DailyObjects raises $10M in Series B round led by 360 One Asset

Mobile covers and lifestyle product seller DailyObjects has raised $10 million in its series B round led by 360 One Asset, as it looks to expand distribution and production capacities. 

The equity round also witnessed participation from returning investor Root Ventures, which first invested in the company in 2021. 

The company plans to use the funds for offline expansion. It currently has a one store in Delhi NCR, but plans to scale up to 15 to 20 stores by the end of 2026. 

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 told YourStory. 

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The company, which sells mobile covers, power banks, backpacks, organizers, backpacks  and work essentials, has been EBITDA-positive for the past five years. It was founded in 2012 by Pankaj Garg and Saurav Adlakha. 

“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.

It currently has its in-house manufacturing plant in Gurugram which caters to the majority of its orders. With the funding, it plans to increase its production capacity by 3x over the next 3 months.

Its 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. 

It also plans to use the funds for inventory management, product research and development, and team expansion.