Homegrown sneaker brand Comet has raised Rs 100 crore in a Series B round led by global investment firm Verlinvest, with existing investors Elevation Capital and Nexus Venture Partners also participating. Angel investors Abhiraj Singh Bhal, Ajit Mohan and Anand Ahuja joined the round.
The company plans to use the capital to accelerate retail expansion, strengthen product development and technology, and invest in research and development, including its own sole moulds and tooling for new footwear models. Comet is set to reach 10 stores this month and plans to expand to 20 stores by the end of FY27.
Comet said its revenue has grown ninefold since its previous institutional fundraise, a Rs 42.3 crore Series A led by Elevation Capital in 2024. The company currently has four footwear models, each supported by dedicated sole tooling and R&D, and plans to double its portfolio to eight models by the end of next year.
“Retail has become a significant growth driver for Comet, with our stores consistently outperforming the broader athleisure category in the markets we operate in,” said Utkarsh Gupta, co-founder, Comet.
“With this round, we can accelerate that expansion and build a much larger retail footprint across India.”
The company also plans to deepen investments in sole technology and product engineering. Gupta said, “Comet is preparing to launch a women-focused model developed over the past year, involving dedicated sole tooling and capital expenditure.”
The brand, founded in 2023 by Gupta and Dishant Daryani, has more than 500,000 Instagram followers and is expanding its physical and omnichannel presence across India.
