Homegrown sneaker brand Comet on Saturday has raised nearly $10.5 million (Rs 100 crore) in its Series B funding round led by global investment firm Verlinvest.
Existing investors Elevation Capital and Nexus Venture Partners have also doubled down on their investment in the company alongside participation from angel investors Abhiraj Singh Bhal, Co-founder and CEO of Urban Company, Ajit Mohan, Global Chief Business Officer of Snap Inc., and Anand Ahuja, Founder & CEO of Bhaane and Co-founder of VegNonVeg.
The company plans to deploy the funds to accelerate retail expansion, strengthen product development and technology capabilities, and continue to invest in research and development, including the development of its own sole moulds and the tooling required to bring new footwear models to market, it said in a statement.
“We want to continue pushing the boundaries of what an Indian footwear brand can build, which means investing deeply in sole technology, R&D and engineering. Every new model requires significant investment in both product development and sole tooling. We are about to launch a model we have worked on for a year specifically for females, with its own sole tooling following significant capex investment,” said Utkarsh Gupta, Co-founder, Comet.
Founded in 2023, Comet is an Indian footwear brand focused on design, product development and a consumer-focused approach. The company currently offers four footwear models, each supported by its own sole tooling and R&D. The company plans to expand its portfolio to eight models by the end of next year, while continuing to develop its in-house sole technology.
Comet claimed that its revenue had grown ninefold since its previous institutional fundraise. The company had raised Rs 42.3 crore in its Series A round led by Elevation Capital in 2024. It is set to reach 10 stores this month and plans to increase its network to 20 stores by the end of FY27, as it expands its presence across India.
