SUMMARY
- DailyObjects’ revenue from operations rose 33.6% to Rs 84.4 crore in FY24.
- Total expenses grew by 33.3% to Rs 84.2 crore in FY24.
- The company noted a loss of Rs 3.92 crore, declining from a profit of Rs 0.06 crore in FY23.
D2C tech accessories and lifestyle brand DailyObjects‘ revenue from operations rose 33.6% to Rs 84.4 crore in FY24 from Rs 63.2 crore in FY23, according to its consolidated financial statements accessed from the Registrar of Companies (RoC).
DailyObjects offers a range of lifestyle accessories, including bags, wallets, charging devices, and stationery, among others. The majority of its revenue, 98.8%, came from product sales, which saw a 33.6% increase to Rs 83.38 crore in FY24. The remaining income was generated from shipping and delivery fees.
The cost of procurement accounted for 50% of its total expenses, which rose by 40% to Rs 42.28 crore in FY24 from Rs 30.26 crore in FY23.
The expenses for employee benefits and marketing and advertising also increased by 24% and 46.5%, reaching Rs 11.34 crore and Rs 14.33 crore, respectively. The company’s expenses on shipping, delivery, legal fees, and other operational costs rose the total expenses by 33.3% to Rs 84.2 crore in FY24.
The exceptional item cost of Rs 6.14 crore related to the write-off of old receivables in FY24, has been kept excluded from losses and expenses.
The Gurugram-based company noted a loss of Rs 3.92 crore, declining from a marginal profit of Rs 0.06 crore in FY23. The brand’s ROCE and EBITDA margins were -43.98% and -4.3%, respectively. On a per-unit basis, the company spent Rs 1 to generate a rupee in FY24. DailyObjects reported current assets of Rs 20.76 crore in the same period.
The company has secured around $14.4 million in funding to date, with major investors including Roots Ventures and 360 One.
