D2C tech accessories and lifestyle brand DailyObjects raised $10 M in new round
In a fresh round of funding led by 360 One Ventures, Direct to Consumer (D2C) tech accessories and lifestyle brand DailyObjects has raised Rs 86 crore, or more than $10 million. This new investment for the Gurugram-based company comes after a 30-month lapse.
In order to raise Rs 72 crore, or $8.6 million, the DailyObjects board of directors passed a special resolution to issue 8,118 compulsory convertible preference shares, as shown by the company’s regulatory filming accessed for the Registrar of Companies (RoC). The company will close Series B at $10 million, according to sources.
The company will use these proceeds, according to the filing, for general corporate purposes, future expansion, and working capital requirements.
A total of 2,780 options are available in the ESOP pool as a result of DailyObjects’ addition of 1,450 options to the program. The ESOP pool now has an overall value of Rs 24.65 crore thanks to this increase.
With the new funds, Roots Ventures is still the company’s largest external shareholder with 27.8%, followed by newcomer 360 Ventures, which has 18.84% stake. Pankaj Garg and Saurav Adlakha, the company’s co-founders, jointly held 43.07% of the business.
DailyObjects is a lifestyle accessories brand that was established in 2012. It offers a variety of products such as wallets, bags, stationery, charging solutions, and other accessories. Additionally, the business opened its first physical location in December of last year.
During the fiscal year that ended in March 2023, the Pankaj Garg-led company reported nearly two-fold growth to Rs 83 crore with a positive bottom line. The business has not yet released its FY24 annual results.
The primary competitor of DailyObjects is Chumbak, which was purchased in January of last year by e-commerce roll-up company G.O.A.T Brand Labs.
