DailyObjects Secures Rs 332 Crore in Series C Funding
Design-driven lifestyle-tech brand DailyObjects has successfully raised Rs 332 crore (approximately $35 million) in a Series C funding round spearheaded by Xponentia Capital Partners, Anicut Capital, and Axiom Asia Private Capital. This funding round, which included both primary and secondary transactions, has valued the company at around Rs 1,050 crore. The raised capital will be utilised to enhance its retail network, focus on product development and research and development, boost brand awareness, and investigate opportunities in international markets.
Investment Insights
As part of the funding round, early investor Roots Ventures partially divested from DailyObjects, achieving an impressive 18X return on its initial investment. Roots Ventures will continue to hold shares in the company alongside 360 One Asset and Trifecta Capital.
Future Expansion Plans
DailyObjects aims to launch 150 exclusive brand outlets (EBOs) throughout India over the next five years. At present, the company boasts nearly 350 retail locations, which include EBOs and Apple Premium Reseller outlets. Additionally, the brand will focus on new product ranges, innovative designs, quality materials, and R&D within its existing categories. Starting with phone cases, DailyObjects has since broadened its offering to include technology accessories, carry products, and workspace solutions.
Company Background
Founded in 2012 by Pankaj Garg and Saurav Adlakha, DailyObjects has formed a diverse portfolio encompassing technology, carry, workspace, and lifestyle products. The organisation emphasises capital efficiency and profitable growth while scaling its retail and product operations.
Funding History
To date, DailyObjects has raised nearly $50 million in total funding, with notable investors including Seedfund and 360 One Ventures. The company secured its most recent funding of $10 million in May 2024. Prior to this latest funding round, DailyObjects gathered around Rs 100 crore in equity over the past ten years to develop and grow its business.
Financial Performance
DailyObjects reported a 31% increase in operating revenue, reaching Rs 110 crore in FY25, up from Rs 84 crore in FY24, according to the organisation’s financial statements. However, total expenses saw a rise of 29.7%, reaching Rs 124.5 crore during the same period, compared to Rs 96 crore in FY24. Consequently, the company’s loss expanded to Rs 16 crore in FY25 from Rs 10 crore in FY24.
Growth Projections
The firm had earlier projected FY26 revenue between Rs 230-244 crore, with aspirations to achieve EBITDA profitability. This goal will be supported through its owned channels, exclusive stores, airport retail presence, and distribution networks extending across over 250 Apple Premium Reseller stores.
International Market Exploration
DailyObjects is currently assessing opportunities in international markets and is in the research and development phase. The brand anticipates making a more definitive entry into overseas markets starting from the next financial year.