The Mainstreet Marketplace, a platform for reselling sneakers, footwear, and other fashion goods, has raised $2 Mn in seed funding.
Deepinder Goyal’s First Lap LLP, Gruhas Proptech, and Udaan cofounder Sujeet Kumar participated in the funding round. Additionally, angel investors and social media influencers also contributed to the investment.
The funding round involved notable names such as Nikhil Kamath and Abhijeet Pai. The total amount raised by the Mainstreet Marketplace is approximately INR 16 Cr.
Vedant Lamba, the platform’s founder, announced the deal on Twitter on Sunday, June 25.
About the Mainstreet Marketplace
The Mainstreet Marketplace was initially established in 2017 as a YouTube channel. It operates on a customer-to-business-to-customer (C2B2C) model, allowing customers to resell products they own on the platform, similar to OLX or eBay. The platform offers footwear and clothing from brands like Nike, Adidas, Crocs, Supreme, and Dior. Last year, Lamba converted the YouTube channel into an online platform and secured $125K in seed funding from angel investors, including Kunal Shah from CRED.
Based in Mumbai, the startup earns a commission on reselling sneakers, which have gained significant popularity among collectors. The price range for sneakers on Mainstream varies from INR 9,000 to INR 8.25 Lakhs, with most sneakers falling between INR 9,000 to INR 1.89 Lakhs.
The Mainstreet Marketplace faces competition from VegNonVeg, Superkicks, Thrifter, and various individual sneaker resellers. According to Lamba’s interview with ET, the startup was self-funded until the pre-seed funding round last year.
From the Mainstreet Marketplace Founder
Lamba stated that as a bootstrapped business, they had to be creative in scaling without capital leverage. Additionally, he mentioned that the obtained capital would aid in scaling through hiring and improving customer experience. Furthermore, he emphasized their focus on status-driven commodities in the marketplace. In conclusion, their initial puzzle piece is sneakers, and they are exploring what comes next.
Accordingly, the incoming funding will be used by Mainstreet to hire senior management and expand its brick-and-mortar presence nationwide. The startup currently has physical locations in Delhi and Mumbai. The platform aims to cater to the status-driven marketplace and explore future opportunities.
What Nikhil Kamath Said
Kamath expressed their bullishness on the consumption sector and their belief in investing in individuals. He praised Vedant’s abilities as one of the brightest young operators they had encountered. Moreover, they highlighted their connection with him, stating he is also a friend. In conclusion, Kamath expressed excitement to embark on this journey alongside Vedant.
The Seed funding round of 2022
Reportedly, in January 2022, the brand successfully went through the seed funding round. Notable figures such as Kunal Shah, Raj Shamani, Varun Duggirala, and others joined the round. The raised funds were used to support the expansion of their limited edition sneaker collection and technological advancements. Additionally, they aimed to enhance the platform’s community experience and strengthen their offerings.
Raj Shamani, an entrepreneur, digital content creator, investor, and podcaster, shared his perspective on investing in Mainstreet Marketplace. He initially was a customer and later decided to invest. As a customer, he expressed satisfaction with timely deliveries and access to exclusive and limited-edition sneakers. Moreover, he has highlighted the founder’s visionary mindset and passion for shaping sneaker culture and elevating sneakers as an asset class. Raj firmly believed in the founder’s ability to achieve great things and has invested accordingly.