Founded in 2012, DailyObjects is known for its wide range of lifestyle products, including bags, wallets, charging solutions, and stationery. The company ventured into offline retail with the opening of its first physical store in December 2022.
Under the leadership of Pankaj Garg, DailyObjects saw its revenue more than double to Rs 83 crore in the fiscal year ending March 2023, with a positive net income. The company has yet to release its financial results for FY24.
DailyObjects faces competition from brands like Chumbak, which was acquired by e-commerce aggregator G.O.A.T Brand Labs in January 2023.
DailyObjects, a direct-to-consumer (D2C) tech accessories and lifestyle brand, has secured Rs 86 crore (over $10 million) in a fresh funding round led by 360 One Ventures. This marks the first investment for the Gurugram-based company in 30 months.
According to regulatory filings with the Registrar of Companies (RoC), the company’s board approved the issuance of 8,118 compulsory convertible preference shares to raise Rs 72 crore (approximately $8.6 million). Sources indicate that this funding will finalize DailyObjects’ Series B round at $10 million.
The company plans to allocate the funds for various purposes, including working capital, expansion initiatives, and other corporate requirements.
In addition to the funding, DailyObjects has expanded its Employee Stock Option Plan (ESOP), adding 1,450 options to the pool. This brings the total to 2,780 options, increasing the ESOP pool’s overall value to Rs 24.65 crore.
Following this capital infusion, Roots Ventures remains the largest external stakeholder with a 27.8% share, while the new investor, 360 One Ventures, holds 18.84%. The company’s co-founders, Pankaj Garg and Saurav Adlakha, together controls 43.07% of the company.