September 18, 2024: Online Shopping Platform DailyObjects has raised $10 million in its series B round led by 360 One Asset, as it looks to expand distribution and production capacities including offline stores expansion.
Furthermore, the online shopping platform plans to scale up its store count from 15 to 20 stores by the end of 2026 from one store it operates in Delhi NCR currently. Gurgaon-based DailyObjects expects to clock an annualized run rate of Rs 180 crore by the end of this financial year, Pankaj Garg, Co-founder, and CEO of DailyObjects said.
DailyObjects Maintains EBITDA Positive
Founded in 2012 by Pankaj Garg and Saurav Adlakha, the company, markets mobile covers, power banks, backpacks, organizers, backpacks and work essentials, and has maintained EBITDA-positive for the past five years.
“We see ourself in the mass premium category and expect to continue operating in the same space with our newer products considering it is a growing category in other sectors as well,” said Garg.
The firm’s manufacturing plant in Gurugram caters to the majority of its orders. With the latest round of capital infusion, it targets to increase its production capacity by 3x over the next 3 months.
The brand website accounts for nearly 65% of its sales, while the rest comes in from ecommerce marketplaces like Amazon, Flipkart and Myntra. However, the company is yet to launch itself on any quick commerce platforms.
Further DailyObjects plans to invest the funds for inventory management, product research and development, and team expansion.
The equity round also witnessed participation from returning investor Root Ventures, which first invested in the company in 2021.
