Homegrown sneaker brand Comet has secured nearly $10.5 million, or Rs 100 crore, in a Series B funding round led by global investment firm Verlinvest. The Bengaluru-based company, founded in 2023 by Utkarsh Gupta and Dishant Daryani, is positioning itself to challenge established global footwear players in the Indian market. The fresh capital marks a significant step in Comet's effort to deepen its research, retail, and product development capabilities.
Funding Details and Investor Participation
The Series B round also saw participation from existing investors Elevation Capital and Nexus Venture Partners, both of which increased their exposure to the company. A group of angel investors joined the round as well, including Urban Company co founder and CEO Abhiraj Singh Bhal, Snap Inc. Global Chief Business Officer Ajit Mohan, and Bhaane founder and VegNonVeg co founder Anand Ahuja. Their involvement reflects broader confidence among Indian startup leaders in Comet's consumer focused approach and growth trajectory.
Strategic Use of Funds
Comet plans to deploy the new capital toward accelerating retail expansion and strengthening its product development and technology capabilities. A significant portion will also support research and development, particularly the creation of proprietary sole moulds and the tooling required for new footwear models. Co-founder Utkarsh Gupta said the company aims to push the boundaries of what an Indian footwear brand can build by investing deeply in sole technology and engineering.
Retail Expansion and Revenue Growth
Retail has emerged as a key growth driver for Comet, with stores consistently outperforming the broader athleisure category in the markets where the brand operates. The company is set to reach 10 retail stores this month and plans to double that footprint to 20 stores by the end of fiscal year 2027. Since its Series A round of Rs 42.3 crore led by Elevation Capital in 2024, Comet's revenue has grown ninefold, underscoring strong consumer demand.
Product Portfolio and Community Growth
Comet currently offers four footwear models, each supported by its own sole tooling and developed through dedicated research and capital investment. The brand plans to expand this portfolio to eight models by the end of next year while continuing to develop its in-house sole technology. Comet's consumer community has also grown rapidly, with more than 500,000 Instagram followers and one of the strongest engagement rates among Indian brands.
Upcoming Product Launch
Gupta also revealed that the company is preparing to launch a new model designed specifically for female consumers after a year of development. This upcoming release has its own sole tooling and follows significant capital expenditure, reflecting Comet's commitment to inclusive product design. The investment in dedicated tooling for the model illustrates how the new funding will support specialized footwear engineering.
Investor Perspective and Market Opportunity
Verlinvest Partner Amit Aggarwal said the firm's early growth investment strategy focuses on partnering with exceptional founders at the inflection point of scale. Aggarwal added that Comet has proven a homegrown Indian brand can disrupt a space historically dominated by global giants. He highlighted the company's sharp understanding of modern consumers and its authentic, community-driven brand identity as key differentiators.
Comet's Series B round reflects growing investor appetite for homegrown consumer brands that combine product innovation with strong community engagement. The company's plans to double its retail presence and expand its footwear portfolio signal a clear focus on sustainable long term growth. With fresh capital and experienced backers, Comet is well positioned to strengthen its presence in India's competitive athleisure and footwear market.