Comet Raises ₹100 Cr Series B to Double Retail Footprint

Homegrown sneaker brand Comet has raised around ₹100 crore in a Series B round led by

Belgium-based investment firm Verlinvest. Existing backers Elevation Capital and Nexus

Venture Partners also participated, alongside angel investors including Urban Company

cofounder Abhiraj Singh Bhal, Snap executive Ajit Mohan and Bhaane founder Anand Ahuja.

The Bengaluru-based company is estimated to be valued at around ₹535 crore after the round.

That represents more than a threefold jump from its roughly ₹167 crore post-money valuation

following its Series A in 2024, reflecting the stronger scale Comet has built since its previous

institutional fundraise.

Comet plans to use the capital across retail expansion, product development, technology and

research and development. The company is also investing in its own sole moulds and tooling,

giving it greater control over footwear design and new product development rather than relying

entirely on existing manufacturing formats.

Founded in 2023 by Utkarsh Gupta and Dishant Daryani, Comet currently offers four footwear

models and plans to double that portfolio to eight by the end of next year. It is also developing a

women-focused sneaker using dedicated sole tooling. On the offline side, Comet expects to

reach 10 stores this month and plans to expand to 20 outlets by the end of FY27.

The brand says its revenue has grown ninefold since its previous institutional funding round. In

FY25, revenue nearly quadrupled to ₹29 crore, although its loss widened to ₹4.39 crore. FY26

financials have not yet been filed. With fresh capital and a valuation above ₹500 crore, Comet’s

next test will be whether deeper product ownership and a larger physical retail network can

sustain its early growth without pushing losses significantly higher.