Comet raises Rs 98.75 crore in Verlinvest-led Series B at Rs 535 crore valuation
Bengaluru-based D2C sneaker brand Comet has raised Rs 98.75 crore in a Series B led by Verlinvest, with Elevation Capital and Nexus Venture Partners participating. The capital will support working capital, capex and general corporate purposes.
What happened
Bengaluru D2C sneaker brand Comet is raising Rs 98.75 crore in a Verlinvest-led Series B, valuing it at about Rs 535 crore. Existing investors Elevation and
Key facts
- Rs 98.75 crore ($10.2 million) total Series B raise
- Rs 61.73 crore investment by Verlinvest
- Rs 17.90 crore each from Elevation Capital and Nexus Venture Partners
- Rs 50 lakh each from Abhiraj Singh Bhal and Bhaane Retail
- Rs 20 lakh from Ajit Mohan
- 70,618 Series B CCPS and 10 equity shares issued at Rs 13,983 per share
- Rs 535 crore ($56 million) valuation, up 3.2x from Rs 167 crore
- Rs 42.3 crore ($5 million) Series A in July 2024
Why this matters
Comet’s newly funded expansion strengthens its position in India’s premium sneaker market and could make it a more consequential partner, competitor or acquisition target for footwear incumbents.
What to watch
- New store openings, shop-in-shop partnerships or distribution agreements with large footwear and department-store chains.
- Revenue run-rate, repeat-purchase metrics, gross-margin commentary and signs of reduced reliance on discounting.
- Inventory days, stock-out frequency, return rates and any working-capital or supply-chain disclosures.
- Senior hires in retail operations, merchandising, sourcing, finance or international expansion.
- New product categories, collaborations and evidence that launches sustain demand beyond initial hype.
- A subsequent funding round, secondary transaction, strategic partnership or acquisition activity among Indian D2C footwear brands.
- Expand core sneaker assortments across additional price points, colorways and limited-edition drops.
- Increase inventory depth and improve demand forecasting to reduce stock-outs on high-velocity styles.
- Build selective offline distribution through owned experience stores, shop-in-shops and premium multi-brand retail partners.
- Invest in domestic sourcing, manufacturing partnerships and quality-control capacity to shorten replenishment cycles.
- Use the funding milestone to intensify creator, community and campus-led marketing while focusing on repeat-customer retention.
- Evaluate adjacent categories such as socks, apparel, bags and care products to raise lifetime value.