Mumbai: DailyObjects, a design-led lifestyle-tech brand from India, has raised ₹332 crore in a mix of primary and secondary transactions, led by Xponentia Capital Partners, Anicut Capital, and Axiom Asia Private Capital, at a valuation of about ₹1,050 crore, it said in a statement.
Roots Ventures, an early investor in the company, is partially exiting in the current round with an 18x return on its investment, while continuing as a shareholder in DailyObjects alongside 360 One Asset and Trifecta Capital. The Rainmaker Group acted as the exclusive advisor to the transaction.
Mintthat the company planned to finalize a funding round led by Xponentia Capital and Anicut Capital’s growth equity fund.
“DailyObjects has built a distinctive brand in a market where products have traditionally been functional but uninspiring, and competition has focused primarily on cost,” said P.R. Srinivasan, managing partner at Xponentia.
“They have pursued global standards from the outset and built a company with world-class creative and technical talent. We believe they have the potential to build a truly global consumer brand from India,” he added.
Retail expansion
The fundraise marks a new phase in the company’s growth journey, enabling DailyObjects to scale its retail presence, deepen its product and research and development capabilities, strengthen brand building and evaluate opportunities in international markets.
“They grew steadily while keeping a sharp focus on product quality and unit economics,” Anicut’s co-founder and managing partner Ashvin Chadha noted in the company statement on Wednesday.
Prior to this round, DailyObjects had raised about ₹100 crore in equity over the last decade to build and scale the business.
Another key pillar of the next phase will be the expansion of DailyObjects’ physical retail network as it looks to build 150 exclusive brand outlets across India over the next five years, focusing on establishing a profitable physical retail network, improving product discovery and bringing the brand closer to consumers across key markets.
“This fundraise gives us the opportunity to take that foundation into its next phase, scaling our presence across India with 150 new EBOs and investing deeper in product and technology. We are looking at this as capital to build a ₹1,000 crore business over the coming years and, ultimately, a global design-led consumer brand from India,” said Pankaj Garg, co-founder and chief executive, DailyObjects.
“This investment enables us to deepen our in-house design and R&D (resarch and develpment) capabilities, explore new materials and continue raising the bar on product quality,” added co-founder and chief operating officer Saurav Adlakha in the statement.
Alongside retail, it will deepen its presence across its existing product categories through investments in new product ranges, design, materials, quality, and R&D. The company is also developing distinctive product concepts and strengthening its in-house capabilities, creating greater differentiation within categories.
Founded in 2012, DailyObjects has evolved from its origins in phone cases into a broader lifestyle-tech brand spanning technology, carry and workspace essentials, with a growing portfolio of products across these categories. The company will continue to invest in product innovation, design and R&D to create differentiated offerings, strengthen its category leadership and build a portfolio that can support the next phase of scale.
It is currently evaluating potential international markets and is in the R&D and exploration stage, with more concrete expansion planned for the next fiscal year. The broader ambition is to build a global design-led consumer brand originating from India.