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Sneaker startup Comet has raised Rs 42.3 crore ($5 million) in a Series A funding round led by Elevation Capital, with participation from Nexus Ventures and Mumbai-based angel fund AL Trust.

Elevation Capital has acquired 10 equity shares and 39,491 compulsorily convertible preference shares (CCPS) valued at Rs 33.35 crore in the Bengaluru-based D2C brand during its Series A round, while Nexus invested Rs 8.33 crore by purchasing 9,875 CCPS.

Additionally, AL Trust invested Rs 59 lakh.

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Founded in 2022, Comet is a homegrown, lifestyle sneaker brand founded by Utkarsh Gupta and Dishant Daryani. The company makes and sells retro-styled sneakers and slip-on sandals via its website.

The company offers sneakers priced at an average Rs 4,299 a pair competing with major sneaker makers like Nike which is planning to launch $100-and-under sneakers in countries around the world. The company also competes with other Indian footwear brands such as Redtape, Campus, and Sparx.