The design-led lifestyle-tech brand DailyObjects successfully raised 332 crore rupees in its Series C funding round. The leaders of this round were Xponentia Capital Partners, Anicut Capital, and Axiom Asia Private Capital.
This funding round comprised a combination of primary and secondary transactions, which boosted DailyObjects' valuation to 1,050 crore rupees. The company announced that Roots Ventures, one of the early investors, is partially exiting the project, realizing an 18x return on investment, while retaining its shareholder status alongside 360 One Asset and Trifecta Capital.
The company was founded in 2012 by Pankaj Garg and Saurav Adlakha. The raised funds are planned to be used for expanding retail presence, deepening product and R&D capabilities, strengthening the brand, and exploring opportunities for international market entry.
Over the next five years, the company intends to open 150 exclusive flagship stores across India. The main focus will be on building a profitable physical retail network, improving the product discovery process, and bringing the brand closer to consumers in key regions.
Pankaj Garg, co-founder and CEO of DailyObjects, stated: 'Over the years, we have built DailyObjects, remaining steadfastly focused on design, product quality, and disciplined capital deployment. As we scale, capital efficiency and profitable growth will remain at the core of our development approach.'
Furthermore, DailyObjects plans to strengthen its presence in existing product categories through investments in new product lines, design, materials, quality, and research and development. The company is considering opportunities for expansion into foreign markets, as its broader goal is to build a global consumer brand rooted in Indian design.
P Srinivas, Managing Partner at Xponentia Capital Partners, commented: 'DailyObjects has created a distinctive brand in a market where products were traditionally functional but not inspiring, and competition primarily focused on cost. What impressed us most was Pankaj and Saurav's commitment to delighting customers with both superior design and functional quality.'