D2C brand DailyObjects Raises $2 Million from Roots Ventures The startup plans to invest the funds in strengthening its team and expanding product portfolio
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DailyObjects, a design-driven lifestyle D2C brand, has raised $2Mn from Roots Ventures, an early-stage Venture Capital firm. A significant part of the funding will be used for building stronger design team and customer experiences.
DailyObjects claims to focus exclusively on bringing high-quality and well-designed lifestyle products to its consumers to help them make a unique statement about who they are. The company has been profitable for the last four years and has more than 60Cr as its current revenue. The company has also registered a growth of 300 per cent in 2022 and is hopeful to touch INR 100 cr revenue run rate in the next 9-12 months.
"For DailyObjects product is the key. We all live a digital lifestyle where we use our gadgets 24X7. DailyObjects provides solutions for all everyday needs and brings life to everyday tech. Our focus is on design & Quality in everything we make. The brand has received great consumer love and endorsement so far and it gets reflected in our repeat % that is upwards of 45%, one of the highest in the industry. We also boast of having the lowest CAC in the industry," said Pankaj Garg, co-founder and CEO.
"As we look forward to scaling up the lifestyle products/accessories in India, we will be utilizing the incoming funding to strengthen the team that has constantly innovated ahead of the curve. We are delighted with the trust and faith that Roots Ventures showed in us and are focused on taking the brand to the next level," the co-founder added.
At present, the company works with more than 500 craftsmen catering to the everyday requirements of more than 2 million customers and users globally. They work closely with craftsmen and young manufacturing SMEs and are present in categories like mobile and laptop accessories, home office and organization solutions, bags and wallets.
"DailyObjects has built strong in-house end-to-end capabilities, allowing it to anticipate consumer trends and launch products faster than competitors. Scaling up while focusing on quality is something that is hard to achieve, and DailyObjects has not only been profitable in the journey but has become a go-to name for the youth. With multiple product offerings under a single umbrella and its expansion across the world, we believe in the excitement that DailyObjects has brought in the D2C space. We are excited to be a part of their journey," said Japan Vyas, managing partner, Roots Ventures.