Friday, November 1, 2024
spot_img
More
    HomeStartup SpotlightSneaker Brand Comet Scores $5 Million Investment: Details

    Sneaker Brand Comet Scores $5 Million Investment: Details

    In a Series A fundraising round led by Elevation Capital and including participation from Nexus Ventures and Mumbai-based angel fund AL Trust, sneaker company Comet has raised Rs 42.3 crore ($5 million). During its Series A round, Elevation Capital invested Rs 33.35 crore to acquire 10 equity shares and 39,491 compulsorily convertible preference shares (CCPS) in the Bengaluru-based D2C brand. Nexus contributed Rs 8.33 crore to acquire 9,875 CCPS. AL Trust made an additional investment of Rs 59 lakh. 

    Sneaker Post-investment Valuation Expected to be Rs 167 crore

    Based on available data, the company’s post-investment valuation is expected to be approximately Rs 167 crore ($20 million). This substantial valuation demonstrates investors’ faith in Comet’s business plan and potential for expansion. It shows how well the market has reacted to Comet’s novel strategy and the bright future ahead of it in its sector. Comet’s significant valuation enhances its capacity to develop and achieve long-term success by placing it in a favourable position for potential future investment possibilities and partnerships.

    Also read: Deepika Padukone’s 82°E Seeks Fresh Funding for Growth Spurt

    As the principal investor, Elevation Capital offers overwhelming expertise and a proven track record of assisting fast-growing businesses. Nexus Ventures and AL Trust, an angel fund located in Mumbai, have joined Elevation Capital in this funding round. While AL Trust, with its vast network of seasoned angel investors, offers invaluable support and guidance, Nexus Ventures is well-known for its strategic investments in cutting-edge businesses. 

    Utkarsh Gupta and Dishant Daryani launched Comet, a lifestyle trainer company based in their hometown, in 2022. The company uses its internet to create and sell slip-on sandals and trainers with a nostalgic aesthetic. The company competes with large shoe manufacturers like Nike, which plans to introduce $100 footwear in nations worldwide by offering sneakers at an average price of Rs 4,299 per pair. The business faces competition from Redtape, Campus, and Sparx, among other Indian shoe brands.

    Comet’s funding round represents a significant turning point

    Comet’s funding round represents a major turning point, mainly because it is their first venture capital investment since 2024. Respected investors like Elevation Capital and Nexus Ventures have a lot of faith in Comet’s business model and prospects, as seen by their participation. The funds raised will probably be used to expedite growth initiatives, such as marketing campaigns, product development, and distribution channel expansion. This funding infusion is anticipated to propel Comet forward, assist in accomplishing its strategic goals, and strengthen its position in the industry.

    RELATED ARTICLES

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    Most Popular

    spot_img
    spot_img