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D2C sneaker brand Comet raised $5 M Series A funding

Elevation Capital led Comet’s Series A round, which raised Rs 42.3 crore, or roughly $5 million, for the direct-to-consumer sneaker brand. This is the company’s first investment round for 2024; it is based in Bengaluru.

According to Comet’s regulatory filing, which can be accessed through the Registrar of Companies, the board approved a special resolution to issue 10 equity and 50,076 Series A CCPS at an issue price of Rs 8,445 apiece in order to raise Rs 42.3 crore, or $5 million.

With an investment of Rs 33.36 crore, Elevation Capital spearheaded the round, with participation from returning investors Nexus Ventures and AngelList India contributing Rs 8.34 crore and Rs 60 lakhs, respectively.

According to the business plan, the company will use these proceeds for marketing, capital expenditures, and general corporate purposes, the filing stated.

Media estimates Comet’s post-allotment valuation to be approximately Rs 167 crore, or $20 million. The startup raised its initial funding in February of the previous year.

After the new funding, AngelList India will control 2.22% of the company’s capital, while Elevation Capital and Nexus Ventures will each hold 20%.

Comet is a locally produced lifestyle sneaker brand for men and women that was established in July 2023 and sells its goods online. Its current portfolio consists of Slides, Aeon, and CometX.

Comet projects that by FY 2030, its serviceable addressable market (SAM) will reach $1.5 billion, while its total addressable market (TAM) will reach $22 billion.

Comet faces competition from global footwear brands such as Nike and Adidas, as well as Wrong, HRX, Redtape, The Roadster, Campus, and Sparx.

 

 

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