Comet raises Rs 100 crore to fund retail
Sneaker brand Comet has secured Rs 100 crore in a Series B funding round led by Verlinvest. The capital will accelerate its retail growth, aiming for 20 stores by FY27, and fund product development.
Homegrown sneaker brand Comet has raised Rs 100 crore in a Series B funding round. The investment was led by the global investment firm Verlinvest.
Existing investors Elevation Capital and Nexus Venture Partners also participated. Angel investors Abhiraj Singh Bhal, Ajit Mohan, and Anand Ahuja joined the round as well.
Funding and Growth Trajectory
The company plans to use the new capital to accelerate its retail expansion. It will also strengthen product development, technology, and research and development investments. These R&D efforts include creating proprietary sole moulds and tooling for new footwear models.
Comet stated its revenue has grown ninefold since its previous institutional fundraise. That was a Rs 42.3 crore Series A round led by Elevation Capital in 2024.
Retail Expansion Strategy
Retail has become a major focus for the brand. Comet is set to reach 10 physical stores this month. It plans to expand to a total of 20 stores by the end of the 2027 financial year.
"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. He added, "With this round, we can accelerate that expansion and build a much larger retail footprint across India."
The brand, founded in 2023 by Gupta and Dishant Daryani, is expanding its physical and omnichannel presence nationwide. It has amassed more than 500,000 followers on Instagram.
Product Portfolio and Development
Comet's current lineup and future plans center on dedicated product engineering. The company currently offers four distinct footwear models. Each model is supported by its own dedicated sole tooling and research and development.
The brand aims to double its portfolio to eight models by the end of next year. A key upcoming launch is a women-focused model. Gupta confirmed this model has been in development for the past year and involves dedicated sole tooling and capital expenditure.
The company plans to deepen its investments in sole technology and overall product engineering. This focus on proprietary tooling is a core part of its strategy to differentiate in the market.
Founders Gupta and Daryani continue to steer the brand's growth across both digital and physical retail channels.
