Comet Raises $5M in Series A Funding Round Led by Elevation Capital and Nexus Ventures
- ByStartupStory | July 2, 2024
Comet, a homegrown lifestyle sneaker brand, has successfully raised Rs 42.3 crore ($5 million) in a Series A funding round. The round was led by Elevation Capital, with additional participation from Nexus Ventures and Mumbai-based angel fund AL Trust.
Elevation Capital secured 10 equity shares and 39,491 compulsorily convertible preference shares (CCPS) valued at Rs 33.35 crore, while Nexus Ventures invested Rs 8.33 crore by purchasing 9,875 CCPS. AL Trust contributed Rs 59 lakh to the funding round.
Founded in 2022 by Utkarsh Gupta and Dishant Daryani, Comet specializes in retro-styled sneakers and slip-on sandals, sold through their website. The brand aims to blend style and comfort, targeting fashion-forward consumers in the competitive sneaker market.
Competing with major global brands like Nike, which plans to launch $100-and-under sneakers worldwide, Comet also faces competition from Indian footwear brands such as Redtape, Campus, and Sparx. With the average price of Rs 4,299 per pair, Comet aims to carve out a niche in the market by offering premium quality at accessible prices. This development was first reported by Entracker.
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