An impressive performance has been registered by Indian direct-to-consumer company Comet Sneakers in the financial year 25, with its operating revenue soaring to ₹29.1 crore from ₹7.3 crore in financial year 24, registering a massive increase of 303.6%.
Founded in July 2023 by Utkarsh Gupta and Dishant Daryani, the fast expansion of the company, Comet, illustrates how young consumer brands are incorporating both online and offline channels in order to successfully grow in India’s competitive footwear market.
Comet Sneakers: Costs rise alongside scale, losses widen
The aggressive expansion came with increased spending. Comet reported a net loss of ₹4.4 crore in FY25, compared to a loss of around ₹2 crore in the previous financial year.
Total expenses climbed to ₹36.1 crore, nearly four times higher than ₹9.9 crore in FY24. A significant portion of the outlay went towards inventory procurement, which accounted for over half of overall expenditure.
There has also been an increase in advertising-sales promotion expenses, which is almost 246%, indicating their efforts to enhance their visibility to their clients. Employee-related expenses also rose as their employee base scaled up.
Offline expansion becomes a growth lever
While Comet operates as a digital-first brand, FY25 saw a clear pivot towards physical retail. The company currently runs three brand-owned stores across Bengaluru, Delhi, and Hyderabad, complementing its online channel.
In addition, Comet’s products are now available through nine multi-brand retail partners across key Indian cities. The brand’s catalogue includes more than 15 sneaker styles designed for both men and women.
This hybrid approach, online discovery combined with offline access, has helped address a common friction in footwear buying, where customers prefer to try products physically before committing to a purchase.
Capital infusion supports expansion push
In July 2024, Comet has raised $5 million (approximately ₹42.3 crores) of Series A funding, led by Elevation Capital, along with contributions from Nexus Venture Partners and other investors. The investment was made in developing products, marketing campaigns, and increasing distribution channels.
Navigating an intensely competitive sneaker market
Comet is operating in a crowded sneaker and casual footwear segment, competing with both established brands and digital-native players such as Puma, Redtape, Bacca Bucci, and Yoho. The category is marked by high customer acquisition costs, rapid trend cycles, and pressure on margins, making scale and differentiation critical.
What FY25 reveals about Comet’s trajectory
The Comet FY25 number underlines the overused D2C storyline of rampant topline growth inspired by marketing spend, retail expansion, and inventory build-up with profitability taking a back seat in the initial years.
For now, Comet’s second full year of operations signals strong consumer traction and a clear ambition to build a scaled, omnichannel sneaker brand from India.
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