Hi Rahul,
COMEDK Undergraduate Entrance Test (UGET) is a state level entrance exam conducted by the Consortium of Medical, Engineering and Dental colleges of Karnataka. Yes, it is very useful entrance exam. Many colleges in Karnataka check COMEDK rank to fulfill their admission criteria. Apart from JEE mains (for engineering) and NEET (for medical), the marks of COMEDK is also considered by colleges in Karnataka.
Hope this answer helps you.
Good luck!!

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