DailyObjects bringing innovative gadget accessories to the Indian market
In a recent conversation with YourStory’s Daily Dispatch, Pankaj Garg, Co-founder and CEO, DailyObjects , spoke about the D2C startup’s growth amidst the COVID-19 pandemic and more.
In February, New Delhi-headquartered direct-to-consumer (D2C) startup DailyObjects raised $2 million from early-stage VC firm Roots Ventures.
Founded in 2012, DailyObjects was essentially built in the last two years amidst the COVID-19 pandemic. The D2C startup makes accessories for devices and gadgets, including phone cases, watchbands, bags, wallets, and much more.
Speaking about the company’s growth, Pankaj Garg, Co-founder and CEO, , said the company has been operating in the D2C space for the last six to seven years, but the business only picked up in the past two years.
During this time, the brand was able to launch various products as it had the end-to-end capabilities to do so. Earlier, DailyObjects focused on products made from soft materials. However, now, it has changed its focus to metal.
“There’s a lot of innovation and research going on in that side of the business,” he said.
Online and offline
The D2C startup will focus on its visibility by working with offline stores and marketplaces, along with several artists and graphic designers. “We are going to launch fantastic collections with artists, keeping the trends in mind,” Pankaj added.
DailyObjects will also work on improving its customer experience and aims to expand its warehousing facilities across India.
According to Pankaj, DailyObjects has been profitable for the last four years. At present, the company reports an annual recurring revenue (ARR) of Rs 70 crore, and, in the next 12 months, aims to ramp that number up to Rs 120-130 crore. “We’re targeting Rs 500 crore by 2025,” he said.
The startup aims to raise about $10 million to invest in product innovation and customer experience.
Pankaj claimed DailyObject’s products are of global standards. “I see a big opportunity of it becoming a global brand from India.”
At present, the startup is functioning as a “90 percent Made in India” brand. Moving forward, it aims to move to a 100 percent Made in India brand.
Pankaj said the startup is launching interesting tech accessories in the Indian market. Last month, DailyObjects launched three products in the wireless category — Wireless Fast Chargers amd Wireless Charging Stations.
“We’re now planning similar launches in more categories and thinking how we can bring innovative accessories to the Indian market,” Pankaj said.
Edited by Suman Singh