New Delhi, Sept. 4 -- Belgian investment firm Verlinvest has invested Rs 100 crore (around $10.6 million) in sneaker brand Comet as part of the Bengaluru-based company's Series B round to fund its growth plans.
This marks the first investment from Verlinvest's Early Growth strategy, which typically involves investments of $5-20 million in early growth-stage companies. The firm already invests in early-stage companies through V3 Ventures and makes large-ticket private equity deals itself.
Existing investors Elevation Capital and Nexus Venture Partners doubled down on their investment. Angel investors such as Urban Company co-founder and CEO Abhiraj Singh Bhal, Snap Inc's chief business officer Ajit Mohan, and clothing brand Bhaane's co-founder Anand Ahuja also invested.
Comet, operated by Grails Marketing Pvt Ltd, said in a statement it will use the proceeds to fund retail expansion, technology capabilities, and product R&D-including proprietary sole moulds and tooling for new footwear models.
"Retail has become a significant growth driver for Comet, with our stores consistently outperforming the broader athleisure category in the markets we operate in. That gives us a strong foundation to continue expanding our physical presence and take the brand to more cities," said Utkarsh Gupta, co-founder, Comet.
Comet, which manufactures slides and sneakers, last raised funds in 2024 of around Rs 42.3 crore in a Series A round from Elevation Capital, Nexus Ventures and AngelList India. The round valued the company around Rs 167 crore on a post-money basis, as per VCCEdge. In the year ended March 2025, the firm's net sales almost quadrupled from the previous year to Rs 29.05 crore. Since then, Comet's revenues have grown 9x, the firm said. This would roughly translate to net sales of around Rs 260 crore.
According to a person familiar with the development, the current round is likely to have valued the company at over Rs 500 crore, a near three-fold jump from its previous round and reflecting a multiple of over two times its revenue.
Amit Aggarwal, partner of Early Growth Asia at Verlinvest, who joined the investment firm in November 2025, said: "What makes them (Comet) unique is their razor-sharp pulse of the modern consumer-merging exceptional business fundamentals with an authentic, community-driven brand identity that cannot be easily replicated."
Comet's Gupta said the firm was about to launch a model for women with its proprietary sole tooling following the capex investment.
Comet, which currently has four footwear models, plans to double its portfolio to eight models by the end of next year. It currently has 10 stores in India.
Verlinvest, which has over €2 billion in assets under management, has been investing in India since 2010. Its portfolio includes mattress and furniture brand Wakefit, coffee chain Blue Tokai, yoghurt brand Epigamia, beverage maker Lahori Zeera, spreads and dressing maker Veeba, beauty and personal care brand Purplle, and Sula Wines.
Published by HT Digital Content Services with permission from VC Circle.