Comet raises Rs 100 crore in Series B round led by Verlinvest

MUMBAI: Comet is putting its best foot forward. Homegrown sneaker brand Comet has raised Rs 100 crore in a Series B funding round led by investment firm Verlinvest, as it looks to expand its retail footprint and step up investments in products and technology.

Existing investors Elevation Capital and Nexus Venture Partners also participated in the round, according to media reports. The round also saw angel investments from Abhiraj Singh Bhal, co-founder of Urban Company, Ajit Mohan of Snap and entrepreneur Anand Ahuja.

The Bengaluru-based company plans to deploy the fresh capital across several areas, with retail expansion high on the agenda. Comet is set to reach 10 stores in September and is targeting 20 outlets by the end of FY27 as it builds a larger offline and omnichannel presence.

The company also plans to broaden its product portfolio. Comet currently sells four footwear models and aims to double that number to eight by the end of next year.

A women’s footwear model is also in development and has already been in the works for around a year. The new model requires dedicated sole tooling, highlighting the company’s push towards developing more proprietary products rather than relying solely on existing manufacturing capabilities.

A significant portion of the new funding will go towards product development and technology. Comet plans to develop proprietary sole designs and invest in the tooling needed to manufacture new footwear models.

The move could give the brand greater control over product design and differentiation as competition intensifies across India’s sneaker and athleisure market.

Retail is becoming an increasingly important part of that strategy. While Comet has built its consumer base through digital channels, the planned store expansion is aimed at giving customers more opportunities to experience its products offline while strengthening its broader omnichannel presence.

Founded in 2023 by Utkarsh Gupta and Dishant Daryani, Comet previously raised Rs 42.3 crore in a Series A round led by Elevation Capital in 2024.

The company’s revenue has grown nine-fold since its previous institutional fundraise. Its consumer community has also expanded, with more than 500,000 followers on Instagram.

The latest funding gives Comet additional firepower to pursue growth across physical retail, product development and technology. With its store network set to double from 10 to 20 outlets by the end of FY27, the brand is betting that the next leg of its growth will happen both on the shelf and on the screen.

The Verlinvest-led investment comes as India’s sneaker market becomes increasingly crowded, making product differentiation, proprietary design and a stronger retail presence key pieces of Comet’s next growth phase.