Direct-to-consumer (D2C) tech accessories and lifestyle brand DailyObjects has successfully raised over $10 million (Rs 86 crore) in a new funding round led by 360 One Ventures. This marks a significant infusion of capital for the Gurugram-based company, coming after a 30-month hiatus since its last fundraising effort.
The company’s board has approved a special resolution to issue 8,118 compulsory convertible preference shares, raising Rs 72 crore (approximately $8.6 million), according to regulatory filings with the Registrar of Companies (RoC). Sources indicate that DailyObjects plans to close this Series B round at the $10 million mark. The fresh capital will be allocated toward meeting the company’s funding requirements, including working capital, future expansion, and general corporate purposes.
In addition to the new funding, DailyObjects has also expanded its Employee Stock Option Plan (ESOP). The company added 1,450 new options, increasing the total ESOP pool to 2,780 options. This move has elevated the overall value of the ESOP pool to Rs 24.65 crore, signaling DailyObjects’ commitment to employee welfare and long-term growth.
With the new investment, the shareholding pattern of the company has been updated. Roots Ventures continues to be the largest external shareholder with a 27.8% stake, while the new investor, 360 One Ventures, now holds an 18.84% stake. The co-founders, Pankaj Garg and Saurav Adlakha, collectively retain 43.07% ownership of the company.
Founded in 2012, DailyObjects has established itself as a go-to brand for lifestyle accessories, offering a diverse product range that includes bags, wallets, charging solutions, and stationery. The company ventured into the offline retail space by opening its first physical store in December 2023. Under the leadership of Pankaj Garg, DailyObjects achieved over two-fold growth in its revenue, reaching Rs 83 crore for the fiscal year ending in March 2023, while maintaining a positive bottom line. The company has yet to release its financial results for FY24.
DailyObjects operates in a competitive market, with its main rival being Chumbak, a lifestyle brand that was acquired by e-commerce roll-up firm G.O.A.T Brand Labs in January 2023. The recent funding round not only reinforces DailyObjects’ market position but also provides it with the resources needed to further expand and innovate in the lifestyle accessories sector.
