DailyObjects Raises 3320000000 INR in Series C Funding Round

DailyObjects has raised 3320000000 INR in a Series C funding round. The company, which designs and manufactures lifestyle technology products, secured the capital through a combination of primary and secondary transactions. This investment round was led by Xponentia Capital Partners, Anicut Capital, and Axiom Asia Private Capital. Following the completion of this round, the valuation of DailyObjects stands at approximately 10500000000 INR. The funding was reported by YourStory Hindi.

The capital raised will be utilized to expand the company's retail network across India. DailyObjects intends to open 150 exclusive brand outlets over the next five years. The strategic goal is to establish a physical retail network that can grow rapidly while maintaining profitability. These stores are designed to provide customers with a closer experience of the products and to increase the brand's reach in major markets. The company also plans to invest in new product lines, research and development, and brand building efforts.

Existing investors have participated in the secondary transactions. Roots Ventures, an early investor, sold a portion of its stake in the company. This transaction yielded an 18 times return on investment for Roots Ventures, which will remain a shareholder. Other investors in the company include 360 One Asset and Trifecta Capital. The company was founded in 2012 by Pankaj Garg and Sourav Adlakha. It is known for its mobile and technology accessories as well as other design-focused lifestyle products.

Pankaj Garg, co-founder and chief executive officer, stated that the company has focused on design, product quality, and efficient capital utilization. He emphasized that capital efficiency and profitable growth remain key priorities. The company is also evaluating options for expansion into foreign markets. Its long-term objective is to become a global design consumer brand originating from India. P R Srinivasan, managing partner at Xponentia Capital Partners, noted that DailyObjects has established a distinct identity in a market where products often focus solely on utility. He highlighted the company's focus on providing a better customer experience through design and enhanced functionality.