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India’s Entrepreneurs Cash In on Rare Sneaker Market
Posted
August 4, 2024
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1,452
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August 4, 2024
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1:00Now PlayingSneakers are emerging as one of the hottest alternative asset classes in India. While the market is relatively new and small compared to the US, UK and China, investors expect exponential growth — fueled by a strong economy and the increased purchasing power of top earning Indians.
“This is going to explode in the next three to five years,” said Abishek Balendran, a partner at Telangana-based VC fund Silverneedle Ventures, who estimates the sneaker resale market has grown two to four times in the past two years to as much as $150 million.
Silverneedle has a $12 million fund to invest in early-stage startups across the consumer sector, space tech and generative AI. It was part of a $2 million funding round for The Mainstreet Marketplace, a Mumbai-based platform that resells sneakers, luxury bags and watches both online and at two stores.
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