The funds raised will be used to expand on their current line of limited edition sneakers and develop technology to scale the platform.
The Mainstreet Marketplace, one of India’s largest sneaker resale platforms, recently announced that they have raised a seed round of funding, an undisclosed amount.
The round saw participation from Kunal Shah – Founder of CRED, Raj Shamani- Entrepreneur, Digital Content Creator, Podcaster and Investor, Varun Duggirala – Founder of Glitch, Rohan Batra- MD , Cravatex Brands, Prashant Iyer, Rohit Raj – Founder, Glitch, Bhavisha Dave – Founder, Capsul and Keshav Hingorani – Entrepreneur.
The funds raised will be used to expand on their current line of limited edition sneakers and develop technology to scale the platform. They will also be utilized toward building, strengthening and bettering their community experience.
Stumbling upon the gap of sneaker culture development in India, 22 year old Vedant Lamba started Mainstreet as a YouTube channel 4 years ago. It is now one of the country’s largest sneaker reselling platforms. The brand stocks some of the most exclusive kicks from brands like Yeezy, Jordan, Adidas, Nike, and apparel from Fear of God, Essentials, Drewhouse, Supreme, Palm Angles, Off White and the likes.
Varun Duggirala, Founder of Glitch says, “Vedant is one of those special set of founders who has a unique vantage point from a market opportunity & cultural connect standpoint coupled with a clear roadmap to nailing all fundamentals in building a solid long term growth-focussed company . What he’s building at MNST is special and I’m kicked to be a part of this”
Commenting on the development, Vedant Lamba, Founder of The Mainstreet Marketplace says, “A table of incredible people I look up to as mentors have validated our business with their money and as a team, we’re very excited for everything in store. We’ve been blessed with customers, sellers, and a community that stood by us through our ups and downs, and this investment will help us serve them better. This investment means a lot not only to us, but is also a huge milestone for this industry – the resale industry being validated by white collar investors is a great sign for where we are all heading.”
On investing in Mainstreet Marketplace, Raj Shamani – Entrepreneur, Digital Content Creator, Investor and Podcaster says, “When it comes to Mainstreet Marketplace, I was a customer first, Investor second. Before I decided to invest I bought a lot of sneakers from Mainstreet because I am a big sneaker head. And they are always on time. They get me things on the day when they are launched in the US. They get me the best pieces and the limited edition which are not available anywhere else. In addition to this, the founder is a visionary. Everytime you talk to him he is passionate about how he wants to shape sneaker culture in our country and make sneakers as an asset class. Not just treat it as something that people wear to communicate their style. As I feel the founder is going to do great work and that’s the reason why I have invested in Mainstreet. I think good times are ahead.”
Source: Business World
