Comet Bags ₹100 Cr to Hit 20 Stores by FY27
Comet's ₹100 crore Series B will fund its transition from online-first brand to omnichannel retailer. With stores outperforming the broader athleisure category, the D2C sneaker maker plans 20 stores by FY27 and investments in proprietary sole moulds.
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Retail briefing
Key takeaways
- Comet's ₹100 crore Series B will fund its transition from online-first brand to omnichannel retailer.
- With stores outperforming the broader athleisure category, the D2C sneaker maker plans 20 stores by FY27 and investments in proprietary sole moulds.
- Business Standard; Peerzada Abrar
- Business Standard
In this briefing
Mentioned
Key Intelligence
Key Facts
- 1Comet raised ₹100 crore in a Series B round led by Verlinvest, announced on September 4, 2026.
- 2Existing investors Elevation Capital and Nexus Venture Partners participated and doubled down on their investment.
- 3Angel investors in the round included Abhiraj Singh Bhal of Urban Company, Ajit Mohan of Snap Inc., and Anand Ahuja of Bhaane and VegNonVeg.
- 4Comet's revenue has grown 9X since its previous institutional fundraise.
- 5The company is set to reach 10 stores in September 2026 and plans to expand to 20 stores by the end of FY27.
- 6Fresh capital will target retail expansion, product development, technology, and R&D, including own sole moulds and tooling.
Comet's retail and brand momentum ahead of Series B
Analysis
For retail operators, Comet's store-level outperformance is the most important signal in this funding announcement. While many D2C brands struggle to make physical retail work, Comet says its stores consistently beat the broader athleisure category in every market it enters, and now it has ₹100 crore to double its footprint from 10 to 20 stores by FY27. Those units will anchor an omnichannel play that could shift how Indian sneaker retail competes with global giants.
Comet, the homegrown Indian sneaker brand founded by Utkarsh Gupta and Dishant Daryani, has closed a ₹100 crore Series B round led by Verlinvest. Existing backers Elevation Capital and Nexus Venture Partners participated in the round and, according to the company, doubled down on their existing positions. The financing also brought in a group of operator angels: Abhiraj Singh Bhal, cofounder and CEO of Urban Company; Ajit Mohan, global chief business officer of Snap Inc.; and Anand Ahuja, founder and CEO of Bhaane and cofounder of VegNonVeg. Comet said the capital will be used to accelerate retail expansion, strengthen product development and technology capabilities, and continue investing in research and development, including proprietary sole moulds and the tooling required to bring new footwear models to market.
The financing also brought in a group of operator angels: Abhiraj Singh Bhal, cofounder and CEO of Urban Company; Ajit Mohan, global chief business officer of Snap Inc.; and Anand Ahuja, founder and CEO of Bhaane and cofounder of VegNonVeg.
The announcement lands at a point where physical retail has become Comet's most important growth lever. Utkarsh Gupta, cofounder of Comet, said retail has become a significant growth driver, with stores consistently outperforming the broader athleisure category in the markets where the brand operates. That statement carries weight because India's sneaker market has historically been shaped by large global sportswear brands, and a homegrown challenger claiming category-beating store performance suggests a differentiated local product and brand fit. Comet is set to reach 10 stores in September 2026 and has outlined plans to expand to 20 stores by the end of FY27, which would double its physical footprint.
The fundraising also reflects the company's recent commercial momentum. Comet said its revenue has grown 9X since its previous institutional fundraise. That growth, combined with store-level outperformance, gave Verlinvest and existing backers a tangible reason to commit at a higher scale. The round is not only about opening stores; a portion is directed to product development and technology, including the creation of own sole moulds. Moving into proprietary moulding and tooling can reduce reliance on third-party footwear manufacturers, improve gross margins, accelerate design cycles, and create harder-to-copy product differentiation in a crowded sneaker market.
Verlinvest's participation signals a structured early-growth thesis. Amit Aggarwal, partner for early growth in Asia at Verlinvest, framed the strategy as partnering with exceptional founders at the inflection point of scale, providing the firepower to transition from strong challengers to undisputed category leaders. Aggarwal added that Comet has proven a homegrown Indian brand can disrupt a space historically dominated by global players. The angel lineup reinforces that network effect. Bhal brings experience scaling Urban Company's service marketplace and operations; Mohan offers global digital platform perspective from Snap; Ahuja contributes fashion and multi-brand sneaker retail expertise through Bhaane and VegNonVeg.
What to Watch
From an operational perspective, Comet now faces a more complex execution phase. Adding 10 more stores by FY27 will require disciplined site selection, inventory allocation, and working capital management, especially as the brand pushes into cities beyond its current footprint. Physical retail also raises fixed costs such as leases and staffing, which will need to be balanced against the company's 9X revenue trajectory. Still, the stated category outperformance and the presence of repeat investors suggest the underlying unit economics are strong enough to justify expansion. The focus on proprietary sole moulds and tooling may further improve product margins and supply chain control over time.
Looking ahead, the next 12 to 18 months will test whether Comet can convert growth capital into a defensible omnichannel position without sacrificing the brand's challenger identity. The jump from 10 to 20 stores is a useful public benchmark; if the company hits that target while maintaining store-level outperformance, it could attract larger follow-on capital or strategic interest. If physical expansion dilutes margins or slows, the same investors may push for a more measured rollout. For India's broader direct-to-consumer ecosystem, Comet's round is another data point that consumer brands with clear retail momentum can still command meaningful growth capital even when global funding conditions are uncertain.
Timeline
Timeline
10th store milestone
Comet is set to reach 10 retail stores during September 2026.
Series B announcement
Comet announces a ₹100 crore Series B led by Verlinvest, with participation from Elevation Capital and Nexus Venture Partners.
20-store expansion target
Comet plans to expand to 20 stores by the end of FY27.
Source cluster
Primary reporting
- Business Standard; Peerzada AbrarSneaker startup Comet raises ₹100 crore in Series B led by Verlinvest
Cite This Page
"Comet Bags ₹100 Cr to Hit 20 Stores by FY27." Retail Intelligence Brief, September 5, 2026. https://getretailbrief.com/story/comet-100-crore-series-b-omnichannel-retail-expansion
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