SUMMARY
- DailyObjects raised $10 million in a Series B round from 360 One Ventures.
- The company plans to use funds for working capital and expansion.
- It expanded its ESOP pool and reported strong revenue growth in FY23.
Gurugram-based Direct-to-Consumer (D2C) lifestyle and tech accessories brand, DailyObjects, has raised Rs 86 crore (over $10 million) in a new funding round led by 360 One Ventures. This marks the first significant funding for the company after a gap of 30 months.
According to a special resolution passed by the board, DailyObjects issued 8,118 compulsory convertible preference shares to raise Rs 72 crore (approximately $8.6 million). The firm is expected to close its Series B funding round at $10 million. The company plans to use the fresh capital for working capital, expansion, and general corporate needs.
In addition, DailyObjects expanded its Employee Stock Option Plan (ESOP) by adding 1,450 options, increasing the ESOP pool’s value to Rs 24.65 crore.
Post-allotment, DailyObjects has been valued at approximately Rs 382 crore ($46 million), as reported by startup data intelligence platform TheKredible. Following the new investment, Roots Ventures remains the largest external shareholder with a 27.8% stake, while 360 One Ventures holds 18.84%. The company’s co-founders, Pankaj Garg and Saurav Adlakha, collectively own 43.07% of the firm.
Founded in 2012, DailyObjects has grown rapidly, offering a variety of lifestyle products including bags, wallets, charging solutions, and stationery. The company posted over two-fold growth in revenue, reaching Rs 83 crore for the fiscal year ending in March 2023, with a positive bottom line. In December 2023, DailyObjects opened its first offline store, further expanding its footprint.
DailyObjects faces competition from brands like Chumbak, which was acquired by G.O.A.T Brand Labs in January 2023. With the fresh capital infusion, the company is expected to continue its growth trajectory in both the online and offline segments.
Source:- Entrackr
