Gurugram-based Direct-to-Consumer (D2C) tech accessories and lifestyle brand DailyObjects has raised a significant Rs 86 crore in a new funding round from 360 One Ventures. This fresh investment brings the company’s total Series B funding to a staggering $10 million, after a gap of 30 months.
The funds will be used to meet the company’s working capital requirements, fuel future expansion, and cater to other general corporate purposes. DailyObjects plans to maximize the utilization of these proceeds to maintain its competitive edge in the market.
The board of DailyObjects has approved the issuance of 8,118 compulsory convertible preference shares worth Rs 72 crore to raise the required funds. The company’s regulatory filings with the Registrar of Companies (RoC) confirm this development.
DailyObjects’ Employee Stock Option Plan (ESOP) has been strengthened with the addition of 1,450 options, taking the total ESOP pool to 2,780 options. This increase has elevated the overall value of the ESOP pool to Rs 24.65 crore.
The shareholding pattern of DailyObjects now stands as follows: Roots Ventures holds 27.8% of the company, 360 Ventures has 18.84%, while the co-founders Pankaj Garg and Saurav Adlakha cumulatively own 43.07% of the company.
With a proven track record of growth, DailyObjects has posted over two-fold growth to Rs 83 crore during the fiscal year ended March 2023, reporting a positive bottom line. The company has not disclosed its annual results for FY24 yet.
DailyObjects, founded in 2012, is a lifestyle accessories brand catering to a range of products including bags, wallets, charging solutions, stationery, and other accessories. The company has also expanded its footprint with the opening of its first offline store in December last year.
The company’s major competitor, Chumbak, was acquired by e-commerce roll-up firm G.O.A.T Brand Labs in January last year, leaving DailyObjects to focus on its growth and expansion plans.”