Comet Raises $10.6 Million Series B Led by Verlinvest
Direct-to-consumer sneaker brand Comet has secured ₹100 crore in a Series B round led by Verlinvest. The funds will fuel offline expansion and product development, including a new female-focused sneaker.
Comet has raised ₹100 crore, approximately $10.6 million, in a Series B funding round. The investment was led by the global investment firm Verlinvest.
Existing investors Elevation Capital and Nexus Venture Partners also participated in the round. Angel investors in the deal included Snapchat's Chief Business Officer Ajit Mohan, Urban Company founder Abhiraj Singh Bhal, and Bhaane cofounder Anand Ahuja.
According to the startup, the capital will be used to accelerate its offline retail expansion, strengthen product development and technology, and build research and development. Comet is specifically investing in developing its own sole moulds and the tooling required for new footwear models.
Expansion and Product Roadmap
The company currently operates ten company-owned, company-operated stores across India. It aims to scale this footprint to 20 stores by the end of the current fiscal year, FY27.
Simultaneously, Comet plans to double its core footwear portfolio. The brand intends to expand from four distinct sneaker models to eight. A key upcoming launch is its first sneaker designed specifically for female customers.
Co-founder Utkarsh Gupta explained the product strategy. "We want to continue pushing the boundaries of what an Indian footwear brand can build," he said. Gupta noted that every new model requires significant investment in product development and sole tooling, describing these as long-term investments in the brand's capabilities.
Company Background and Performance
Founded in 2023 by Utkarsh Gupta and Dishant Daryani, Comet sells design-led sneakers that are manufactured locally in India. The brand primarily operates through its own website and is known for releasing limited-edition products every one to two months, which often sell out within minutes.
Prior to this Series B, Comet had raised around $5 million in a July 2024 round from Elevation Capital and Nexus Venture Partners.
The startup reported its first full financial year results for FY25. It recorded an operating revenue of ₹29.1 crore against a net loss of ₹4.4 crore. Financial figures for FY26 are not yet available.
The new funding provides the capital to execute its aggressive retail and product plans. With the round closed, Comet is now focused on store openings and the launch of its new models, including the dedicated women's sneaker developed over the past year.
