DailyObjects Secures Rs 86 Crore in Funding Round
Summary
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 companys total Series B funding to a staggering $10 million, after a gap of 30 months.The funds will be used to meet the companys 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. 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 also expanded its footprint with the opening of its first offline store in December last year.The companys 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.