Comet, a new-age sneaker brand has lifted Rs. 42.3 crore (approximately $5 million) in its Series A funding round directed by Elevation Capital. For the Bengaluru-based company, this is the very first round of investments in 2024.

According to the startup’s regulatory filing retrieved by Registrar of Companies shows, the Comet’s board has passed a special resolution to issue 10 equity and 50,076 Series A CCPS at an issue price of Rs. 8,445 each to hoist Rs. 42.3 crore or $5 million.

Elevation Capital directed the funding round with Rs. 33. 36 crores while current investors Nexus Ventures & AngelList India contributed with Rs. 8.34 crore and Rs.60 lakhs correspondingly.

The startup will utilize this fresh capital for wealth expenses, business development, marketing and general corporate commitments according to the business plan.

As per the startup intelligence platform TheKredible, Comet has been estimated at nearly Rs.167 crore or $20 million after allotment. Comet has lifted its seed capital in the month of February in previous year.

After the fresh fundraise, Elevation Capital and Nexus Ventures will clutch 20% each meanwhile AngelList India will hold 2.22% of the capital in the company.

Established in the month of July 2023, Comet is a stylish lifestyle sneaker brand for both men & women that sells its products via its own website. The existing portfolio of the startup comprises CometX, Aeon & Slides.

As per the startup, its total addressable market – TAM is projected to be $22 billion whereas the startup’s SAM – serviceable addressable market is projected to be $1.5 billion by the financial year 2030.

In the market, Comet competes with Sparx, Campus, Wrong, HRX, Redtape, The Roadster & other international brands such as Adidas and Nike.