Comet, the direct-to-consumer sneaker brand based in Bengaluru, has successfully raised Rs 42.3 crore (approximately $5 million) in its Series A funding round. Elevation Capital spearheaded the investment with Rs 33.36 crore, joined by existing investors Nexus Ventures and AngelList India contributing Rs 8.34 crore and Rs 60 lakhs respectively.
The funding, detailed in a regulatory filing accessed from the Registrar of Companies, involved issuing 10 equity shares and 50,076 Series A CCPS at an issue price of Rs 8,445 each. These funds will support Comet’s capital expenditures, marketing efforts, and general corporate initiatives as outlined in their business plan.
Founded in July 2023 by Dishant Daryani and Utkarsh Gupta Comet focuses on lifestyle sneakers for both men and women, retailing through its own website and featuring products such as CometX, Aeon, and Slides.
Looking ahead, Comet targets a total addressable market (TAM) of $22 billion, with a serviceable addressable market (SAM) projected to reach $1.5 billion by FY 2030. The company competes with both domestic brands like Wrong, HRX, and Redtape, as well as global giants including Nike and Adidas.
Following this Series A round, Elevation Capital and Nexus Ventures will each hold 20% of Comet, with AngelList India commanding 2.22% of the company’s capital structure. This funding round marks a significant milestone for Comet as it continues to expand its market presence and product offerings in the competitive footwear industry