Direct-to-consumer (D2C) sneaker brand Comet has successfully raised Rs 42.3 crore (approximately $5 million) in its Series A funding round, led by Elevation Capital. This marks the first investment round for the Bengaluru-based company in 2024.
According to regulatory filings accessed from the Registrar of Companies, Comet’s board approved a special resolution to issue 10 equity shares and 50,076 Series A CCPS at an issue price of Rs 8,445 each, raising a total of Rs 42.3 crore.
Elevation Capital led the round with an investment of Rs 33.36 crore, while existing investors Nexus Ventures and AngelList India contributed Rs 8.34 crore and Rs 60 lakh, respectively. The funds will be used for capital expenditures, marketing, and general corporate purposes, as per the company’s business plan.
Post-allotment, the startup is valued at approximately Rs 167 crore ($20 million), according to the startup data intelligence platform TheKredibe. Comet had previously raised seed capital in February last year.
With the fresh infusion of capital, Elevation Capital and Nexus Ventures each hold a 20% stake in Comet, while AngelList India commands a 2.22% share.
Founded in July 2023, Comet is a homegrown lifestyle sneaker brand catering to both men and women, selling its products through its website. Its current product portfolio includes the CometX, Aeon, and Slides.
Comet’s total addressable market (TAM) is projected to be $22 billion, while its serviceable addressable market (SAM) is expected to reach $1.5 billion by FY 2030. In the competitive footwear market, Comet faces rivals such as Wrong, HRX, Redtape, The Roadster, Campus, Sparx, and international brands like Nike and Adidas.
Avinash Dyal