PE-VC Fund Investments
Sneaker brand Comet raises $10.2 M at over 3X valuation premium
Bengaluru-based Comet has raised INR 98.75 crore (about USD 10.2 million) in a funding round led by new investor Verlinvest, with participation from existing backers Elevation Capital, Nexus Venture Partners, Abhiraj Singh Bhal, Bhaane Retail, and Ajit Mohan. Following this investment, the valuation of the company is estimated to jump 3.2X to approximately INR 535 crore, compared to the post-money valuation of INR 167 crore reported after its Series A round in 2024.Founded in 2023 by Utkarsh Gupta and Dishant Daryani, Comet is a lifestyle sneaker brand that offers sneakers and slides for men and women through its own platform.The company plans to use the fresh capital for working capital requirements, capital expenditure, and general corporate purposes.
Between Feb 2023 and May 2024, Comet had attracted about $ 7 M from Elevation Capital, Nexus Venture Partners, Others.For FY25, Comet had reported about INR 29 Cr in Operating Income and about INR 4 Cr in Net loss.
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