DailyObjects, the lifestyle accessories brand, has raised $2 million in a fresh funding round from early-stage venture capital firm Root Ventures. As the company announced in its statement, a significant part of the $2 million is going to be used to build a stronger design team and improve customer experiences.
DailyObjects has been profitable for the last four years and the company said that its current revenue is more than Rs 60 crore. It has registered a 300 per cent growth in 2022 and is hoping to "touch Rs 100 crore revenue run rate in the next nine to 12 months."
“As we look forward to scaling up the lifestyle products/accessories in India, we will be utilising 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,” said Pankaj Garg, Co-Founder and CEO, DailyObjects.
“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 Daily Objects 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.
Currently, DailyObjects has more than 500 craftsmen working on products for their more than 2 million customers globally and the plan is to scale this up to reach the next level of accessories for smartphones, laptops, smartwatches, home office, etc.
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