Sneaker brand Comet raises Rs 100 Cr in Series B led by Verlinvest

Homegrown sneaker brand Comet has raised Rs 100 crore in a Series B round led by Verlinvest, with participation from Elevation Capital, Nexus Venture Partners, and a group of startup founders.

The company said it will use the funding to expand its retail footprint, strengthen product development, and build its technology capabilities. It also plans to invest in R&D to develop proprietary sole designs and the tooling needed to bring new footwear models to market.

Founded in 2023 by Utkarsh Gupta and Dishant Daryani and headquartered in Bengaluru, Comet had previously raised Rs 42.3 crore in a Series A round led by Elevation Capital in 2024. Since then, the brand has grown to more than 500,000 followers on Instagram, while retail expansion has emerged as a key growth driver, it said.

On the funding raised, Comet co-founder Utkarsh Gupta said, “Retail has become a significant growth driver for Comet, with our stores consistently outperforming the broader athleisure category in the markets we operate in. That gives us a strong foundation to continue expanding our physical presence and take the brand to more cities.”

Comet said its revenue has grown ninefold since its Series A funding round in 2024. The brand plans to have 10 retail stores by the end of this month, with the goal of doubling that number by the end of FY27.

“As part of our early growth investment strategy, the focus is on partnering with exceptional founders at the inflection point of scale, providing the firepower they need to transition from strong challengers to undisputed category leaders,” said Amit Aggarwal, Partner, Early Growth, Asia, Verlinvest.

He further added, “Comet has proven that a homegrown Indian brand can disrupt a space historically dominated by global giants.”

Comet currently has four footwear models with its own sole tooling plans to double this portfolio to eight models by the end of next year.