The Bengaluru-based sneaker brand is strengthening its consumer-first play with fresh capital from Verlinvest, Elevation Capital and Nexus Venture Partners as India’s homegrown sneaker market heats up.
Bengaluru-based sneaker brand Comet is raising ₹98.75 crore ($10.2 million) in a Series B funding round led by new investor Verlinvest, as it looks to strengthen its position in India’s growing sneaker market.
The round also includes participation from existing investors Elevation Capital and Nexus Venture Partners, along with Abhiraj Singh Bhal, Bhaane Retail and Ajit Mohan. Verlinvest will invest ₹61.73 crore, while Elevation Capital and Nexus Ventures will contribute ₹17.90 crore each.
Comet’s board has approved the issuance of 70,618 Series B compulsorily convertible preference shares and 10 equity shares at an issue price of ₹13,983 per share. The fresh capital will be deployed towards working capital, capital expenditure and general corporate purposes.
The funding is expected to significantly increase Comet’s valuation. The company is set to reach a post-money valuation of around ₹535 crore ($56 million), representing a 3.2X increase from its approximately ₹167 crore post-money valuation after its Series A round in 2024.
Comet had raised ₹42.3 crore, or around $5 million, in its Series A round led by Elevation Capital in July 2024. Following the latest allotment, Elevation Capital and Nexus Ventures will each hold 19.72% in the company, while Verlinvest will hold 9.48%. Abhiraj Singh Bhal and Bhaane Retail will each hold 0.08%, and Ajit Mohan will hold 0.03%.
Founded in 2023 by Utkarsh Gupta and Dishant Daryani, Comet offers sneakers and slides for men and women. The Bengaluru-based lifestyle brand focuses on India-inspired, fashion-forward designs and primarily operates through its own platform, giving it a direct connection with consumers.
The company’s business has also grown rapidly. Comet’s revenue nearly quadrupled to ₹29 crore in FY25, although its loss increased to ₹4.39 crore. The company has not yet filed its FY26 financials.
Comet is entering a competitive homegrown sneaker market alongside brands such as Gully Labs, Neeman’s, ARCs and Doc Sneakers. Gully Labs raised ₹30 crore in January, while Neeman’s has raised around $18 million to date.
India’s footwear market remains dominated by established players, but the growth of focused, consumer-first brands could create room for newer sneaker businesses. Comet’s latest fundraise gives it additional capital to build its product proposition and strengthen its position as India’s sneaker category develops.
The latest round comes as the category attracts greater investor attention, with emerging brands attempting to differentiate through design, digital distribution and focused consumer propositions rather than competing solely on scale and established brand recognition.
Source: Based on reporting by Entrackr, with additional editorial adaptation and analysis.
