DailyObjects, a prominent Direct-to-Consumer (D2C) lifestyle and tech accessories brand, has successfully raised $8.6 million in a fresh funding round led by 360 One Ventures. This significant investment comes after a gap of 30 months and marks a pivotal moment for the Gurugram-based company. The funds will be utilized for working capital, expansion, and other general corporate purposes, positioning DailyObjects for continued growth and innovation in the competitive market.
Strategic Investment for Expansion
The recent funding round saw DailyObjects issuing 8,118 compulsory convertible preference shares at an issue price of Rs 88,688 each, raising a total of Rs 72 crore. This strategic move not only strengthens the company’s financial position but also underscores investor confidence in its business model and growth potential. The fresh capital will enable DailyObjects to enhance its product offerings, expand its market reach, and invest in new technologies to stay ahead of the competition.
DailyObjects has been on a growth trajectory, with its revenue more than doubling to Rs 83 crore in the fiscal year ending March 2023. The company has also expanded its Employee Stock Option Plan (ESOP) by adding 1,450 options, increasing the total pool to 2,780 options. This move is aimed at attracting and retaining top talent, further driving the company’s growth and innovation.
The company’s valuation has now reached approximately Rs 382 crore ($46 million) post-allotment. Roots Ventures remains the largest external shareholder with a 27.8% stake, followed by 360 One Ventures with 18.84%. The co-founders, Pankaj Garg and Saurav Adlakha, collectively own 43.07% of the company, reflecting their continued commitment to its success.
Product Innovation and Market Expansion
Founded in 2012, DailyObjects has carved a niche for itself in the lifestyle and tech accessories market. The company’s product portfolio includes a wide range of items such as bags, wallets, charging solutions, and stationery. With the new funding, DailyObjects plans to introduce innovative products that cater to the evolving needs of its customers. The company is also exploring opportunities to expand its presence in both online and offline markets.
In December 2023, DailyObjects opened its first offline store, marking a significant milestone in its expansion strategy. The store has received a positive response from customers, further validating the company’s decision to venture into the offline retail space. This move is expected to complement its strong online presence and drive overall sales growth.
DailyObjects faces competition from brands like Chumbak, which was acquired by G.O.A.T Brand Labs in January 2023. However, with its strong brand identity, diverse product range, and strategic investments, DailyObjects is well-positioned to maintain its competitive edge and continue its growth trajectory.
Future Prospects and Strategic Vision
The fresh capital infusion will not only support DailyObjects’ immediate growth plans but also enable it to pursue long-term strategic initiatives. The company aims to leverage its strong financial position to explore new markets, enhance its product offerings, and invest in cutting-edge technologies. This forward-looking approach is expected to drive sustained growth and create value for its stakeholders.
DailyObjects’ commitment to innovation and customer satisfaction has been a key driver of its success. The company continuously seeks to understand and meet the evolving needs of its customers, ensuring that its products remain relevant and appealing. This customer-centric approach, combined with strategic investments and a strong brand identity, positions DailyObjects for continued success in the dynamic D2C market.
The company’s leadership team, led by co-founders Pankaj Garg and Saurav Adlakha, remains focused on executing its growth strategy and achieving its long-term vision. With the support of its investors and a dedicated team, DailyObjects is poised to capitalize on emerging opportunities and navigate the challenges of the competitive market.
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