[Funding News] Comet Secures $5 Mn Series A Funding Round from Elevation Capital
Summary
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.Comets 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. 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 companys 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. CometX, Aeon, and Slides comprise its present portfolio.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.Want to go deeper into the world of startups and entrepreneurship? Check out these categories on VIESTORIES:Funding Startup News: Stay updated with the latest news and trends in startup funding and investment.Startup Insights: Dive into in-depth analyses of various industries and market trends to make informed business decisions.