Homegrown sneaker brand Comet has raised Rs 100 crore in a Series B funding round led by Belgium-based investment firm Verlinvest.
Existing investors Elevation Capital and Nexus Venture Partners also participated, adding to their earlier bets on the company.
The round included angel investment from Urban Company co-founder Abhiraj Singh Bhal, Snap's global chief business officer Ajit Mohan, and entrepreneur Anand Ahuja, founder of Bhaane and co-founder of VegNonVeg.
Comet was founded in 2023 by Utkarsh Gupta and Dishant Daryani, and is based in Bengaluru.
This is the company's second institutional funding round. In 2024, it had raised Rs 42.3 crore in a Series A round led by Elevation Capital.
Comet said its revenue has grown ninefold since that Series A raise, a period during which retail has become a bigger part of its business.
Where the money will go
The company plans to use the fresh capital across three broad areas: retail expansion, product development, and research and development.
On the retail side, Comet is set to reach 10 physical stores by September 2026 and is targeting 20 stores by the end of FY27.
That would mean doubling its store count within roughly a year, a pace that reflects how central offline retail has become to the brand's growth strategy.
Comet currently sells through both e-commerce and its own stores, positioning itself as an omnichannel footwear company rather than a purely online-first label.
On the product side, the brand currently offers four footwear models, each built on its own sole tooling developed through in-house R&D.
It plans to double that to eight models by the end of 2027, according to the company.
A part of the funding is earmarked specifically for developing proprietary sole designs and the tooling required to manufacture new models, rather than relying on third-party components.
Comet co-founder Utkarsh Gupta said retail has become a significant growth driver for the brand, adding that its stores have outperformed peers in the broader athleisure category in the markets where it operates.
Gupta has also indicated that the company is working on a new model built specifically for women, with its own sole tooling, following what the brand described as significant capital investment.
Why the funding matters
India's sneaker and lifestyle footwear market has seen rising interest from younger, digitally native consumers, aided by growing e-commerce adoption and increasing comfort with homegrown labels over long-established international brands.
Comet has positioned itself within this shift, building a design-led, direct-to-consumer sneaker brand that designs its products in-house and manufactures them in India.
The brand has also built a sizeable online following, crossing 500,000 followers on Instagram, and has used limited-edition drops as part of its marketing approach, with some releases selling out within minutes.
For a brand that started as a primarily digital-first label, the Series B funding signals a deliberate push toward a larger physical retail presence, which can help build visibility beyond e-commerce platforms and social media.
Physical stores also allow younger, image-conscious footwear brands to build trust with customers who prefer trying on sneakers before purchase, particularly for premium-priced products.
The R&D investment in proprietary sole tooling is notable because it moves Comet beyond assembling shoes with off-the-shelf components, an approach that can support differentiation in a crowded segment increasingly populated by both global sportswear giants and newer Indian challengers.
Investor view
Amit Aggarwal, partner for early growth in Asia at Verlinvest, said the firm's approach is to back founders at the inflection point of scale.
Aggarwal said Comet has shown that a homegrown Indian brand can compete in a category that has historically been dominated by global players.
Verlinvest's early growth strategy typically involves investing in companies transitioning from being strong regional challengers to category leaders, and its backing of Comet fits that pattern.
The presence of angel investors from other consumer-facing businesses, including Urban Company and VegNonVeg, also points to continued interest from India's startup ecosystem in backing homegrown direct-to-consumer brands.
The bigger picture
India's footwear and athleisure market has increasingly attracted both global sportswear companies and new domestic entrants, with pricing, design and brand identity emerging as key differentiators.
Comet's growth trajectory, from a Series A round of Rs 42.3 crore in 2024 to a Series B round of Rs 100 crore roughly two years later, indicates investor confidence in its ability to scale both its digital and physical retail channels.
The company's plan to double its store count and its product portfolio over the next one to two years suggests an aggressive but structured expansion strategy, rather than a rapid, unplanned scale-up.
Whether Comet can sustain its reported revenue growth as it adds more stores and products will likely determine how it is positioned relative to both larger global sportswear brands and other Indian direct-to-consumer footwear startups.
For now, the Rs 100 crore Series B round gives Comet more room to invest in retail infrastructure and product innovation, two areas the company has identified as central to its next phase of growth.
Key Takeaway
Comet's Rs 100 crore Series B round, backed by Verlinvest and existing investors, gives the Bengaluru-based sneaker brand fresh capital to expand its store network and build in-house sole technology as it competes in India's growing footwear market.
Reader questions
Frequently asked questions
How much funding has Comet raised in its Series B round?
Comet has raised Rs 100 crore in a Series B funding round led by Belgium-based investment firm Verlinvest.
Who invested in Comet's Series B funding round?
The round was led by Verlinvest, with participation from existing investors Elevation Capital and Nexus Venture Partners, along with angel investors Abhiraj Singh Bhal, Ajit Mohan and Anand Ahuja.
What will Comet use the Rs 100 crore funding for?
Comet plans to use the capital for expanding its physical retail network, developing new footwear models and investing in proprietary sole technology and research and development.
How many stores does Comet plan to open?
Comet is expected to reach 10 physical stores by September 2026 and is targeting 20 stores by the end of FY27.
How many footwear models does Comet plan to offer?
Comet currently offers four footwear models and plans to double its portfolio to eight models by the end of 2027.
When was Comet founded?
Comet was founded in 2023 by Utkarsh Gupta and Dishant Daryani and is based in Bengaluru.
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