In a significant milestone for the Bengaluru-based direct-to-consumer (D2C) sneaker brand, Comet, the company has secured Rs 42.3 crore (approximately $5 million) in its Series A funding round. The investment was led by Elevation Capital, marking Comet’s first major round of funding in 2024.
The Journey to Success
Comet, founded in July 2023, has quickly gained prominence as a homegrown lifestyle sneaker brand catering to both men and women. With a product portfolio that includes popular models like CometX, Aeon, and Slides, the company has carved a niche for itself in the footwear market. Its unique blend of style, comfort, and affordability has resonated with consumers, driving its growth.
Funding Details
The board at Comet unanimously passed a special resolution to issue 10 equity shares and 50,076 Series A Compulsorily Convertible Preference Shares (CCPS) at an issue price of Rs 8,445 each. These funds will be utilized for capital expenditures, marketing initiatives, and general corporate purposes, as outlined in the company’s business plan. Elevation Capital led the round with an investment of Rs 33.36 crore, while existing investors Nexus Ventures and AngelList India contributed Rs 8.34 crore and Rs 60 lakhs, respectively.
Valuation and Market Prospects
Post-allotment, Comet’s valuation stands at approximately Rs 167 crore ($20 million), according to data from TheKredibe. Looking ahead, Comet aims to tap into a total addressable market (TAM) estimated at $22 billion, with a serviceable addressable market (SAM) projected to reach $1.5 billion by FY 2030. The company faces competition from other footwear brands like Wrong, HRX, Redtape, The Roadster, Campus, Sparx, as well as global giants Nike and Adidas.
Comet’s successful Series A funding round underscores its potential and commitment to revolutionizing the sneaker industry. As it continues to expand its product offerings and reach new audiences, the brand is poised for further growth and impact in the years to come.
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