2 weeks Ago
DailyObjects, a D2C design and lifestyle brand has raised $10 million in a Series B funding round led by 360 ONE Asset, with participation from existing investor, Roots Ventures. NSE With the fresh capital infusion, the company said it will strengthen its focus on expanding its distribution channels, product innovation, team expansion and scale-up of its manufacturing capacity. Founded in 2012, by Pankaj Garg and Saurav Adlakha, DailyObjects offers an assortment of product categories like tech accessories, wireless chargers, bags and desk essentials.
According to the company, its products are crafted from durable materials with homegrown craftsmanship that meets the evolving aspirations of modern consumers. “DailyObjects’ products have tremendous customer love and are a result of a decade-long journey for Pankaj and Saurav to solve problems for consumers with a design-first approach. The company has scaled up rapidly on the back of a capital-efficient model and 360 ONE Asset is delighted to be a part of the next phase of the journey,” said Karan Ahuja, Fund Manager at 360 ONE Asset.
The D2C brand claims to have witnessed over three times growth over the past four years and is now looking at offline expansion, which will follow a strategic mix, focusing on curated, innovative and experiential retail concepts. “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,” said Pankaj Garg, Co-Founder, and CEO of DailyObjects.
He added, “Retail is a long-term game, and we are here to build a global brand from India that thinks and delivers original designs,” DailyObjects is also looking to strengthen its R&D arm for the design of tech accessories and bags. The company recently launched a large portfolio of sustainable bags made from 100% recycled PET bottles, PANGEA and is looking to build on this category. Talking about the company’s growing product portfolio and manufacturing capacity, Saurav Adlakha, Co-founder and COO of DailyObjects, added “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.
At DailyObjects, from product planning, design, and manufacturing to after-sales, are all in-house, which allows us to stay close to our customers, maintain agility, optimise our product portfolio and control our costs. This balance between agility and scale has been a cornerstone of our success in the fast-paced consumer brand industry.”.
