Comet is a D2C sneaker brand startup that secured $5 million in its series A funding round led by  Elevation Capital. This round saw participation from firm’s new and existing investors including Nexus  Ventures, and Angel List India. This was the first investment round for the company. The startup plans  to use this investment to scale operations, and capital expenditures, enhance its platform, and meet  general corporate purposes.  

The board approved a special resolution to allot 50,076 series A CCPS and 10 equity at an issue price  of Rs 8,445 per share to raise $5 million. The funding round was led by Elevation Capital with an  investment of Rs 33.36 crore followed by Nexus Ventures with Rs 8.34 crore investment, while  AngelList India invested Rs 60 lakh. The startup data intelligence platform, The Kredible mentioned the  post-allotment valuation of the company around $20 million. After this round, Elevation Capital  became the biggest stakeholder of the company with 20 percent followed by Angel List India with 2.22  percent of the capital in the company.  

Comet is a lifestyle sneaker brand offering sneakers for both men and women via its physical stores  and website. The current portfolio of the company includes Aeon, Slides, and CometX. The startup  offers great product design and value including a product meeting while meeting customer and market  demands. This D2C startup plans to use the fund to expand its network across the country and increase  its brand presence.  

Comet is expecting its Total Addressable Market to reach the 22 billion USD mark while the Serviceable  Addressable Market is expected to reach 1.5 billion USD by FY30. The company competes with other  D2C brands including HRX, The Roadster, Redtape, Campus, Wrong, Sparx, and other global footwear  brands including Adidas, and Nike. The firm operates on a direct company to the client base that  ensures quality products directly from the manufacturing firm to its clients. 

Conclusion: 

Comet is a D2C sneaker company that raised $5 million in its Series A funding round led by Elevation  Capital. This funding round saw participation from the firm’s new and existing investors including  Nexus Ventures, and Angel List India. The startup intends to use this fund to scale operations, and  capital expenditures, enhance its platform, and meet general corporate purposes. The company  passed a resolution to allot 50,076 series A CCPS and 10 equity at an issue price of Rs 8,445 per share  to raise $5 million with a valuation of $20 million. The startup offers great product design and value  including a product meeting while meeting customer and market demands. This D2C startup plans to  use the fund to expand its network while increasing its brand presence. After this round, Elevation  Capital became the biggest stakeholder of the company with 20 percent followed by Angel List India  with 2.22 percent of the capital in the company. Comet expects its TAM to reach $22 billion in the next  six years while SAM is expected to reach $1.5 billion in the same duration.