Bengaluru-based footwear startup Comet has raised Rs 98.75 crore (around US $10.46 million) in a Series B funding round, with Belgian investment firm Verlinvest investing in the company for the first time. Existing investors Elevation Capital and Nexus Venture Partners also participated in the round, according to reports.
Verlinvest invested Rs 61.73 crore (around US $6.53 million), while Elevation Capital and Nexus Venture Partners contributed Rs 17.90 crore (around US$1.90 million) each. The round also included Rs 50 lakh (around US $52,944) investments from UC co-founder Abhiraj Singh Bhal and Bhaane Retail, and Rs 20 lakh (around US $21,178) from Ajit Mohan.
The funding follows Comet’s Rs 42.3 crore (around US $4.48 million) Series A round in July 2024, led by Elevation Capital.
According to regulatory filings, Comet’s board approved the issuance of 70,618 Series B compulsorily convertible preference shares (CCPS) and 10 equity shares at Rs 13,983 per share.
The latest round values the company at approximately Rs 535 crore (around US $56.65 million), up from an estimated post-money valuation of Rs 167 crore (around US $17.69 million) after its Series A round.
Comet plans to use the funds for working capital, capital expenditure and general corporate purposes.
Founded in 2023 by Utkarsh Gupta and Dishant Daryani, Comet sells sneakers and slides for men and women through its direct-to-consumer online platform.
