Comet, the Bengaluru-based D2C sneaker brand, is raising Rs 98.75 crore (around $10.2 million) in a round led by new investor Verlinvest, with participation from existing backers Elevation Capital, Nexus Venture Partners and others, as per media reports.
In July 2024, Comet had raised Rs 42.3 crore (approximately $5 million) in its Series A round led by Elevation Capital.
The company’s board has approved the issuance of 70,618 Series B compulsorily convertible preference shares (CCPS) and 10 equity shares at an issue price of Rs 13,983 per share to raise the amount, according to its regulatory filing.
Verlinvest will lead the round with an investment of Rs 61.73 crore, while Elevation Capital and Nexus Ventures will invest Rs 17.90 crore each. UC co-founder Abhiraj Singh Bhal and Bhaane Retail will invest Rs 50 lakh each, while Ajit Mohan will invest Rs 20 lakh.
The company’s valuation will jump 3.2X to around Rs 535 crore ($56 million) from the approximately Rs 167 crore post-money valuation reported after its Series A round in 2024.
The company plans to deploy the fresh capital towards working capital requirements, capital expenditure and general corporate purposes.
Founded in 2023 by Utkarsh Gupta and Dishant Daryani, Comet is a lifestyle sneaker brand offering sneakers and slides for men and women, focused on India-inspired, fashion-forward designs, and operates primarily through its own platform.
