Homegrown sneaker brand Comet has raised around Rs 100 crore in its Series B round led by Belgium-based investment firm Verlinvest, as it looks to expand its retail footprint and strengthen its product and technology capabilities. Existing investors Elevation Capital and Nexus Venture Partners also participated in the round. Angel investors including Urban Company cofounder Abhiraj Singh Bhal, Snap’s global chief business officer Ajit Mohan and Bhaane founder Anand Ahuja also joined the round. On Wednesday, Entrackrexclusively reportedthat Comet was raising fresh capital. As per our estimates, the funding values Comet at around Rs 535 crore, a more than threefold jump from its post-money valuation of around Rs 167 crore after its Series A round in 2024. Comet plans to use the fresh capital to accelerate retail expansion, product development and technology capabilities, along with investments in research and development. The company is also developing its own sole moulds and tooling for new footwear models. Founded in 2023 by Utkarsh Gupta and Dishant Daryani, Bengaluru-based Comet currently has four footwear models and plans to double its portfolio to eight models by the end of next year. It is also preparing to launch a women-focused model backed by dedicated sole tooling. The company has grown its revenue ninefold since its previous institutional fundraise and is set to reach 10 stores this month. It plans to expand its retail network to 20 stores by the end of FY27. In FY25, Comet’s revenue rose nearly fourfold to Rs 29 crore, while its loss widened to Rs 4.39 crore. The company is yet to file its FY26 financials. Comet is among a growing set of homegrown sneaker brands, alongside Gully Labs, Neeman’s, ARCs and Doc Sneakers. Bareback Media has recently raised funding from a group of investors. Some of the investors may directly or indirectly be involved in a competing business or might be associated with other companies we might write about. This shall, however, not influence our reporting or coverage in any manner whatsoever. You may find a list of our investorshere.
