Mainstreet Marketplace raises $2 million in seed funding round

Mainstreet Marketplace, a sneaker reselling platform has closed a seed funding round by raising $2 million (Rs 16 crore) from a host of investors.

The funding round saw participation by Deepinder Goyal, Nikhil Kamath, Gruhas Proptech, Sujeet Kumar, Amarjit Singh Batra along with other angel investors and social media influencers.

The start-up will utilise the funds on hiring senior talent, offline expansion, and technology development to enhance customer experience.

Commenting on the funding, Vedant Lamba, founder of Mainstreet Marketplace said, “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.”

The platform that offers footwear from brands such as Nike, Adidas, Yeezy, Supreme, and Drewhouse among others claims to have achieved a revenue of Rs 24 crore in financial year 2022-23 and expects to achieve Rs 100 in the current fiscal year.

Founded in 2017 by Vedant Lamba as a YouTube channel, Mainstreet Marketplace currently operates two stores in Delhi and Mumbai, it plans to add six more by the end of the year.