Comet, a direct-to-consumer sneaker startup founded in 2023, has raised ₹100 crore ($10.6 million) in a Series B round led by Verlinvest, with support from existing and new investors. The capital will fuel expansion of physical retail stores and intensified product development, including new sole technology and models.
- ₹100 Cr Series B round led by Verlinvest
- Plans to increase India stores from 10 to 20
- Focus on new sole technology and female-focused sneaker model
What happened
Comet, an Indian D2C sneaker brand established in 2023, announced the completion of a ₹100 crore ($10.6 million) Series B funding round. The round was led by global investment firm Verlinvest, with existing investors Elevation Capital and Nexus Venture Partners doubling their investments. High-profile angel investors such as Snapchat CBO Ajit Mohan, Urban Company founder Abhiraj Singh Bhal, and Bhaane cofounder Anand Ahuja also participated.
The startup currently operates 10 company-owned stores across India and intends to expand that number to 20 within the current fiscal year. Beyond retail expansion, Comet plans to channel funds into product development and R&D to innovate footwear manufacturing, particularly the creation of proprietary sole moulds and tooling necessary for launching new sneaker models.
Why it matters
Comet’s successful funding round signifies growing investor confidence in India’s direct-to-consumer sneaker market, which demands strong brand differentiation and innovative product design. By focusing on proprietary sole technology and engineering, Comet aims to distinguish itself from competitors in a crowded and fast-evolving market segment.
The brand’s strategy of releasing limited edition sneakers every one to two months has helped it maintain high demand, often selling out quickly. Expanding offline retail presence allows Comet to reach a broader customer base and reinforce brand loyalty through physical touchpoints—an increasingly important channel despite its digital-first roots.
What to watch next
Monitoring Comet’s ability to scale its retail footprint while preserving demand for limited edition releases will be crucial. The success of its upcoming product launches, especially the new female-focused sneaker model with dedicated sole tooling, will indicate how well Comet can leverage its R&D investments to capture diverse consumer segments.
Further financial performance updates, particularly post-FY25 where Comet reported a ₹4.4 crore net loss and ₹29.1 crore revenue, will reveal whether the brand can convert expanded operations and enhanced product offerings into sustainable profit growth. Industry watchers will also note how Comet’s approach influences other Indian D2C footwear startups.