Meet Vedant Lamba, 23-year-old school dropout who sells Rs 100 crore worth of old shoes
Vedanta Lamba said in the resale market, a sneaker worth Rs 20000 can get you as much as Rs 2 lakh.
Vedant Lamba's story is unique. After school, he launched a YouTube channel called Mainstreet TV. He developed the channel later into a full-fledged start up called Mainstreet Marketplace. His company has scored impressive numbers over the years. He resells sneakers.
He told CNBC that he is not the only one involved in this business. A lot of kids aged 17-19 make lakhs of rupees selling old shoes. They start the business with Rs 20000 and make between Rs 3 lakh to Rs 10 lakh every month.
Lamba didn't know much about sneakers when he was at school. However, at the age 16, he discovered this world through his YouTube channel.
In his first year of operations, they did a sale of Rs 7 crore. Next month, he will do more in just one month. They are hoping to cross sales of Rs 100 crore.
Lamba told CNBC that sneakers are now becoming a status symbol. He targets GenZ and millennials with his company.
The younger ones want Air Jordan 1. The older generation likes Nike, Louis Vuitton Air Force 1.
He said in the resale market, a sneaker worth Rs 20000 can get you as much as Rs 2 lakh.
He said that his company once sold a pair of Jordans for Rs 13 lakh and they got a commission of Rs 2 lakh. The market price of the shoes was just Rs 1.5 lakh. Someone had bought the par for Rs 7-8 lakh, sold to the company for Rs 10-11 lakh.
His company has also launched an offline store in Delhi. The store is of the size 1600 square foot in New Delhi. It is Asia's largest sneaker resale store.
Vedanta had no college education. He once tweeted that he was a high-school dropout. He studied in Pune's St Mary's School between 2005 and 2010.