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Homegrown sneaker brand Comet, founded by Utkarsh Gupta and Dishant Daryani, has raised INR 100 crore in its Series B round, led by global evergreen investment firm Verlinvest. Existing investors Elevation Capital and Nexus Venture Partners have also doubled down their investment in the company alongside participation from angel investors Abhiraj Singh Bhal, Co-founder and CEO of Urban Company, Ajit Mohan, Global Chief Business Officer of Snap Inc., and Anand Ahuja, Founder & CEO of Bhaane and Co-founder of VegNonVeg.
The INR 100 crore Series B represents the capital Comet set out to raise to support its next phase of growth. The company plans to deploy the funds towards accelerating retail expansion, strengthening product development and technology capabilities, and continuing to invest in research and development, including the development of its own sole moulds and the tooling required to bring new footwear models to market.
Utkarsh Gupta, Co-founder, Comet, said, “Retail has become a significant growth driver for Comet, with our stores consistently outperforming the broader athleisure category in the markets we operate in. 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 company 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.
Amit Aggarwal, Partner, Early Growth, Asia, Verlinvest said, “As part of our early growth investment strategy, 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. 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. I am thrilled to back Utkarsh and Dishant, as the focus shifts from finding product-market fit to scaling a movement."
Adding to the expansion plans, Utkarsh said, “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. Every new model requires significant investment in both product development and sole tooling. 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. These are long-term investments in the product capabilities we want Comet to be known for, and this round gives us the ability to continue building them at scale.”
Comet currently has four footwear models, each with its own sole tooling developed through dedicated R&D and capital investment. The company 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 INR 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.
The Series B round also marks Verlinvest’s focus on investing in early growth stage, bringing the firm on board as a new institutional partner as Comet enters its next phase of scale. Comet will focus on scaling the foundations it has built across retail, product and technology, with the ambition of establishing a larger national footprint and strengthening its position in India's evolving lifestyle footwear market.
