DailyObjects, a Direct to Consumer (D2C) tech accessory and lifestyle business brand has raised $10 million in its series B round led by 360 One Asset.
The equity round also witnessed participation from returning investor Root Ventures, which first invested in the company in 2021.
The company plans to use the funds to expand distribution channels, product innovation, team expansion and scale-up of its manufacturing capacity.
The company also plans to use the funds for offline expansion. It currently has one store in Delhi NCR, but plans to scale up to 15 to 20 stores by the end of 2026.
DailyObjects is also looking to strengthen its R&D arm for the design of tech accessories and bags. The company recently launched a large portfolio of sustainable bags made from 100% recycled PET bottles, PANGEA and is looking to build on this category.
It currently has its in-house manufacturing plant in Gurugram which caters to the majority of its orders. With the latest round of capital infusion, it targets to increase its production capacity by 3x over the next 3 months.
Following the additional funding, Roots Ventures remains the largest external shareholder with 27.8%, followed by new investor 360 Ventures, which owns 18.84% of the company. Its co-founders, Pankaj Garg and Saurav Adlakha, collectively held 43.07% of the company.
“We are excited to welcome 360 ONE Asset on board, alongside the continued support of Roots Ventures. Design has always been the core of what we do at DailyObjects, and as we grow, we’re excited to bring new product innovations to the market. This funding allows us to expand our product portfolio with a greater focus on design and innovation. Retail is a long-term game, and we are here to build a global brand from India that thinks and delivers original designs,” Pankaj Garg, co-founder and CEO, DailyObjects, said.
Saurav Adlakha, Co-founder and COO of DailyObjects, added, “We are geared up for a larger footprint, the manufacturing capacity is set to expand, and the inventory is set to increase in line with business requirements. At DailyObjects, from product planning, design, and manufacturing to after-sales, are all in-house, which allows us to stay close to our customers, maintain agility, optimise our product portfolio and control our costs. This balance between agility and scale has been a cornerstone of our success in the fast-paced consumer brand industry.”
“DailyObjects’ products have tremendous customer love and are a result of a decade-long journey for Pankaj and Saurav to solve problems for consumers with a design-first approach. The company has scaled up rapidly on the back of a capital-efficient model and 360 ONE Asset is delighted to be a part of the next phase of the journey,” Karan Ahuja, fund manager, 360 ONE Asset, added.
Founded in 2012 by Pankaj Garg and Saurav Adlakha, the company, markets mobile covers, power banks, backpacks, organizers, backpacks and work essentials, and has maintained EBITDA-positive for the past five years.
Its brand website accounts for nearly 65% of its sales, while the rest comes from e-commerce marketplaces like Amazon, Flipkart and Myntra. However, the company has yet to launch itself on any quick commerce platforms.
Chumbak, DailyObjects’ main competitor, was acquired by e-commerce rollup firm G.O.A.T Brand Labs in January of last year.
