D2C sneaker brand Comet raised ₹100 crore ($10.6 million) in a Series B funding round led by global investment firm Verlinvest, the company announced. Existing investors Elevation Capital and Nexus Venture Partners also participated by doubling their stakes. Angel investors included Snapchat CBO Ajit Mohan, Urban Company founder Abhiraj Singh Bhal, and Bhaane cofounder Anand Ahuja. The capital will be used to expand Comet’s retail footprint and enhance product development and technology.
Comet currently operates ten company-owned, company-operated (CoCo) stores across India and plans to increase this to 20 stores by the end of the fiscal year. The startup is also focused on doubling its footwear portfolio from four to eight distinct models. Co-founder Utkarsh Gup said the company is investing heavily in developing proprietary sole moulds and tooling for new footwear models, including a female-specific model that has been in development for a year and involves significant capital expenditure.
The funding round highlights growing investor interest in Indian D2C brands focusing on offline expansion and product innovation. Comet’s approach to building in-house sole technology and tooling sets it apart from many competitors that rely on third-party manufacturers. This strategy aligns with a broader trend in the footwear sector where brands seek to control design and production to improve quality and differentiation. The participation of marquee investors and industry founders underscores confidence in Comet’s growth trajectory.
Comet’s plan to double its retail stores to 20 and expand its footwear range to eight models by the fiscal year-end reflects its aggressive growth strategy. The company’s focus on R&D and engineering investments aims to position it as a notable Indian footwear brand with proprietary technology. The Series B funding round led by Verlinvest provides the financial backing needed to execute these plans, according to inc42.com.