[Funding News] Comet Secures $5 Mn Series A Funding Round from Elevation Capital

Underled by Elevation Capital, D2C shoe brand Comet has received Rs 42.3 crore (about $5 million) in its Series A round. For the Bengaluru-based startup in 2024, this is the first round of investments.

Comet will utilize these funds for capital expenditures, marketing, and general corporate objectives, as outlined in the business plan.

Comet's board has approved a special resolution to sell 10 equity shares and 50,076 Series A CCPS (Compulsorily Convertible Preference Shares) at a price of Rs 8,445 per share. This issuance aims to raise a total of Rs 42.3 crore or $5 million.

Read also - Wify Secures $3 Mn Pre-Series A Funding Round Led by Mount Judi Ventures, Capria Ventures

The round was led by Elevation Capital, which contributed Rs 33.36 crore. Nexus Ventures and AngelList India, who are existing investors, contributed Rs 8.34 crore and Rs 60 lakhs, respectively.

AngelList India will control 2.22% of the company's capital, while Elevation Capital and Nexus Ventures will each possess 20% of the fresh proceeds.

Comet is a lifestyle sneaker brand that is Indigenous and caters to both men and women. It has a website that sells its products. CometX, Aeon, and Slides comprise its present portfolio.

About Comet

Founded in 2023 by Ankur Tripath, Utkarsh Gupta, and Dishant Daryani, Comet is a bold lifestyle brand centered on sneakers that break out of the ordinary and thrive beyond the conventional.

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