Homegrown sneaker brand Comet has raised Rs 100 crore in a Series B funding round led by global investment firm Verlinvest, as the footwear startup looks to accelerate its retail expansion, develop new products and strengthen its technology and research capabilities.
The funding round also saw participation from existing investors Elevation Capital and Nexus Venture Partners, along with angel investors including Abhiraj Singh Bhal, co-founder and CEO of Urban Company, Ajit Mohan, global chief business officer at Snap Inc., and Anand Ahuja, founder of Bhaane and co-founder of VegNonVeg.
Comet plans to deploy the fresh capital towards expanding its physical retail network, investing in product development and technology, and strengthening research and development. A key part of its product strategy will be the development of proprietary sole technology, including its own sole moulds and tooling required to manufacture new footwear models.
Comet targets 20 stores by FY27
Retail expansion has emerged as a major growth driver for Comet as the Bengaluru-based brand moves beyond its primarily digital-led distribution model.
The company is set to reach 10 stores in September 2026 and plans to expand its retail network to 20 stores by the end of FY27. The expansion is aimed at building a larger physical and omnichannel presence across India and taking the brand to more cities.
“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, co-founder of Comet.
According to Gupta, the performance of its existing stores has given the company a base from which it can accelerate its physical expansion and build a significantly larger retail footprint across the country.
The company’s push into offline retail comes as Indian direct-to-consumer brands increasingly look at physical stores as a way to improve product discovery, customer experience and brand visibility while building an omnichannel business.
Comet to double footwear portfolio
Alongside retail expansion, Comet plans to significantly increase the number of footwear models it offers.
The company currently has four footwear models, with each model supported by dedicated sole tooling developed through research and development and capital investment. It plans to double its portfolio to eight models by the end of 2027.
Comet is also preparing to launch a women-focused footwear model, which has been under development for around a year. The new product will have its own sole tooling, reflecting the company’s strategy of investing in product engineering and proprietary technology rather than simply expanding its catalogue through existing designs.
Gupta said the company wants to continue investing in sole technology, research and development and engineering as it builds a larger Indian footwear brand.
The focus on proprietary sole designs and tooling is expected to give Comet greater control over its products while allowing it to develop footwear specifically around different consumer segments and use cases.
Revenue grows ninefold since previous institutional fundraise
The latest funding comes after a period of rapid growth for Comet.
The company said its revenue has grown ninefold since its previous institutional fundraise, a Rs 42.3 crore Series A round led by Elevation Capital in 2024.
Comet has also built a sizeable consumer community around the brand. The company has crossed 500,000 followers on Instagram, while limited-edition product launches and drops have been an important part of its brand-building strategy.
Some of the company’s limited-edition releases have sold out within minutes, according to the startup, helping it build a community-led approach to marketing and product launches.
Comet’s funding history
Founded in 2023 by Utkarsh Gupta and Dishant Daryani, Comet is headquartered in Bengaluru and is focused on building a homegrown sneaker and footwear brand.
Its latest Series B round follows the Rs 42.3 crore Series A funding round raised in 2024, which was led by Elevation Capital. Nexus Venture Partners is also an existing investor in the company.
The new round represents a significant increase in the capital available to the company as it moves from its early growth phase towards a broader retail and product expansion strategy.
The investment also brings Verlinvest into the company as its lead Series B investor. The global investment firm has been focusing on backing consumer businesses at stages where they are ready to scale their operations and build stronger category positions.
Verlinvest backs Comet’s next phase of growth
Amit Aggarwal, partner, early growth, Asia at Verlinvest, said the investment firm focuses on working with founders at an inflection point in their growth journey and providing capital to help businesses move from challenger brands towards category leadership.
Aggarwal said Comet has demonstrated that an Indian footwear brand can compete in a segment historically dominated by global brands.
According to Verlinvest, Comet’s understanding of the modern consumer, combined with its product and brand-building approach, makes it well positioned for its next stage of expansion.
For Comet, the immediate focus will now be on executing its retail expansion plans while simultaneously increasing its product range and investing in proprietary footwear technology.
With Rs 100 crore in fresh capital, a target of 20 stores by FY27 and plans to increase its footwear portfolio from four to eight models, the startup is looking to build a larger physical and product-led presence in India’s increasingly competitive sneaker and athleisure market.
