Gurugram-based D2C brand DailyObjects, renowned for its tech accessories and lifestyle products, has successfully raised over ₹86 crore ($10 million) in a new funding round led by 360 One Ventures exclusively reported by Entrackr. This marks the company’s first major investment in 30 months.
The funding, primarily achieved through the issuance of shares amounting to ₹72 crore, is part of the company’s Series B round, which aims to secure $10 million in total.
The infusion of capital will be directed towards day-to-day operations, driving future growth, and addressing general business needs.
As part of this round, DailyObjects expanded its Employee Stock Option Plan (ESOP) by adding 1,450 options, raising the total to 2,780. The expanded ESOP pool now holds a value of ₹24.65 crore.
After this funding round, Roots Ventures remains the company’s largest external stakeholder, holding a 27.8% share. Meanwhile, new investor 360 One Ventures has acquired an 18.84% stake. Co-founders Pankaj Garg and Saurav Adlakha collectively own 43.07% of the company.
Company Background
Founded in 2012, DailyObjects has established itself as a leading brand in lifestyle accessories, offering a wide array of products including bags, wallets, charging solutions, stationery, and tech accessories.
In December 2022, the brand opened its first physical store, further enhancing its market presence.
Financially, DailyObjects has shown strong growth, with revenue more than doubling to ₹83 crore in the fiscal year ending March 2023, and achieving a positive bottom line. Although the company has yet to disclose its FY24 financial results, the recent funding suggests a sustained positive trajectory.
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Market Competition and Future Plans
In the competitive D2C market, DailyObjects faces rivals such as Chumbak, which was acquired by G.O.A.T Brand Labs in January 2023.
The company plans to use the new funds to further innovate and diversify its product range, catering to the growing demand for tech and lifestyle accessories across both online and offline channels.
