Bengaluru-based D2C sneaker brand Comet has secured Rs 42.3 crore (approximately $5 million) in its Series A funding round. This significant investment, led by Elevation Capital, marks the company’s first round of investments in 2024.
The board of Comet has passed a special resolution to issue 10 equity shares and 50,076 Series A CCPS at an issue price of Rs 8,445 each, as per the regulatory filing accessed from the Registrar of Companies. 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 lakhs, respectively.
The new funds will be allocated for capital expenditures, marketing initiatives, and general corporate purposes, according to the company’s business plan detailed in the filing. Following this investment, Elevation Capital and Nexus Ventures will each hold a 20% stake in Comet, with AngelList India holding a 2.22% stake.
Founded in July 2023, Comet is a homegrown lifestyle sneaker brand catering to both men and women, offering products such as CometX, Aeon, and Slides through its website. The company projects its total addressable market (TAM) to reach $22 billion, with its serviceable addressable market (SAM) estimated at $1.5 billion by FY 2030.
Comet faces competition from brands like Wrong, HRX, Redtape, The Roadster, Campus, Sparx, as well as global giants such as Nike and Adidas.
