumbai-based business had previously raised pre-seed funding from angel investors, including Cred founder Kunal Shah, for $1,25,000 (roughly Rs 1 crore).
According to Lamba, the startup had revenues of Rs 24 crore at the end of FY22–23, and it anticipates having a topline of Rs 100 crore in FY23–24. The company currently operates two stores, one each in Delhi and Mumbai, and by the end of this year, it hopes to have added six more.