Investment to help establish DawnTown as a leading marketplace for sneaker lovers
Mumbai : Sujit Jain, Managing Director, Netsurf Communications Pvt Ltd. and superstar Sanjay Dutt have invested half a million USD in the new age Premium Sneakers marketplace called- DawnTown. In addition to consolidating DawnTown’s position as one of the leaders in the online sneaker resale segment, the investment will be used to establish a physical retail presence in India and eventually its global expansion. Founded during the pandemic, the two-year-old start-up has already witnessed steadygrowth in revenue from its online marketplace.
The sneaker marketplace was one of the very few sectors unfazed by the Covid-19 contagion. The segment has witnessed an upward surge as of 2022, especially amongst millennials. As per media reports, India generated a whopping revenue of $2.62 billion in 2022, in the sneaker segment and is expected to grow annually by 11.58%. One of the major contributors to this monumental revenue is the “Cop” and “Drop” concept which is very widely practised in the industry. Sneakers release in specific quantities with demand much higher than the supply, hence leading them to get into the resale market. People get these drops and manage to flip them quick and earn high profits. Usually, sneakers copped for retail are sold to friends and family or aggregators like Dawntown who authenticate them and sell it ahead to the consumer. Sneakers and street wear were a thing only in tier 1 cities before the lockdown, but after covid there is a high demand in tier 2 and 3 cities as well. Every shoe holds a story and most of them are volatile assets so this makes sneakerheads more interested in them.
DawnTown was established by Kushagra Patwari and Risheek Agrawal with the vision to provide their patrons access to an exclusive range of sneakers and streetwear that are not easily available at retail stores and websites, at the best price. The seed funding will further propel the growth plans of DawnTown. It is expected to contribute to the brand’s plans to enhance the technology and shopping experience to offer consumers authentic sneakers and apparel right at their doorsteps. The company also plans to open multiple retail outlets in India to augment the offline sneakers shopping experience for its consumers.
Sujit Jain is known for providing entrepreneurial guidance and inculcating brand-building skills among budding entrepreneurs. He has an entrepreneurial experience in direct selling, FMCG, biotech, and diagnostics industries for more than two decades. His deep understanding of customer behaviour coupled with his knowledge of the online marketplace will provide much-needed guidance to the venture.
On his investment in DawnTown, Sanjay Dutt commented, “I have been a sneaker head all my life. I have always had a thing for cool shoes. Through the 90s, I was majorly into cowboy boots. After 2000s, sneakers became my thing. I was smitten by the make, designs, colours. I am so thrilled and excited to attach my name to a whole range that represents my love for sneakers. We plan to go wild with it and create groundbreaking products together. I can’t wait for the world to witness our range and join us!”
In the words of Sujit Jain, Chairman and Managing Director, Netsurf Communications Pvt. Ltd.,
“Empowering young and talented entrepreneurs is always delightful, the team at Dawntown has figured out many relevant aspects of their business model at an early stage, I was impressed with their focus on authenticity & knowledge of contemporary fashion trends, more power to team Dawntown..!”
DawnTown founders, Risheek and Kushagra expressed, “Sneakers always excited us but before Dawntown we never knew how big the sneaker market already is and its getting bigger in the coming years.With this investment our major goal would be to set up our flagship store in Pali Hill, Mumbai, curate our inventory, enhance the experience for the consumer and providing sellers a platform to sell their sneakers while getting the fastest payout.”