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Exclusive: DailyObjects raises $8.6 Mn in new round

EntrackrEntrackr · 11m ago
Exclusive: DailyObjects raises $8.6 Mn in new round
Medial

Direct to Consumer (D2C) tech accessories and lifestyle brand DailyObjects has raised Rs 72 crore (approximately $8.6 million) in a new funding round from 360 One Ventures. This fresh investment has come after a gap of 30 months for the Gurugram-based firm. The board at DailyObjects has passed a special resolution to issue 8,118 compulsory convertible preference shares at an issue price of Rs 88,688 each to raise Rs 72 crore or $8.6 million, its regulatory filming accessed for the Registrar of Companies (RoC) shows. As per the filing, the company will use these proceeds for funding requirements including working capital, future expansion and other general corporate purposes. Meanwhile, DailyObjects also expanded its Employee Stock Option Plan (ESOP) by adding 1,450 options, bringing the total pool to ESOP 2,780 options. This increase has raised the overall value of the ESOP pool to Rs 24.65 crore. According to the startup data intelligence platform TheKredible, the company has been valued at around Rs 382 crore or $46 million post-allotment. Following the fresh proceeds, Roots Ventures remains the largest external shareholder with 27.8% followed by new investor 360 Ventures which holds 18.84% of the company. Its co-founders Pankaj Gard and Saurav Adlakha cumulatively owned 43.07% of the company. Check TheKredible for the complete shareholding pattern. Founded in 2012, DailyObjects is a lifestyle accessories brand that caters to a range of products including bags, wallets, charging solutions, stationery, and other accessories. The company also opened its first offline store in December last year. The Pankaj Garg-led firm posted over two-fold growth to Rs 83 crore during the fiscal year ended March 2023 with a positive bottom line. The company is yet to disclose its annual results for FY24. DailyObjects’ major competitor is Chumbak, which was acquired by e-commerce roll up firm G.O.A.T Brand Labs in January last year.

DailyObjects’ revenue spikes 34% to Rs 84 Cr in FY24

EntrackrEntrackr · 9m ago
DailyObjects’ revenue spikes 34% to Rs 84 Cr in FY24
Medial

DailyObjects, a Direct-to-Consumer (D2C) tech accessories and lifestyle brand, achieved a 33.6% growth during the fiscal year ending March 2024. However, the Gurugram-based firm reported a modest loss of Rs 3.9 crore in the same period as compared to marginal profit in FY23. DailyObjects’ revenue from operations grew to Rs 84.4 crore in FY24 from Rs 63.2 crore in FY23, its consolidated financial statement sourced from the Registrar of Companies (RoC) shows. DailyObjects is a direct-to-consumer (D2C) lifestyle accessories brand offering products such as bags, wallets, charging solutions and stationery, among others. The sale of products accounted for 98.8% of the total revenue which increased by 33.6% to Rs 83.38 crore in FY24. The rest of the income came from shipping and delivery charges. For the consumer tech and lifestyle brand, the cost of procurement formed 50% of the total expense. This cost increased by 40% to Rs 42.28 crore in FY24 from Rs 30.26 crore in FY23. Its employee benefits and marketing cum advertising costs grew by 24% and 46.5%, standing at Rs 11.34 crore and Rs 14.33 crore, respectively, in FY24. The firm's spending on shipping, delivery, legal, and other overheads pushed the overall costs up by 33.3% to Rs 84.2 crore in FY24. Note: Excluding the exceptional item cost of Rs 6.14 crore, related to the write-off of previous receivables in the fiscal year ending March 2024, from the calculation of losses and expenses. Increased marketing and employee benefits costs led DailyObjects to post a loss of Rs 3.92 crore for FY24, compared to a marginal profit of Rs 0.06 crore in FY23. Its ROCE and EBITDA margin stood at -43.98% and -4.3%, respectively. On a unit basis, the company spent Re 1 to earn a rupee in FY24. It reported current assets of Rs 20.76 crore as of FY24. According to the startup data intelligence platform TheKredible, the Gurugram-based firm has raised around $14.4 million to date. Its leading investors are Roots Ventures and 360 One.

Mamaearth ranks as India’s 3rd largest skincare brand: Euromonitor

EntrackrEntrackr · 10m ago
Mamaearth ranks as India’s 3rd largest skincare brand: Euromonitor
Medial

D2C brand Mamaearth announced on Thursday that it has been ranked as the 3rd largest skincare brand in India, as per Euromonitor International. The Gurugram-based company also rose to the 9th spot among India’s top beauty and personal care brands, up from 13th last year. The latest Euromonitor report highlights the growing impact of direct-to-consumer (D2C) brands, with Mamaearth, under Honasa Consumer Ltd., gaining considerable market share. Honasa Consumer’s second brand, The Derma Co., has entered the top 20 skincare brands in India, emerging as the largest active-based skincare brand in the country. Varun Alagh, co-founder and CEO of Honasa Consumer, attributed this success to the company’s commitment to natural, toxin-free products and the trust of Indian consumers. Honasa Consumer’s expanding portfolio now includes brands like Aqualogica, Dr. Sheth’s, and BBlunt, catering to the evolving needs of Indian consumers. Mamaearth, Honasa’s flagship brand, reported a 17.6% quarter-on-quarter revenue increase, reaching Rs 554 crore—its most profitable quarter to date, with a profit after tax (PAT) of Rs 40 crore. Last month, early investors divested shares worth Rs 1,600 crore ($190 million) in the company.

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