Comet Secures Rs 100 Crore in Series B Funding
Comet, a homegrown sneaker brand, has successfully raised approximately Rs 100 crore in its Series B funding round, led by Verlinvest, an investment firm based in Belgium. This funding aims to enhance Comet’s retail presence and bolster its product and technology capabilities.
Participation of Notable Investors
Existing investors, including Elevation Capital and Nexus Venture Partners, also took part in this round. Furthermore, several angel investors joined the funding, among them are Abhiraj Singh Bhal, co-founder of Urban Company, Ajit Mohan, the global chief business officer of Snap, and Anand Ahuja, the founder of Bhaane.
Valuation Jump Following Funding
Startup Superb reported on Wednesday that Comet was in the process of raising new capital. According to estimates, this funding round values Comet at around Rs 535 crore, reflecting a significant increase from its post-money valuation of about Rs 167 crore following the Series A round in 2024.
Plans for Capital Utilisation
Comet intends to utilise the newly acquired funds to accelerate retail expansion, enhance product development, and strengthen technology capabilities. The company will also channel investments into research and development activities. Additionally, Comet is set to develop its own sole moulds and tooling for new footwear designs.
Growth and Future Aspirations
Established in 2023 by Utkarsh Gupta and Dishant Daryani, the Bengaluru-based brand currently boasts four footwear models, with plans to expand its portfolio to eight models by the end of next year. The company is also preparing to launch a women-centric model, supported by exclusive sole tooling.
Revenue Growth and Retail Expansion
Since its previous round of institutional fundraising, Comet has seen its revenue multiply ninefold, with expectations to reach ten stores this month. The company plans to extend its retail network to 20 stores by the conclusion of FY27.
Financial Overview
During FY25, Comet’s revenue surged nearly four times to Rs 29 crore, while losses increased to Rs 4.39 crore. The company has yet to submit its financial reports for FY26.
Emergence of Homegrown Sneaker Brands
Comet is part of a burgeoning group of homegrown sneaker brands alongside Gully Labs, Neeman’s, ARCs, and Doc Sneakers.