In a significant boost to the burgeoning Indian footwear market, Bengaluru-based sneaker brand Comet has successfully raised $5 million in Series A funding. This round was spearheaded by Elevation Capital, with participation from existing investors Nexus Ventures and AngelList India.
The founders, Utkarsh Gupta, a former Hotstar executive, and Dishant Daryani, an ex-Urban Company executive, embarked on this entrepreneurial journey in 2022 after returning from Chicago and Boston. Their mission? To revolutionize the Indian sneaker market with high-quality, stylish footwear.
Currently Comet offers a variety of products including:
- Sneakers
- Slides
- Shoe laces
These products are available for both men and women, with prices ranging from INR 4,000 to INR 4,500 (approximately $50). Currently, Comet primarily sells its products through its own website, making direct connections with its customer base.
“Many told us not to. Many still do. And many will continue to. But we both know sneakers bring a different energy out of us – a fire that we only dreamed of during our early days. For us, Comet is a brand born solely out of our passion and we are aiming to take sneaker design, storytelling, and craftsmanship to the next level”
Shared the founders
Why This Funding Matters
1. Investor Confidence:
The participation of leading venture capital firms underscores the potential of homegrown Indian footwear brands. It validates the immense growth opportunities within the market.
2. Funding for Growth:
Comet plans to allocate the funds towards marketing, operational expansion, and brand building. These steps are crucial for scaling up and solidifying their presence in the competitive sneaker space.
3. Strong Market Fit:
Comet targets the young, fashion-conscious demographic, offering products for both genders. Their diverse portfolio and focus on style and quality position them well for success.
In conclusion, the successful funding round is a major milestone for Comet and the Indian footwear market. With investor confidence and strategic growth plans, Comet is poised to make significant strides in the industry. As they continue to innovate and expand, the future looks bright for this dynamic startup.
