Exclusive: DailyObjects raises $10 Mn in new round

Direct to Consumer (D2C) tech accessories and lifestyle brand DailyObjects has raised Rs 86 crore (more than $10 million) in a new funding round from 360 One Ventures. This fresh investment has come after a gap of 30 months for the Gurugram-based firm.

The board at DailyObjects has passed a special resolution to issue 8,118 compulsory convertible preference shares to raise Rs 72 crore or $8.6 million, its regulatory filming accessed for the Registrar of Companies (RoC) shows. As per sources, the firm will close Series B at $10 million.

As per the filing, the company will use these proceeds for funding requirements including working capital, future expansion and other general corporate purposes.

Meanwhile, DailyObjects also expanded its Employee Stock Option Plan (ESOP) by adding 1,450 options, bringing the total pool to ESOP 2,780 options. This increase has raised the overall value of the ESOP pool to Rs 24.65 crore.

Following the fresh proceeds, Roots Ventures remains the largest external shareholder with 27.8% followed by new investor 360 Ventures which holds 18.84% of the company. Its co-founders Pankaj Garg and Saurav Adlakha cumulatively owned 43.07% of the company.

Check TheKredible for the complete shareholding pattern.

Founded in 2012, DailyObjects is a lifestyle accessories brand that caters to a range of products including bags, wallets, charging solutions, stationery, and other accessories. The company also opened its first offline store in December last year.

The Pankaj Garg-led firm posted over two-fold growth to Rs 83 crore during the fiscal year ended March 2023 with a positive bottom line. The company is yet to disclose its annual results for FY24.

DailyObjects’ major competitor is Chumbak, which was acquired by e-commerce roll up firm G.O.A.T Brand Labs in January last year.

Update: The story and headline have been changed to update the total funding amount in Series B round.