The competition in India’s new-age sneaker market is heating up, and Comet is raising fresh capital to strengthen its position in the category. The Bengaluru-based footwear brand is set to raise Rs 98.75 crore ($10.2 million) in a round led by new investor Verlinvest, with participation from existing backers Elevation Capital, Nexus Venture Partners and others. In July 2024, Cometraised Rs 42.3 crore(approximately $5 million) in its Series A round led by Elevation Capital. The company’s board has approved the issuance of 70,618 Series B compulsorily convertible preference shares (CCPS) and 10 equity shares at an issue price of Rs 13,983 per share to raise the aforementioned amount, according to its regulatory filing. Verlinvest, the Belgium-based private equity firm, will lead the round with an investment of Rs 61.73 crore, while Elevation Capital and Nexus Ventures will invest Rs 17.90 crore each. UC co-founder Abhiraj Singh Bhal and Bhaane Retail will invest Rs 50 lakh each, while Ajit Mohan will invest Rs 20 lakh. As perEntrackr’sestimates, the Bengaluru-based company’s valuation will jump 3.2X to around Rs 535 crore ($56 million) from the approximately Rs 167 crore post-money valuation reported after its Series A round in 2024. The company plans to deploy the fresh capital towards working capital requirements, capital expenditure and general corporate purposes. Founded in 2023 by Utkarsh Gupta and Dishant Daryani, Comet is a Bengaluru-based lifestyle sneaker brand offering sneakers and slides for men and women. The brand focuses on India-inspired, fashion-forward designs and primarily operates through its own platform. Following the allotment, Elevation Capital and Nexus Ventures will hold 19.72% each in Comet, followed by Verlinvest with a 9.48% stake. Abhiraj Singh Bhal and Bhaane Retail Private Limited will hold 0.08% each, while Ajit Mohan will hold 0.03%. A March Moneycontrol report had earlier said that Comet was in talks to raise Rs 140-150 crore ($15-16 million) in fresh funding. The company is yet to file its FY26 financials. In FY25, Comet’s revenue jumped nearly 4X to Rs 29 crore, while its loss increased to Rs 4.39 crore. Comet is among a growing set of homegrown sneaker brands, alongside Gully Labs, Neeman’s, ARCs and Doc Sneakers. Gully Labs raisedRs 30 crorein January, whileNeemansremains one of the better-funded players with around $18 million raised. India’s large footwear market is still dominated by established players, but the shift could mirror luggage, where D2C brands carved out space by building focused, consumer-first propositions. Sneakers could follow a similar trajectory. 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.
