The funding round was ked by 360 ONE Asset, along with participation from existing investor Roots Ventures
The startup plans to deploy the fresh capital on expanding its distribution channels, product innovation, team expansion and scale up of its manufacturing capacity
DailyObject last raised about $1.3 Mn (INR 9 Cr) in a funding round from Unilazer Ventures back in 2016
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Delhi-based D2C design and lifestyle brand DailyObjects has secured $10 Mn ( around INR 83 Cr) in its Series B funding round led by 360 ONE Asset, along with participation from existing investor Roots Ventures.
The startup plans to deploy the fresh capital on expanding its distribution channels, product innovation, team expansion and scale up of its manufacturing capacity.
DailyObjects’ cofounder and CEO Pankaj Garg told Inc42 that the company will be doubling down on its offline expansion post the fundraise. This will follow a strategic mix, focusing on curated, innovative and experiential retail concepts.
The startup opened its first offline retail experience store DailyObjects ‘Playground’ in Gurugram back in 2023.
With the footprint expansion, the company is also looking to expand its manufacturing capacity.
DailyObjects’ cofounder and COO Saurav Adlakha said, “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,” he said.
Garg also claimed that the startup has been profitable for the last two years and its revenue has grown 2X over the same period. He said that this growth has been led by the startup’s online business and thus the online vertical will continue to play a significant part in the startup’s journey moving forward.
Besides, the startup will also be leveraging the funds to bolster its research and development for design of tech accessories and bags.
“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,” Garg added.
Founded in 2012 by Garg and Adlakha, DailyObjects started off as an online store which offered users with a range of smartphone and tablet accessories. Through its journey, the startup expanded to other lifestyle product lines like bags, wallets, among other lifestyle related products.
The startup hasn’t raised an extensive amount of funding in the past decade or so of its operations. It last raised about $1.3 Mn (INR 9 Cr) in a funding round from Unilazer Ventures back in 2016.
The funding round materialised at a time when the Indian D2C market is slated to reach a size of $100 Bn by 2025 and has seen exponential growth over the last few years.
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