D2C Brand DailyObjects Raises $2 Million In Funding From Roots Ventures
DailyObjects, a global lifestyle direct-to-consumer (D2C) brand, has raised $2 million in funding from early-stage venture capital firm Roots Ventures.
The D2C startup plans to use the fresh funding for building a stronger design team and customer experiences.
DailyObjects | Design-driven Global Lifestyle D2C Brand
Founded by Pankaj Garg and Saurav Adlakha, DailyObjects is a Gurugram-based design-driven accessories brand curating delightful and inspiring products for the everyday possibilities of life. The Gurugram-based startup works with more than 500 craftsmen catering to the everyday requirements of more than 2 million customers and users globally.
Speaking about the development, Pankaj Garg, Co-founder of DailyObjects, said,
“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 Gurugram-based direct-to-consumer (D2C) brand claims to have logged a 300% surge in 2022 and is hopeful to touch the Rs 100 crore revenue run rate in the next 9-12 months.
Japan Vyas, Managing Partner at Roots Ventures, said,
“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.”
Over a few years, the D2C Market In India has grown exponentially. More than 16 D2C brands in India have an annual turnover of more than $60 million. Factors such as rising income, increase in first-time internet users, changing buyer persona have also changed the game in favour of new-age digital-first brands.
Recently, Chennai-based D2C baby care startup Baby Amore raised undisclosed external funding from GetVantage. D2C tea brand Esah Tea raised Rs 3 crore (around $400,000) in a pre-series A funding round from NEDFI Venture Capital Ltd.
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