Sneaker startup Comet raises ₹100 crore in Series B led by Verlinvest

Elevation Capital and Nexus Venture Partners also participated, while Urban Company's Abhiraj Singh Bhal, Snap's Ajit Mohan and entrepreneur Anand Ahuja joined as angel investors

Homegrown sneaker brand Comet, founded by Utkarsh Gupta and Dishant Daryani, has raised ₹100 crore in a Series B round led by global investment firm Verlinvest. 

 

Existing investors Elevation Capital and Nexus Venture Partners also participated, doubling down on their investment in the company. The round included angel investors Abhiraj Singh Bhal, cofounder and chief executive officer (CEO) of Urban Company; Ajit Mohan, global chief business officer of Snap Inc.; and Anand Ahuja, founder and CEO of Bhaane and cofounder of VegNonVeg.

 

The company plans to deploy the funds towards accelerating retail expansion. This would help strengthen its product development and technology capabilities, and continue to invest in research and development. This includes the development of its own sole moulds and the tooling required to bring new footwear models to market.

 

 

“Retail has become a significant growth driver for Comet, with our stores consistently outperforming the broader athleisure category in the markets we operate in,” said Utkarsh Gupta, cofounder, Comet. “That gives us a strong foundation to continue expanding our physical presence and take the brand to more cities. With this round, we can accelerate that expansion and build a much larger retail footprint across India.”

 

The fundraise comes at a period of rapid growth for Comet, with the firm having grown its revenue 9X since its previous institutional fundraise. Comet is set to reach 10 stores this month, with plans to expand to 20 stores by the end of FY27, as it builds a larger physical and omnichannel presence across India.

 

As part of the early growth investment strategy, Amit Aggarwal, partner, early growth, Asia, Verlinvest, said 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. “Comet has proven that a homegrown Indian brand can disrupt a space historically dominated by global giants,” said Aggarwal. “What makes them unique is their razor-sharp pulse of the modern consumer - merging exceptional business fundamentals with an authentic, community - driven brand identity that cannot be easily replicated.”

 

Comet currently has four footwear models, each with its own sole tooling developed through dedicated R&D and capital investment. It plans to double its portfolio to eight models by the end of next year, while continuing to develop its own sole technology and product capabilities.

 

Founded in 2023, Comet is building a new-age Indian footwear brand focused on distinctive design, product innovation and a consumer first approach. Since its previous institutional fundraise of ₹42.3 crore in Series A, led by Elevation Capital in 2024, the company has scaled rapidly, its consumer community has also expanded, with Comet now having over 500,000 followers on Instagram and one of the strongest Instagram engagement rates among all Indian brands. The brand’s retail expansion has emerged as a key growth driver, with Comet’s stores outperforming other athleisure brands in the same markets.

 

“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,” said Gupta. “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.”