New Delhi, India: Indian direct-to-consumer (D2C) sneaker brand Comet has raised ₹100 crore ($10.6 million) in its Series B funding round as the company looks to expand its offline retail presence across India.
The round was led by global investment firm Verlinvest, with existing investors Elevation Capital and Nexus Venture Partners also participating.
Founded in 2023 by Utkarsh Gupta and Dishant Daryani, Comet has built its business around a digitally driven sneaker brand aimed at India’s growing consumer market. With the latest funding, the company plans to place greater focus on physical retail while continuing to invest in products, technology and research.
Comet Plans to Double Its Store Network
Comet currently operates 10 company-owned and company-operated stores across India. The company plans to double this number to 20 stores by the end of FY27.
The expansion marks an important shift in Comet’s growth strategy. While the brand initially focused heavily on its D2C and online business, physical stores are now expected to become a larger part of its overall retail strategy.
For a footwear brand, offline stores can provide customers with an opportunity to try different sizes, experience the products in person and interact directly with the brand. Comet’s planned expansion is therefore aimed at taking its consumer reach beyond its online audience.
Footwear Portfolio to Double
Along with expanding its retail network, Comet is also planning to increase its product range.
The company currently has four footwear models and plans to double its portfolio to eight models. The fresh capital will support product development, technology and research and development as Comet works to build a broader offering.
The company is also expected to use the funding to strengthen its operational capabilities as it scales across multiple retail locations.
Financial Performance
Comet reported ₹29.1 crore in operating revenue during FY25, while its net loss stood at approximately ₹4.4 crore.
The latest funding comes as the company moves into its next phase of expansion, with a greater focus on balancing growth with a wider physical retail footprint.
From D2C Brand to Omnichannel Sneaker Business
Comet’s latest move reflects a broader shift among India’s consumer brands. Several D2C companies that initially built their businesses through online channels are increasingly exploring physical stores to improve customer reach and create stronger brand experiences.
For Comet, the plan to reach 20 stores by FY27, alongside an expanded portfolio of eight footwear models, represents a significant scale-up from its current operations.
The key challenge will be converting the brand’s online traction into sustained offline demand while managing the costs associated with retail expansion.
With ₹100 crore in fresh capital and backing from both new and existing investors, Comet is now positioning itself for its next stage of growth in India’s increasingly competitive sneaker market.
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