July 2, 2024: Sole to the final shoe sneaker startup Comet has raised Rs 42.3 crore ($5 million) in a Series A funding round to expand its business and brand growth in the sneaker markets.
Founded in 2022, Comet is a homegrown, lifestyle sneaker brand founded by Utkarsh Gupta and Dishant Daryani. The company produces and sells retro-styled sneakers and slip-on sandals via its website.
Elevation Capital has acquired 10 equity shares and 39,491 compulsorily convertible preference shares (CCPS) valued at Rs 33.35 crore in the Bengaluru-based D2C brand during its Series A round, while Nexus invested Rs 8.33 crore by purchasing 9,875 CCPS. AL Trust invested also made an additional investment of Rs 59 lakh.
The firm sells sneakers priced at an average Rs 4,299 a pair competing with major sneaker makers like Nike which is planning to launch $100-and-under sneakers in countries around the world.
The comet brand competes with Indian footwear brands such as Redtape, Campus, and Sparx.
The latest round of funding was led by Elevation Capital, with participation from Nexus Ventures and Mumbai-based angel fund AL Trust.
