Transforming India's Sneaker Culture with Support from Zomato's Deepinder Goyal, Aims to Pioneer Content-to-Commerce for Sneaker Enthusiasts

Mainstreet Marketplace: Cultivating India's Sneaker and Streetwear Culture

In recent years, sneakers have transcended their utilitarian origins, becoming potent symbols of youth and hype. From Nike Air Jordans to New Balance, sneaker enthusiasts, often referred to as sneakerheads, ardently pursue these hyped and celebrity-endorsed footwear. Recognizing the burgeoning sneaker culture in India, Mainstreet Marketplace, a multi-brand resale platform specializing in the world's most coveted sneakers, has created a unique ecosystem to cater to this burgeoning demand.

Vedant Lamba, a 24-year-old entrepreneur, founded Mainstreet Marketplace. He initially launched a YouTube channel in 2017, using it to document various aspects of his life, including business ideas, life goals, and ventures related to content and sneakers. Although his YouTube channel lacked a clear focus for nearly two years, it ultimately helped Vedant gain clarity about his entrepreneurial direction.

When his co-founders departed their joint ventures, Vedant decided to turn the insights from his YouTube channel into a full-fledged venture, leading to the establishment of Mainstreet Marketplace. This pivotal moment also marked Vedant's recognition of significant gaps in India's luxury apparel industry.

Mainstreet Marketplace was founded in 2017 and has since expanded its catalog to include over 3,000 products, encompassing sneakers, t-shirts, and hoodies (commonly referred to as streetwear by Gen Z consumers). With a monthly revenue of Rs 5 crore (approximately $675,000 USD), this Mumbai-based startup recently secured $2 million in seed funding from prominent investors, including First Lap (led by Zomato Founder and CEO Deepinder Goyal), Zerodha Co-founder Nikhil Kamath, and Abhijeet Pai's venture fund Gruhas Proptech. Bollywood musician Badshah and content creator Tanmay Bhat also participated in the funding round, adding to Mainstreet's allure among status-conscious consumers.

Mainstreet Marketplace primarily operates on a customer-to-business-to-customer (C2B2C) model, akin to platforms like eBay, OLX, and Cars24. Sellers looking to part ways with their high-end sneakers can list their products on Mainstreet, with the company charging a commission upon resale. With an average transaction size of Rs 20,000 (approximately $270 USD), Mainstreet's objective extends beyond facilitating sneaker resales; it also leverages content to educate potential consumers about sneaker and luxury apparel culture. The company collaborates with eminent personalities such as Aman Gupta, Founder and CEO of boAt Lifestyle, and Bollywood actor Harshvardhan Kapoor to create engaging content that often translates into sales on the website.

Mainstreet's YouTube channel, boasting over 100,000 subscribers, plays a pivotal role in educating and engaging its audience while driving commerce. Vedant envisions Mainstreet as a "content-to-commerce community," a model that seamlessly aligns with the hype-driven nature of the sneaker market.

While competing with platforms like VegNonVeg, Superkicks, SoleSearch, and Flatheads, Vedant asserts that Mainstreet has established a superior supply chain and a more extensive operational presence. With two physical stores in Mumbai, Mainstreet plans to expand its offline footprint by opening four additional outlets by year-end. Vedant acknowledges the importance of the tactile shopping experience, especially in an industry driven by hype and FOMO (fear of missing out).

Mainstreet Marketplace has already sold approximately 50,000 sneakers, with top sales cities including Mumbai, Delhi, Bengaluru, and Hyderabad. In FY23, the startup generated revenue of Rs 24 crore (approximately $3.2 million USD) and anticipates surpassing Rs 100 crore (approximately $13.5 million USD) in sales by the end of FY24. Vedant emphasizes that Mainstreet is focused on creating a niche for aspirational consumers in India and is committed to sustainable growth, even in the face of challenges.

Mainstreet Marketplace is poised to continue nurturing India's thriving sneaker culture while expanding its presence and influence in the luxury apparel industry.