Comet Raises ₹100 Crore in Series B Funding
India’s homegrown sneaker market continues to attract investor attention as D2C sneaker brand Comet has raised around ₹100 crore in its Series B funding round.
The round was led by Belgium-based investment firm Verlinvest, with participation from existing investors Elevation Capital and Nexus Venture Partners.
The fresh capital will help Comet expand its retail footprint, strengthen its product portfolio and invest in technology and research and development.
💰 Comet Funding: ₹100 Crore Series B Round
Comet has raised approximately ₹100 crore in its latest institutional funding round.
Key funding details:
- Funding raised: Around ₹100 crore
- Funding round: Series B
- Lead investor: Verlinvest
- Existing investors: Elevation Capital and Nexus Venture Partners
- Founded: 2023
- Founders: Utkarsh Gupta and Dishant Daryani
- Headquarters: Bengaluru
- Business model: D2C footwear and sneaker brand
Several prominent angel investors also participated in the round.
These include Urban Company cofounder Abhiraj Singh Bhal, Snap’s global chief business officer Ajit Mohan and Bhaane founder Anand Ahuja.
📈 Comet Valuation Jumps More Than Threefold
The latest funding round has significantly increased Comet’s valuation.
Based on estimates, the company is now valued at approximately ₹535 crore.
This represents a more than threefold increase compared with its post-money valuation of around ₹167 crore following its Series A round in 2024.
The sharp increase in valuation reflects growing investor confidence in India’s homegrown sneaker and lifestyle footwear market.
🏬 Comet Plans Major Retail Expansion
A major portion of the fresh capital will be used to accelerate Comet’s offline retail expansion.
The company is currently preparing to reach 10 stores, and it plans to increase its retail network to 20 stores by the end of FY27.
This expansion marks an important shift for the D2C sneaker brand as it builds a stronger physical retail presence alongside its digital business.
The wider store network is expected to help Comet:
- Reach more customers
- Increase brand visibility
- Offer customers an offline shopping experience
- Strengthen its presence across key markets
- Build a larger omnichannel footwear business
👟 Expanding Comet’s Sneaker Portfolio
Comet currently offers four footwear models.
The company plans to double its portfolio to eight models by the end of next year.
As part of this expansion, Comet is also preparing to introduce a women-focused sneaker model.
The new women’s footwear range will be supported by dedicated sole tooling, allowing the company to develop products specifically designed for female consumers.
🧪 Investment in Product Development and R&D
Comet plans to use the new funding not only for retail expansion but also to strengthen its product development capabilities.
The company is investing in:
- Research and development
- Product innovation
- New footwear models
- Technology capabilities
- Sole moulds and tooling
- Manufacturing-related product development
Comet is also developing its own sole moulds and tooling for new footwear models.
This could give the brand greater control over product design and help it create more differentiated footwear products.
💻 Strengthening Technology Capabilities
Alongside physical expansion, Comet plans to invest in its technology infrastructure and capabilities.
For a modern D2C brand, technology can play an important role across areas such as:
- Online customer experience
- Product discovery
- Inventory management
- Retail operations
- Customer data
- Supply chain
- Omnichannel sales
The latest funding will therefore support both Comet’s physical retail expansion and its broader technology ecosystem.
📊 Comet’s Strong Revenue Growth
Comet has recorded significant growth since its previous institutional fundraise.
The company has reportedly grown its revenue ninefold since its last institutional funding round.
In FY25, Comet’s revenue increased nearly fourfold to ₹29 crore.
However, the company’s losses also increased during the period.
FY25 financial performance:
- Revenue: ₹29 crore
- Revenue growth: Nearly 4X
- Loss: ₹4.39 crore
The company has not yet filed its FY26 financial results.
🧠 Why Investors Are Betting on Comet
Comet operates in India’s growing sneaker and lifestyle footwear market, where consumer interest in homegrown brands is increasing.
The company’s investment case is supported by several factors:
✔️ Growing Sneaker Culture
Sneakers have increasingly become part of everyday fashion rather than being limited to sports and athletic use.
✔️ Strong D2C Positioning
Comet has built its brand through a direct-to-consumer approach, allowing it to establish a distinct identity among younger consumers.
✔️ Product-Led Strategy
The company is investing heavily in product development, new models and proprietary sole tooling.
✔️ Omnichannel Expansion
The planned increase in physical stores could help Comet combine its digital presence with an expanding offline retail network.
👟 Comet and India’s Growing Homegrown Sneaker Market
Comet is part of a growing group of Indian sneaker and footwear brands attempting to build strong domestic alternatives in the lifestyle footwear market.
Other emerging homegrown names include:
- Gully Labs
- Neeman’s
- ARCs
- Doc Sneakers
The increasing number of brands entering this category highlights the growing consumer demand for Indian sneaker and lifestyle footwear labels.
🔮 What’s Next for Comet?
With ₹100 crore in fresh Series B capital, Comet is preparing for an aggressive growth phase.
The company plans to focus on:
- 🏬 Expanding to 20 stores by FY27
- 👟 Increasing footwear models from 4 to 8
- 👩 Launching a women-focused sneaker model
- 🧪 Strengthening R&D
- 🛠️ Developing proprietary sole moulds and tooling
- 💻 Improving technology capabilities
- 📦 Strengthening its overall product and retail ecosystem
These initiatives are expected to help Comet build a larger presence in India’s competitive sneaker market.
🏁 Conclusion
The ₹100 crore Series B funding raised by Comet, led by Verlinvest, marks a major milestone for the Bengaluru-based D2C sneaker brand.
The company plans to use the fresh capital to expand its retail footprint, launch new footwear models, strengthen technology and invest in research and development.
With revenue reaching ₹29 crore in FY25, a rapidly increasing store network and plans to double its product portfolio, Comet is positioning itself for the next phase of growth.
As India’s sneaker market continues to develop, Comet’s combination of D2C branding, product innovation and omnichannel expansion could help it establish a stronger position among India’s homegrown footwear brands.
