Sneaker Brand Comet Raises Rs 100 Crore Series B Led by Verlinvest, Valuation Jumps 3X to Rs 535 Crore
Bengaluru-based sneaker brand Comet has raised around Rs 100 crore (roughly $10.5 million) in a Series B round led by Belgium-based investment firm Verlinvest, as it looks to expand its retail footprint and strengthen its product and technology capabilities.
Here's who backed the round. Existing investors Elevation Capital and Nexus Venture Partners doubled down on their previous bets, while a striking lineup of angel investors joined in too, Urban Company co-founder and CEO Abhiraj Singh Bhal, Snap's global chief business officer Ajit Mohan, and Bhaane founder Anand Ahuja. This funding values Comet at approximately Rs 535 crore, a more than threefold jump from its roughly Rs 167 crore post-money valuation after its Series A round back in 2024.
Here's what makes this raise notable beyond the headline number. Comet's revenue has grown nearly ninefold since that Series A round, and in FY25 alone, revenue rose almost fourfold to Rs 29 crore, though losses widened to Rs 4.39 crore. The company hasn't filed its FY26 financials yet, but the growth trajectory is clearly what's drawing investor conviction here, retail specifically has become the standout channel.
The fresh capital has a clear roadmap. Comet plans to accelerate retail expansion, invest in R&D for proprietary sole designs and tooling, and deepen its product and technology capabilities. The brand is set to reach 10 physical stores this month and aims to double that to 20 outlets by the end of FY27, with founder Utkarsh Gupta emphasizing that the focus now is on pushing what an Indian footwear brand can build from the ground up, not just design, but the underlying sole technology and engineering too.
The bigger picture matters here. Founded in 2023 by Utkarsh Gupta and Dishant Daryani, Comet has built a genuinely engaged community, crossing 500,000 Instagram followers with one of the strongest engagement rates among Indian consumer brands, and it now competes in a homegrown sneaker space that includes Gully Labs, Neeman's, ARCs and Doc Sneakers, a category investors are clearly betting can challenge global footwear giants on their own turf.
From limited-edition drops that sell out in minutes to a Rs 535 crore valuation, Comet's Series B is proof that Indian sneaker culture has genuinely arrived as an investable category.
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— Sandeep Raiza