Founded by Vedant Lamba as a YouTube channel in 2017, Mainstreet Marketplace which is now a sneaker reselling platform, has closed a US $ 2 million (around Rs. 16 crore) seed funding round.
Mumbai-based Mainstreet Marketplace had last year raised pre-seed funding of around US $ 1,25,000 (around Rs. 1 crore) from angel investors, including Cred founder Kunal Shah.
The startup closed FY ’22-23 with Rs. 24 crore in revenues, and is expecting to have a topline of Rs. 100 crore in FY ’23-24.
The investors include 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.
As per reports, the funds will be deployed towards hiring an experienced senior management team, expanding Mainstreet Marketplace’s brick-and-mortar presence in more cities, and building the quality of customer experience.
The company currently has two stores in Delhi and Mumbai and plans to add six more by the end of this year.
Vedant believes Mainstreet is a customer-to-business-to-customer (C2B2C) marketplace such as Olx, Spinny, CarDekho, etc., but for status-driven commodities.
