Indian Sneaker Startup Comet Secures $5 Million Investment in Series A Funding

Comet

Sneaker startup Comet earns $5 million from Elevation Capital and Nexus Ventures. Utkarsh Gupta and Dishant Daryani created Comet, a native lifestyle footwear company, in 2022.

Comet, a sneaker startup, raised Rs 42.3 crore ($5 million) in a Series A fundraising round led by Elevation Capital, with participation from Nexus Ventures and Mumbai-based angel fund AL Trust. During the Bengaluru-based D2C brand’s Series A round, Elevation Capital acquired 10 equity shares and 39,491 compulsorily convertible preference shares (CCPS) worth Rs 33.35 crore, while Nexus invested Rs 8.33 crore by purchasing 9,875 CCPS. Furthermore, AL Trust contributed Rs 59 lakh.

Utkarsh Gupta and Dishant Daryani founded Comet in 2022 as a domestic lifestyle footwear brand. The company manufactures and sells retro-style shoes and slip-on sandals through its website. The startup sells sneakers for an average price of Rs 4,299 per pair, competing with major sneaker manufacturers such as Nike, which plans to create $100-and-under sneakers in nations around the world. The company also competes with other Indian footwear brands, including Redtape, Campus, and Sparx.
Comet is an indigenous lifestyle footwear brand. From the sole to the finished shoe, exceptional craftsmanship is at the heart of our concept. Every comet that leaves our cosmos to reach yours exemplifies the thinking, attention to detail, and ongoing effort that we put into it.

These experimental artists select extraordinary ingredients and make them shine via engaging concepts, all while maintaining the highest quality and creating the ideal balance.Regardless of the work, the team aims to leave a mark as dazzling as a comet blazing across the night sky.

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