Daily Objects raises Rs 86 crore in funding round led by One Ventures | CPT PPP Coverage
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Daily Objects raises Rs 86 crore in funding round led by One Ventures appeared on in.fashionnetwork.com by Maverick Martins.
Published
September 17, 2024
Direct-to-consumer (D2C) accessories and lifestyle brand Daily Objects has secured Rs 86 crore ($10 million) in a new funding round led by 360 One Ventures.
The company will utilise the funds to scale its operations, retail expansion and product developmemt.
“The board at Daily Objects passed a special resolution to issue 8,118 compulsory convertible preference shares to raise Rs 72 crore, or approximately $8.6 million,” according to regulatory filings accessed from the Registrar of Companies (RoC).
With this funding round, 360 One Ventures currently holds 18.84 percent stake in the company while its previous investor Roots Ventures remains the largest external shareholder with a 27.8 percent stake.
Daily Objects has been growing swiftly with a 100 percent year-on-year growth since 2020 and aims to reach an annual run rate of Rs 500 crore by 2025.
Founded in 2012 by Pankaj Garg and Saurav Adalakha, Daily Objects offers wide range of products including bags, wallets, charging solutions, stationery, and other tech accessories.
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