DailyObjects raises Rs 332 Cr in Series C funding round
The design-led lifestyle-tech brand will use the funding for retail expansion, R&D, brand building, and possible international expansion.
DailyObjects, a design-focused lifestyle-tech company, secured Rs 332 crore in a Series C funding round led by Xponentia Capital Partners, Anicut Capital, and Axiom Asia Private Capital. The funding round included both primary and secondary transactions, elevating DailyObjects' valuation to Rs 1,050 crore. Early investor Roots Ventures exited with an 18x return on its investment, while retaining a stake alongside 360 One Asset and Trifecta Capital.
Founded in 2012 by Pankaj Garg and Saurav Adlakha, DailyObjects aims to leverage the funds to expand its retail footprint, enhance product and research & development capabilities, bolster brand development, and explore international opportunities. The company plans to establish 150 exclusive brand outlets across India within five years, emphasizing a profitable physical retail network and improved product discovery.
Pankaj Garg, co-founder and CEO, emphasized the company's commitment to design, product quality, and disciplined capital deployment. Xponentia Capital Partners' Managing Partner, P R Srinivasan, praised DailyObjects for its dedication to customer delight through design and functionality, distinguishing the brand in a market dominated by cost-centric competition.
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