Mainstreet Marketplace raises $2 Mn in seed round

Sneaker reselling platform Mainstreet Marketplace has closed a $2 million seed funding round from a clutch of investors, including Zomato CEO Deepinder Goyal’s First Lap LLP, Zerodha co-founder Nikhil Kamath and Abhijeet Pai’s venture fund Gruhas Proptech. Udaan co-founder Sujeet Kumar, Spotify India MD Amarjit Singh Batra, and several other angel investors and social media influencers also participated in the round.

Founded by Vedant Lamba as a YouTube channel in 2017, Mainstreet Marketplace offers brands such as Nike, Adidas, Yeezy, Supreme, Drewhouse, and claims to have an exclusive clientele that includes Bollywood celebrities such as Ranbir Kapoor, Karan Johar, Ranveer Singh, etc.

The firm earns revenues through commissions on reselling of prized sneakers. Some of these products, especially the limited edition shoes, see their prices increase with time. In this segment, Mainstreet Marketplace competes with the likes of VegNonVeg, Superkicks, and a number of other individuals who resell these products.

Previously, the Mumbai-based company raised pre-seed funding of $1,25,000 (around Rs 1 crore) from angel investors, including Cred founder Kunal Shah.

Lamba said that the startup closed FY22-23 with Rs 24 crore in revenues, and is expecting to have a topline of Rs 100 crore in FY23-24. The company currently has two stores — one each in Delhi and Mumbai — and plans to add six more by the end of this year.