The Busy Brains
27 Jun 2023
Mumbai-based sneaker reselling platform, Mainstreet Marketplace, has raised $2 million in a seed funding round led by notable investors, including Zomato CEO Deepinder Goyal's First Lap LLP and Zerodha co-founder Nikhil Kamath. The funding will enable Mainstreet Marketplace to strengthen its operations and enhance the customer experience. Learn more about this thriving startup.
Mumbai-based Mainstreet Marketplace, a leading sneaker reselling platform, has successfully raised $2 million in a seed funding round. The funding was led by renowned investors, including Deepinder Goyal's First Lap LLP, Nikhil Kamath of Zerodha, and Abhijeet Pai's venture fund Gruhas Proptech. Sujeet Kumar, co-founder of Udaan, and Amarjit Singh Batra, Managing Director of Spotify India, also participated in the round, alongside several angel investors and influential social media personalities.
With the newly secured funding, Mainstreet Marketplace aims to fortify its business operations and provide an even more exceptional customer experience. This significant investment will drive the platform's growth and position it as a leader in the sneaker reselling industry.
Before this funding round, the startup had successfully raised $125,000 (approximately Rs 1 crore) in a pre-seed funding round from angel investors, including Kunal Shah, the founder of Cred. These early investments have played a crucial role in Mainstreet Marketplace's development and success.
Founded in 2017 by Vedant Lamba as a YouTube channel, Mainstreet Marketplace has evolved into a premier platform offering a wide range of popular sneaker brands, including Nike, Adidas, Yeezy, Supreme, and Drewhouse. The platform takes pride in serving an exclusive customer base, which includes renowned Bollywood celebrities such as Ranbir Kapoor, Karan Johar, and Ranveer Singh.
Mainstreet Marketplace generates revenue by earning commissions from the resale of highly coveted sneakers. Certain products, especially limited edition shoes, tend to appreciate in value over time, making them desirable for collectors and enthusiasts. While operating in this competitive market segment, Mainstreet Marketplace faces competition from other resellers such as VegNonVeg, Superkicks, as well as individual sellers.
As Mainstreet Marketplace secures this significant funding, it is well-positioned to further revolutionize the sneaker reselling industry and deliver exceptional value to its customers. The company's commitment to quality and its impressive roster of investors set the stage for continued growth and success in the dynamic world of sneaker reselling.
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