DailyObjects, a key company deals in lifestyle and tech accessories announced that it has closed $10 million in its B-round funding. This round was initiated by 360 One Asset Management with Root Venture recurring as an investor. The new funding is expected to position the firm for growth, specifically with targets on increasing its offline operations, improving manufacturing processes, and growing its workforce.
Image Source: DailyObjects
Expansion of DailyObjects
DailyObjects was launched in October 2012 by Pankaj Garg and Saurav Adlakha. DailyObjects has a unique positioning in the mass premium segment and DailyObjects sells various accessories such as mobile covers, power banks, backpacks, organizers, and work accessories. The fresh funding received will help DailyObjects increase the company’s offline presence manyfold. Expansion should increase customer interactions and memorability while offering a real-life setting for customers to directly sample Brax’s products.
The founder and CEO of DailyObjects, Pankaj Garg said, “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.”
Quotation Source: YourStory
Enhancement and Manufacturing Plant in Gurugram
Most of DailyObjects’ products are produced at a manufacturing facility that was established in Gurugram where it operates. DailyObjects intends to use the money to increase production by threefold within the next three months. This is important to address the increased demand and ensure that products are delivered as and when required. Its brand website contributes approximately 65% of its revenue, while the rest is sold through e-commerce portals such as Amazon, Flipkart, and Myntra. DailyObjects has not entered the quick commerce category, which may be an interesting avenue for further development.
Innovation and Growth Potential
The drive towards innovation continues to be embraced as part of its strategic framework at DailyObjects. DailyObjects has also proposed that it will use its resources to research and develop new and unique products to suit the market needs. The funds will be utilized for inventory management and recruitment of the workforce to support the company’s growth strategies.
This Series B funding round shows investors’ confidence in the company’s model and future development of DailyObjects. The entry of 360 One Asset is not only offering the company money but intelligent ideas to steer the firm through the course of its development. DailyObjects, initially funded in 2021 by Root Ventures, is still receiving funding from the investors, demonstrating confidence in the company’s tenet and operating skills.
Conclusion
The recent funding received by DailyObjects can be considered as a major development in their business evolution. DailyObjects equipped with a clear vision of strengthening its offline network, improving production, and pursuing innovation, the company is ready to benefit from the trends in the lifestyle and technical accessories market. With DailyObjects flying high with its success, the company’s primary focus is to bring out quality products that meet the needs of its consumers and thereby continue expanding and excelling in future years.
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