Comet’s FY25 Revenue Quadruples To INR 29 Cr

D2C sneaker brand Comet’s revenue nearly quadrupled to INR 29.1 Cr in the financial year 2024-25 (FY25) from INR 7.3 Cr in FY24 on rising demand for its products.

However, it is pertinent to note that FY25 was the first full financial year of operations for the startup. It launched its operations in July 2023. 

The startup earned INR 2.7 Cr, or over 8% of its revenue, from other income, including revenue from interest income on bank deposits, interest income on income tax refund, and sale of scrap, driving up total revenue 303.6% YoY to INR 7.9 Cr in FY25. 

With the rise in sales, Comet’s net loss also widened 120.6% to INR 4.4 Cr during the year under review from INR 2 Cr in FY24.

Founded in 2023 by Utkarsh Gupta and Dishant Daryani, Comet sells sneakers for both men and women primarily through its website and offline stores. The brand currently offers over 15 SKUs.

The Bengaluru-based startup has been expanding its physical presence and currently has three outlets in Bengaluru, Delhi and Hyderabad. Besides, its products are sold via nine multi-brand outlets like Broadway in Delhi’s Ambience Mall, Dawntown in Mumbai, FLXY in Pune, among others.

In July last year, Comet raised $5 Mn from Elevation Capital and Nexus Venture Partners. It competes with the likes of Bacca Bucci, Puma, Redtape, Yoho, among others. 

Where Did Comet Spend?

Like its top line, Comet’s total expenditure jumped 266.2% to INR 36.1 Cr in FY25 from INR 9.9 Cr in FY24. Here are the key expenses for the startup:

Employee Benefit Expenses: Employee costs, which include salaries, wages, bonus, gratuity, staff welfare and ESOP expenses, zoomed 3.4X to INR 5.1 Cr from INR 1.5 Cr in the previous fiscal year.

Purchase Of Stock-In-Trade: This was the biggest expense, accounting for 51.3% of the overall expenses at INR 18.5 Cr. It grew 333.7% from INR 4.3 Cr in FY24.

Advertisement & Sales Promotion Expenses: Comet spent INR 9.3 Cr on advertising and promoting its brand and products during the year under review, up 246% from INR 2.7 Cr in FY24.