Comet Raises Rs 100 Cr in Series B Led by Verlinvest to Expand Retail and Build Proprietary Footwear Technology

Homegrown sneaker brand Comet has raised Rs 100 crore in a Series B funding round led by Verlinvest, as the Bengaluru-based company looks to accelerate its retail expansion, strengthen product development, and invest in proprietary footwear technology.

The round also saw participation from existing investors Elevation Capital and Nexus Venture Partners, along with a group of startup founders. The fresh capital comes as Comet looks to move from being a digital-first sneaker challenger toward a larger omnichannel footwear brand.

Funding to Drive Retail Expansion and Product Development

Comet plans to deploy the new funding across three key areas: expanding its physical retail presence, strengthening product development, and increasing its technology and research capabilities.

A major focus will be developing proprietary sole designs and the tooling required to manufacture new footwear models. The company currently has four footwear models and plans to double that portfolio to eight models by the end of next year.

Retail has emerged as one of Comet's strongest growth drivers. The company said its stores are consistently outperforming the broader athleisure category in the markets where it operates.

Co-founder Utkarsh Gupta said the performance of its stores gives Comet a strong foundation to continue expanding its physical presence and enter more cities.

From Startup Challenger to Scaling Sneaker Brand

Founded in 2023 by Utkarsh Gupta and Dishant Daryani, Comet is headquartered in Bengaluru and has positioned itself as a homegrown alternative in India's increasingly competitive sneaker and athleisure market.

The company previously raised Rs 42.3 crore in a Series A round led by Elevation Capital in 2024. Since that round, Comet said its revenue has grown ninefold.

The brand has also built a significant digital audience, with more than 500,000 followers on Instagram.

Comet is now accelerating its offline expansion. The company plans to reach 10 retail stores by the end of September 2026 and aims to double that footprint by the end of FY27.

Building Proprietary Footwear Technology

Beyond store expansion, Comet's investment in its own sole tooling could become an important part of its long-term product strategy.

Developing proprietary sole designs can give the brand greater control over footwear performance, product differentiation, and future model development. Comet plans to increase its footwear portfolio from four models to eight by the end of next year.

For Verlinvest, the investment reflects its belief that Comet has reached an important scaling point.

Amit Aggarwal, Partner, Early Growth, Asia at Verlinvest, said Comet demonstrates that an Indian homegrown brand can challenge a category historically dominated by global players.

With Rs 100 crore in fresh capital, accelerating retail growth, ninefold revenue growth since its previous funding round, and plans to build proprietary footwear technology, Comet is entering its next phase with ambitions to become a much larger player in India's sneaker market.