DailyObjects Secures $10 Million to Fuel Growth and Innovation
September 19, 2024, 9:37 pm
Location: India, Delhi, New Delhi
Employees: 51-200
Founded date: 2011
Total raised: $11.4M
In the bustling world of tech accessories, DailyObjects is making waves. The Gurugram-based brand has just secured $10 million in a Series B funding round led by 360 One Asset. This investment marks a significant milestone for the company, which has been carving its niche in the direct-to-consumer (D2C) market since its inception in 2012.
DailyObjects is not just another player in the crowded accessory market. It has built a reputation for stylish and functional products, ranging from mobile covers to backpacks and power banks. The company’s founders, Pankaj Garg and Saurav Adlakha, have been on a mission to blend design with utility. Their vision is clear: create products that resonate with consumers while solving everyday problems.
The recent funding will be pivotal for DailyObjects. The company plans to expand its distribution channels and enhance its manufacturing capabilities. Currently, it operates a single store in Delhi NCR. However, with this new capital, it aims to scale up to 15 to 20 stores by the end of 2026. This ambitious plan reflects a growing confidence in the brand's potential to capture a larger market share.
DailyObjects has been EBITDA-positive for the past five years, a testament to its efficient business model. The company expects to achieve an annualized run rate of Rs 180 crore by the end of the current financial year. This financial health positions it well for the expansion ahead.
The funding will also bolster the company’s research and development efforts. DailyObjects is keen on innovating its product line, particularly in tech accessories. The focus will be on advanced designs that cater to the evolving needs of consumers. The brand has already made strides in sustainability, launching a range of bags made from 100% recycled PET bottles under the PANGEA line. This commitment to eco-friendly materials is not just a trend; it’s a core part of the brand’s identity.
The company's in-house manufacturing plant in Gurugram plays a crucial role in its operations. It allows DailyObjects to maintain control over quality and production timelines. With the new funding, the company plans to triple its production capacity within three months. This increase will enable DailyObjects to meet growing demand while maintaining its design-first approach.
Sales channels are another area of focus. Currently, 65% of DailyObjects' sales come from its brand website, with the remainder from e-commerce platforms like Amazon and Flipkart. However, the company has yet to tap into quick commerce platforms, which could provide a significant boost to its sales. The expansion into offline retail with the opening of its first store, named 'Playground,' in December 2023, signals a strategic shift towards a more omnichannel approach.
The investment from 360 One Asset is not just about capital; it’s a partnership aimed at long-term growth. The firm has a history of backing innovative companies, and its involvement is expected to provide strategic guidance as DailyObjects navigates its next phase. The emphasis on building a global brand from India aligns with the broader trend of Indian companies making their mark on the international stage.
DailyObjects’ journey is a testament to the power of design in consumer products. The brand has successfully combined aesthetics with functionality, creating a loyal customer base. As it looks to the future, the focus will remain on innovation and sustainability. The market for tech accessories is evolving, and DailyObjects is poised to lead the charge.
In a world where consumers are increasingly conscious of their choices, DailyObjects stands out. Its commitment to quality, design, and sustainability resonates with a growing demographic that values these attributes. The funding will enable the brand to amplify its message and reach more consumers.
As the company embarks on this new chapter, it faces challenges typical of rapid growth. Scaling operations while maintaining quality and customer satisfaction will be crucial. However, with a solid foundation and a clear vision, DailyObjects is well-equipped to navigate the complexities of expansion.
In conclusion, DailyObjects is not just raising funds; it’s raising the bar. The $10 million investment is a stepping stone towards a brighter future. With plans for expansion, innovation, and sustainability, DailyObjects is set to redefine the tech accessory landscape. The journey ahead is promising, and the brand is ready to seize the moment. As it grows, one thing is clear: DailyObjects is a name to watch in the world of design and lifestyle products.
DailyObjects is not just another player in the crowded accessory market. It has built a reputation for stylish and functional products, ranging from mobile covers to backpacks and power banks. The company’s founders, Pankaj Garg and Saurav Adlakha, have been on a mission to blend design with utility. Their vision is clear: create products that resonate with consumers while solving everyday problems.
The recent funding will be pivotal for DailyObjects. The company plans to expand its distribution channels and enhance its manufacturing capabilities. Currently, it operates a single store in Delhi NCR. However, with this new capital, it aims to scale up to 15 to 20 stores by the end of 2026. This ambitious plan reflects a growing confidence in the brand's potential to capture a larger market share.
DailyObjects has been EBITDA-positive for the past five years, a testament to its efficient business model. The company expects to achieve an annualized run rate of Rs 180 crore by the end of the current financial year. This financial health positions it well for the expansion ahead.
The funding will also bolster the company’s research and development efforts. DailyObjects is keen on innovating its product line, particularly in tech accessories. The focus will be on advanced designs that cater to the evolving needs of consumers. The brand has already made strides in sustainability, launching a range of bags made from 100% recycled PET bottles under the PANGEA line. This commitment to eco-friendly materials is not just a trend; it’s a core part of the brand’s identity.
The company's in-house manufacturing plant in Gurugram plays a crucial role in its operations. It allows DailyObjects to maintain control over quality and production timelines. With the new funding, the company plans to triple its production capacity within three months. This increase will enable DailyObjects to meet growing demand while maintaining its design-first approach.
Sales channels are another area of focus. Currently, 65% of DailyObjects' sales come from its brand website, with the remainder from e-commerce platforms like Amazon and Flipkart. However, the company has yet to tap into quick commerce platforms, which could provide a significant boost to its sales. The expansion into offline retail with the opening of its first store, named 'Playground,' in December 2023, signals a strategic shift towards a more omnichannel approach.
The investment from 360 One Asset is not just about capital; it’s a partnership aimed at long-term growth. The firm has a history of backing innovative companies, and its involvement is expected to provide strategic guidance as DailyObjects navigates its next phase. The emphasis on building a global brand from India aligns with the broader trend of Indian companies making their mark on the international stage.
DailyObjects’ journey is a testament to the power of design in consumer products. The brand has successfully combined aesthetics with functionality, creating a loyal customer base. As it looks to the future, the focus will remain on innovation and sustainability. The market for tech accessories is evolving, and DailyObjects is poised to lead the charge.
In a world where consumers are increasingly conscious of their choices, DailyObjects stands out. Its commitment to quality, design, and sustainability resonates with a growing demographic that values these attributes. The funding will enable the brand to amplify its message and reach more consumers.
As the company embarks on this new chapter, it faces challenges typical of rapid growth. Scaling operations while maintaining quality and customer satisfaction will be crucial. However, with a solid foundation and a clear vision, DailyObjects is well-equipped to navigate the complexities of expansion.
In conclusion, DailyObjects is not just raising funds; it’s raising the bar. The $10 million investment is a stepping stone towards a brighter future. With plans for expansion, innovation, and sustainability, DailyObjects is set to redefine the tech accessory landscape. The journey ahead is promising, and the brand is ready to seize the moment. As it grows, one thing is clear: DailyObjects is a name to watch in the world of design and lifestyle products.