Bengaluru-based sneaker brand Comet has raised Rs 98.75 crore in Series B funding led by Verlinvest. The private company aims to use the capital to expand its retail stores and improve product R&D. It remains a loss-making startup as it navigates a highly competitive footwear market.
Comet, the Bengaluru-based sneaker startup, has closed a Series B funding round of Rs 98.75 crore. The investment was led by the Belgian firm Verlinvest, with ongoing support from existing investors Elevation Capital and Nexus Venture Partners. This round values the company at approximately Rs 535 crore, which is a significant increase from its previous valuation.
The startup plans to use this fresh capital to support its expansion into physical retail and improve its product development. Comet currently operates a limited number of models and aims to double this portfolio by the end of next year. The management has set a goal to increase its physical store presence to 20 locations by the end of the 2027 financial year. This shift from being a primarily online brand to an omnichannel retailer is a major part of the company's growth strategy.
It is important for readers to note that Comet is a privately held company and is not listed on the National Stock Exchange (NSE) or the Bombay Stock Exchange (BSE). This means the public cannot buy or sell its shares, and its financial details are not subject to the same public disclosure requirements as listed companies. Available financial data for the 2025 financial year shows that the company generated revenue of approximately Rs 29 to 31.7 crore. During the same period, it reported a net loss of Rs 4.4 crore.
The Indian sneaker and athleisure market is highly competitive, dominated by large international brands and established domestic players who have significant financial backing and wide distribution networks. Comet faces the challenge of scaling its business while maintaining profit margins in a sector that requires heavy spending on marketing, R&D, and physical store operations.
There are also indicators of a tighter fundraising environment for startups. While the company secured Rs 98.75 crore, reports had initially suggested a potential target of Rs 140–150 crore. The fact that the final amount was lower than early expectations suggests that securing large amounts of capital is becoming more difficult, even for growing consumer brands. The company's future performance will depend on its ability to manage its cash burn, execute its store expansion plans effectively, and gain market share against well-entrenched competitors. The next monitorable for the company will be its ability to improve operational efficiency and move toward profitability as it expands its footprint.