Dailyobjects is an internet-first multi-category tech accessories brand that announced a 33.6 percent increase in operational revenue to Rs 84.4 crore in FY24. The startup provides mobile and fashion accessories like handbags. The application offers a product catalog including wireless chargers, electronic cases, wallets, backpacks, adapters, and more. The sale of these products is the company’s primary source of revenue. The startup also earns its income through delivery and shipping services.
The sales of tech accessories and other products accounted for 98.8 percent of the total operating revenue. The overall revenue generated was around Rs 83.38 crore in FY24. This includes money from interest and gains on other investments and transportation services. The company has secured over 14.4 million USD across multiple funding rounds since its inception, including $10 million raised during its series B funding round from 360 One and Root Ventures. The startup posted a post-money valuation of 45.5 million USD.
The Gurugram-based startup allows users to buy multi-category products across mobile, tech, and lifestyle accessories. The startup also provides products including charging solutions and stationery items. The cost of procurement accounts for 50 percent of the total expenses and increased by 40 percent to Rs 42.28 crore in FY24. However, 46.5 percent of the total expenditure goes to advertising and marketing which stood at Rs 14.33 crore in the same duration.
The firm saw a 33.3 percent increase in its total expenditure to Rs 84.2 crore in FY24. The startup posted a net loss of Rs 3.92 crore in this financial year. The legal, shipping, delivery, and other expenses increased the overall expenditure. Meanwhile, the employee benefits increased by 24 percent to Rs 11.34 crore. The consumer tech startup offers its services while meeting market demands. The company intends to control its losses through cost-cutting measures and reduce operating expenses and employee benefits.
The startup receives investment from 8 institutional investors including Unilazer Ventures and 360 One. The existing investor, Seedfund is the largest institutional investor of the firm. The company’s shipping and marketing charges were reduced to Rs 6.07 crore for this fiscal year compared to the last financial year. The EBITDA margin stood at -4.3 percent while the ROCE was around -43.98 percent in FY24. DailyObjects faces competition from other internet-first brands offering consumer tech accessories such as Zouk, The Postbox, and EcoRight.
Conclusion :
The D2C lifestyle brand DailyObjects announced a 33.6 percent increase in its operational revenue to Rs 84.4 crore in FY24. This D2C startup offers consumer tech and lifestyle accessories with multi-category products like electric cases. The sale of these products and shipping or delivery charges are the firm’s primary sources of revenue.
The loss also stood at Rs 3.92 crore in FY24. The total expenditure of the firm increased by 33.3 percent and crossed Rs 84.2 crore in the same duration. The company plans to minimize its marketing and employee expenses. The company has secured over 17.4 million USD across multiple funding rounds.
Niraj Kumar is the Founder and CEO of Scoopearth, bringing over 13 years of experience across diverse domains, including journalism, content marketing, digital marketing, startup mentoring, and business coaching. His extensive background and leadership have made a significant impact in these areas, helping startups grow and succeed in a competitive landscape.
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