Zomato’s Deepinder Goyal-backed company intends to be India’s sneakerhead content-to-commerce solution.
Zomato’s Deepinder Goyal and Bollywood rapper Badshah back Mumbai-based Mainstreet Marketplace, which offers luxury footwear and accessories and has a content component to boost sales.
Zomato’s Deepinder Goyal-backed company intends to be India’s sneakerhead content-to-commerce solution.
In recent years, shoes have become a cultural icon of youth and enthusiasm. From Nike Air Jordans to New Balance, ‘sneakerheads’ are buying celebrity-endorsed shoes.
A unique ecosystem for sneaker culture in India has been formed by Mainstreet Marketplace, a multi-brand resale marketplace selling the world’s most popular sneakers.
Sneakers gained popularity in India a few years ago. I wanted to create something niche but cool to meet this need. That’s how Mainstreet started, explains 24-year-old creator Vedant Lamba.
Lamba established a YouTube channel in 2017 to capture his daily life, from visualizing company ideas to discussing life objectives, while creating three content and shoe businesses. Lamba found clarity on his business goal after nearly two years without a clear YouTube channel vision.
Lamba explains, “After my co-founders left, I decided to hive off learnings from my YouTube channel to build Mainstreet full time.
Lamba, a sneakerhead, also noticed the country’s premium apparel industry’s deficiencies. He argues brands underestimate the power of affluent Indian consumers, thus demand surpasses supply.
Why should luxury goods fans shop abroad? How about a DIY website for them? asks Lamba.
Mainstreet began in 2017 and now sells over 3,000 sneakers, t-shirts, and hoodies (streetwear to Gen Z).
The Mumbai-based business, with a monthly revenue of Rs 5 crore, secured $2 million in seed capital from First Lap, Zerodha Co-founder Nikhil Kamath, and Abhijeet Pai’s Gruhas Proptech. Bollywood rapper Badshah and content producer Tanmay Bhat helped Mainstreet gain prestige among status-driven consumers.
“Ranbir Kapoor, Ranveer Singh, and Karan Johar are among our exclusive clients. Lamba claims these products’ celebrity appeal attracts customers.
Statista estimates that the Indian shoes industry will rise 9% yearly from $2.46 billion in 2022. Globally, the market earned $72 billion in 2022, over 30 times India’s.
“The numbers are proof that the sneakers market has tremendous potential to grow in India as the consumers are aspirational,” Lamba said.
The 50-member startup follows a customer-to-business-to-customer paradigm, similar to eBay, OLX, and Cars24.
Mainstreet charges a commission to resell high-end sneakers.
Mainstreet, with an average ticket size of Rs 20,000, aims to educate consumers about sneaker and luxury apparel culture through prominent personalities like boAt Lifestyle’s Founder and CEO Aman Gupta and Bollywood Actor Harshvardhan Kapoor and resell sneakers.
Lamba claims that Mainstreet’s YouTube channel has over one lakh subscribers and that content engagement typically leads to website sales.
“We aim to become a content-to-commerce community, which will work well for a hype-driven commodity like sneakers,” Lamba explains.
Mainstreet has competition from VegNonVeg, Superkicks, SoleSearch, and Flatheads. However, Lamba believes Mainstreet has the “best in class supply chain and an operation bigger than what anybody else has built in the space”.
With two storefronts in Mumbai, Mainstreet plans to open four more offline stores by year’s end. Lamba says, “The touch and feel of the sneaker adds flavour to the shopping experience, especially in a sector built on hype and FOMO—fear of missing out.
Mainstreet has sold 50,000 sneakers, mostly in Mumbai, Delhi, Bengaluru, and Hyderabad. The firm earned Rs 24 crore in FY23 and hopes to reach Rs 100 crore by FY24.
“We are targeting Indian aspirational consumers. It will be difficult, but we’re patient and will grow responsibly, Lamba says.
Conclusion:-
Mainstreet Marketplace sells upscale footwear and clothing in Mumbai, funded by Zomato’s Deepinder Goyal and Bollywood rapper Badshah. Over 3,000 sneakers, t-shirts, and sweatshirts are available on the marketplace. Mainstreet Marketplace wants to become a content-to-commerce solution for Indian sneakerheads’ expanding demand for luxury sneakers and gear. The platform acquired $2 million in seed funding from First Lap, Zerodha Co-founder Nikhil Kamath, and Abhijeet Pai’s Gruhas Proptech. It generates Rs 5 crore each month. The round included Bollywood musician Badshah and content creator Tanmay Bhat.
Mainstreet has exclusively serviced Ranbir Kapoor, Ranveer Singh, and Karan Johar, attracting clients with their fame. The Indian sneaker market was $2.46 billion in 2022 and is expected to rise 9% yearly. The 50-person startup resells things for a commission. Mainstreet competes with VegNonVeg, Superkicks, SoleSearch, and Flatheads as a content-to-commerce network for high-end sneakers.
