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D2C sneaker brand Comet has raised ₹100 Cr ($10.6 Mn) in a Series B funding round led by global investment firm Verlinvest. Existing investors Elevation Capital and Nexus Venture Partners also doubled down on the startup. Additionally, Snapchat CBO Ajit Mohan, Urban Company founder Abhiraj Singh Bhal, and Bhaane cofounder Anand Ahuja also backed Comet as angel investors. The capital will be used to expand Comet’s retail presence, strengthen product development and tech, as well as foster research and development. The startup is working on developing its own sole moulds as well as the tools required to bring new footwear models to market. As of now, the startup operates ten company owned company operated (CoCo) stores across India. Comet aims to scale to 20 stores across India by the end of the ongoing fiscal. It also intends to double its footwear portfolio from four to eight distinct models. “We want to continue pushing the boundaries of what an Indian footwear brand can build, which means investing deeply in sole technology, R&D and engineering. Every new model requires significant investment in both product development and sole tooling. We are about to launch a model we have worked on for a year specifically for females, with its own sole tooling following significant capex investment. These are long-term investments in the product capabilities we want Comet to be known for, and this round gives us the ability to continue building them at scale,” said cofounder Utkarsh Gupta. Founded in 2023 by Gupta and Dishant Daryani, Comet sells design-led, locally manufactured sneakers primarily through its own website. The startup is particularly noteworthy for releasing limited edition products every 1-2 months that often sell out within minutes. Prior to this round, it had raised around $5 Mn from Elevation Capital and Nexus in July 2024. On the financial front, Comet made a net loss of ₹4.4 Cr in FY25, its first full financial year of operations. Meanwhile, it reported operating revenue of ₹29.1 Cr. The startup is yet to report its FY26 numbers.
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