DailyObjects Secures $10 Million in Funding Round Led by 360 One Ventures
Gurugram-based Direct-to-Consumer (D2C) tech accessories and lifestyle brand DailyObjects has raised Rs 86 crore ($10 million) in a new funding round led by 360 One Ventures. This investment comes after a gap of 30 months for the company, which has seen significant growth in recent years.
The funding round saw the company issue 8,118 compulsory convertible preference shares to raise Rs 72 crore, with the total Series B funding now standing at $10 million. According to sources, the company will use the proceeds to fund its working capital, future expansion, and other general corporate purposes.
The fresh investment also saw DailyObjects expand its Employee Stock Option Plan (ESOP) by 1,450 options, bringing the total pool to 2,780 options. The overall value of the ESOP pool has now increased to Rs 24.65 crore.
Roots Ventures remains the largest external shareholder of the company, holding a 27.8% stake, followed by 360 Ventures, which now owns 18.84% of the company. The co-founders, Pankaj Garg and Saurav Adlakha, cumulatively own 43.07% of the company.
DailyObjects, founded in 2012, is a lifestyle accessories brand that offers a range of products including bags, wallets, charging solutions, stationery, and other accessories. The company has seen significant growth, posting over two-fold growth to Rs 83 crore in the fiscal year ended March 2023, with a positive bottom line.
The company has also expanded its reach, opening its first offline store in December last year. DailyObjects’ major competitor, Chumbak, was acquired by e-commerce roll-up firm G.O.A.T Brand Labs in January last year.
The funding round is expected to aid DailyObjects in its expansion plans and further solidify its position in the D2C market.
