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Funding Round: DailyObjects raised over $10 million (Rs 86 crore) in a fresh funding round, led by 360 One Ventures, marking the first investment in 30 months.
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Series B Closure: The company plans to close its Series B round at $10 million, having already secured $8.6 million through convertible preference shares.
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Fund Utilization: Proceeds will be used for working capital, expansion plans, and general corporate purposes.
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ESOP Expansion: DailyObjects expanded its Employee Stock Option Plan (ESOP) by adding 1,450 options, increasing the total value of the ESOP pool to Rs 24.65 crore.
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Shareholding Structure: Roots Ventures holds the largest external stake at 27.8%, followed by 360 Ventures with 18.84%. Co-founders Pankaj Garg and Saurav Adlakha collectively own 43.07%.
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Company Background: Established in 2012, DailyObjects offers lifestyle accessories like bags, wallets, and charging solutions. The company also opened its first offline store in December 2022.
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Revenue Growth: DailyObjects posted significant growth, doubling its revenue to Rs 83 crore for FY23, with positive profitability.
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Competitive Landscape: One of DailyObjects' main competitors, Chumbak, was acquired by G.O.A.T Brand Labs in January 2023.
Image Source - X
Gurugram-based tech accessories brand, DailyObjects, has raised over $10 million or Rs 86 crore in its latest funding round, led by 360 One Ventures. The investment is the company's first in the last 30 months. A special resolution passed by the board has enabled the issuance of 8,118 compulsory convertible preference shares, which have helped the company raise $8.6 million or Rs 72 crore. Sources indicate that DailyObjects would close its Series B funding round at $10 million.
Use of Proceeds
The net proceeds from this issue are to be applied to the working capital requirements of the company, further expansion, and other general corporate purposes, by a rede determination made to the Registrar of Companies (RoC).
ESOP Expansions
Expansion of Employee Stock Option Plan (ESOP): DailyObjects added 1,450 options to its Employee Stock Option Plan (ESOP), bringing the total value of the ESOP pool to Rs 24.65 crore.
Shareholding Structure: With a 27.8% external stake, Roots Ventures is the largest shareholder, followed by 360 Ventures with an 18.84% stake. Together, co-founders Saurav Adlakha and Pankaj Garg own 43.07% of the company.
History of the Company: DailyObjects is a lifestyle accessory company that was founded in 2012 and sells products like wallets, bags, and charging stations. In December 2022, the business also opened its first physical location.
Major Shareholders
Having invested through the new fund, Roots Ventures remains the largest external shareholder at 27.8% of the company, while 360 Ventures is the newest investor, holding 18.84%. Pankaj Garg and Saurav Adlakha, the co-founders, collectively hold 43.07% of the company.
Pankaj Garg Image Source - Linkedin
About DailyObjects
Founded in 2012, the lifestyle accessories brand features products like bags, wallets, charging solutions, and stationery. The brand recently opened its first physical store in December 2022.
Revenue Growth
Image Source - Pixabay
Compete in the Market
One of the biggest competitors to DailyObjects is Chumbak. G.O.A.T Brand Labs acquired the former in January 2023.
With inputs from Entrackr
Image Source: Multiple agencies
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