DailyObjects secures ₹332 Cr Series C for offline and global push

DailyObjects raised ₹332 crore ($34.3 million) in a Series C funding round co-led by Xponentia Capital Partners, Anicut Capital and Axiom Asia Private Capital. The round, which included both primary and secondary transactions, valued the design-led consumer brand at approximately ₹1,050 crore. Existing investors participated, and The Rainmaker Group (TRMG) acted as the exclusive advisor.

Cofounder and CEO Pankaj Garg stated the capital will be used to build a ₹1,000 crore business over the coming years and become a global design-led consumer brand from India. The fresh funds will allow DailyObjects to scale its offline network, deepen product and R&D capabilities, strengthen brand building, and evaluate opportunities in international markets.

Use of funds and strategic priorities

The latest funding will build on international expansion while strengthening domestic retail and the product portfolio. DailyObjects plans to use the investment for offline expansion, product design, R&D and global expansion. The company will focus on deepening existing categories over the next 12 to 18 months rather than rapidly entering new ones.

Offline retail expansion roadmap

DailyObjects plans to expand its physical retail network to 150 exclusive brand outlets across India over the next five years. The startup began its offline expansion around 18 months ago and currently has 18 stores. It is present in cities including Bengaluru, Mumbai, Hyderabad, Chennai, Delhi, Pune and Indore.

The company opened its first offline retail experience store 'Playground' in Gurugram in 2023 and has since set up nine retail stores across Tier I cities. It has been using a test-and-learn approach before committing significant investments to physical expansion and marketing. Some of its airport stores have been profitable from the first month.

Investor returns and cap table

Early investor Roots Ventures partially exited in the secondary deal with an 18x return on its initial investment. Roots Ventures first invested $2 million in DailyObjects in February 2022 and doubled down during a $10 million Series B funding round in 2024. It will continue as a shareholder. Other investors like 360 One Asset and Trifecta Capital remain invested.

The company's cap table includes investors like Lenskart founder Peyush Bansal, Unilazer Ventures and RedBus founder Phani Sama. Prior to this round, DailyObjects had raised around ₹100 crore in equity over the last decade.

Growth trajectory and future outlook

DailyObjects reported revenue of around ₹110 crore in FY25 and around ₹210 crore in FY26. Pankaj Garg projected FY26 net revenue to double to ₹220-230 crore and expects the top line to jump to ₹400 crore by FY27. The company targets ₹382-400 crore revenue in the current financial year, indicating sales growth of around 90-100%.

Bags contribute around 35-40% of sales, while tech products including phone cases and chargers account for around 50%. Office accessories contribute another 15-20%. The largest customer segment is between 24 and 40 years old, representing 60 to 70% of sales. Tier-3 and Tier-4 cities contribute 35-40% of sales.

DailyObjects sells through its own website, around 350 Apple Premium Resellers in India, and e-commerce and quick-commerce platforms. It remains profitable on quick-commerce sales, with Blinkit identified as a key platform. The company plans to build stronger consumer engagement through physical experiences, collaborations and influencer marketing, and will increasingly focus on community building.

DailyObjects has its sights on the public markets, with an IPO targeted in the next three to four years. The company believes its product design and quality have a global fit and has seen demand from international consumers, viewing global expansion as a key growth lever beyond India.