Gurugram-based Direct-to-Consumer (D2C) lifestyle and tech accessories brand, DailyObjects, has successfully raised ₹86 crore (over $10 million) in a recent funding round led by 360 One Ventures. This investment marks the company’s first significant funding infusion in 30 months.
The funding was secured through the issuance of 8,118 compulsory convertible preference shares, generating ₹72 crore (approximately $8.6 million). The Series B round is expected to close at $10 million. DailyObjects plans to allocate the new capital towards working capital, expansion, and general corporate needs.
In conjunction with this funding, the company has expanded its Employee Stock Option Plan (ESOP) by adding 1,450 options, raising the ESOP pool’s value to ₹24.65 crore. DailyObjects is now valued at approximately ₹382 crore ($46 million), according to startup data intelligence platform TheKredible. Post-investment, Roots Ventures remains the largest external shareholder with a 27.8% stake, while 360 One Ventures holds 18.84%. Co-founders Pankaj Garg and Saurav Adlakha collectively retain 43.07% ownership in the firm.
Founded in 2012, DailyObjects has experienced substantial growth, offering a range of lifestyle products such as bags, wallets, charging solutions, and stationery. The company reported more than double its revenue, reaching ₹83 crore for the fiscal year ending March 2023, and recently opened its first offline store in December 2023. With the new capital, DailyObjects is poised to continue its expansion in both online and offline markets, despite facing competition from brands like Chumbak, which was acquired by G.O.A.T. Brand Labs earlier this year.
Summary:
- DailyObjects raised ₹86 crore in a new funding round led by 360 One Ventures, marking its first major investment in 30 months.
- The company issued 8,118 compulsory convertible preference shares and plans to use the funds for working capital, expansion, and corporate needs.
- DailyObjects’ valuation stands at approximately ₹382 crore, with major stakes held by Roots Ventures, 360 One Ventures, and the co-founders.