Comet raises Rs 100 crore Series B led by Verlinvest
Comet raised Rs 100 crore at a Rs 535 crore post-money, and the plan attached to it is 10 stores this month against Rs 29 crore of FY25 revenue.
- Verlinvest led Comet's Rs 100 crore Series B at a Rs 535 crore post-money, up from Rs 167 crore post-money at the 2024 Series A.
- Elevation Capital and Nexus Venture Partners joined, alongside angels Abhiraj Singh Bhal, Urban Company cofounder, Ajit Mohan, Snap global chief business officer, and Anand Ahuja, Bhaane founder.
- FY25 revenue was Rs 29 crore, described as a nearly fourfold increase, on a loss of Rs 4.39 crore.
- The 10 stores this month, 20 stores by end of FY27, 8 models and a women-focused launch are stated company plans, not achievements.
Comet, a Bengaluru D2C sneaker brand, has raised Rs 100 crore in a Series B led by Verlinvest, the Belgium-based investor. Elevation Capital and Nexus Venture Partners participated. The angel cheques came from Abhiraj Singh Bhal, Urban Company cofounder, Ajit Mohan, Snap global chief business officer, and Anand Ahuja, Bhaane founder.
The round is at a Rs 535 crore post-money valuation. The 2024 Series A was at Rs 167 crore post-money. FY25 revenue was Rs 29 crore, described as a nearly fourfold increase, on a loss of Rs 4.39 crore. Utkarsh Gupta and Dishant Daryani founded the company.
The stated use of funds is retail expansion, product development, technology, and research and development, including proprietary sole moulds and tooling.
Everything that follows is a company plan rather than something already done. Comet currently sells 4 footwear models. It plans to open 10 stores this month, reach 20 stores by the end of FY27, double the portfolio to 8 models, and launch a women-focused model by the end of the year.
Read those plans against the Rs 29 crore base and the sequencing is the thing to watch, not the ambition. Ten doors inside a single month, a portfolio going from 4 models to 8, and a first women-focused line are all dated commitments landing in roughly the same window as the tooling spend. They also depend on each other. A door that opens before the wider range is ready is a door trading 4 models, and a model that ships before the doors open has only the online channel to absorb it.
Entrackr does not report a current store count, a target city list, or how the Rs 100 crore splits across retail, product and tooling. Those splits are what would tell you whether the store target is funded or aspirational. If you supply Comet, manufacture for it or share shelf with it, the number to ask about over the next two quarters is not revenue. It is how many of the 10 stores actually opened this month, because that is the first of the dated commitments to come due.
Zane’s analysis draws on original reporting by Entrackr. Read the original report.