In a fresh round of fundraising led by 360 One Ventures, Direct to Consumer (D2C) tech accessories and lifestyle firm DailyObjects has raised Rs.86 crore, or more than $10 million. This new investment for the Gurugram-based company comes after a 30-month lapse.

In order to obtain Rs.72 crore, or $8.6 million, the DailyObjects board of directors made a special resolution to issue 8,118 obligatory convertible preference shares, as shown by the company's regulatory documentation accessed by the Registrar of Companies (RoC). The company will conclude Series B at $10 million, according to sources. The company will use these proceeds, according to the filing, for general corporate operations, future expansion, and working capital requirements.

In the meantime, DailyObjects increased the number of options available under its Employee Stock Option Plan (ESOP) by 1,450, making a total of 2,780 options available. The Funding roundESOP pool's total value has increased to Rs.24.65 crore as a result of this rise.

With 27.8% of the company's total equity after the new proceeds, Roots Ventures is still the biggest external stakeholder, followed by 360 Ventures, a new investor with 18.84%. Together, co-founders Pankaj Garg and Saurav Adlakha held 43.07% of the business. DailyObjects is a lifestyle accessories brand that was established in the year 2012. It offers a variety of products such as wallets, purses, stationery, charging solutions, and other accessories. Additionally, the business launched its first physical location in December of last year.

During the fiscal year that ended in March 2023, the Pankaj Garg-led company reported nearly two-fold growth to Rs.83 crore with a good bottom line. The business has not yet released its FY24 annual results.

The main competitor of DailyObjects is Chumbak, which was purchased in January of last year by e-commerce roll-up Company G.O.A.T Brand Labs.