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D2C lifestyle brand DailyObjects seeks fresh funding after VC backer makes a top-up
VCCircle
·
2m ago
Medial
Lifestyle brand DailyObjects, founded in 2012 by Saurav Adlakha and Pankaj Garg, seeks to raise additional capital between Rs 100 crore and Rs 150 crore ($11.7-$17.6 million) after receiving recent support from an existing VC backer. The direct-to-consumer brand is considering bringing in a new investor for this round of funding. The specific identity of the potential new investor has not been disclosed.
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Exclusive: DailyObjects raises $8.6 Mn in new round
Entrackr
·
10m ago
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.
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DailyObjects’ revenue spikes 34% to Rs 84 Cr in FY24
Entrackr
·
8m ago
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.
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360 One Asset leads $10 million funding round in DailyObjects
Economic Times
·
10m ago
Medial
Direct-to-consumer brand DailyObjects has secured $10 million in funding in a round led by 360 One Asset. The Indian design and lifestyle company plans to use the funds to expand its distribution network, invest in product innovation, grow its team, and increase manufacturing capacity. DailyObjects, which offers premium, functional products including tech accessories and bags, reported a growth rate of over threefold in the past four years. The company also plans to expand its offline presence with curated retail concepts.
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D2C Lifestyle Startup DailyObjects Bags $10 Mn To Fuel Its Manufacturing & Offline Play
Inc42
·
10m ago
Medial
DailyObjects, an Indian lifestyle brand that specializes in mobile accessories, has raised an undisclosed amount of funding in a round led by 360 ONE Asset. Existing investor Roots Ventures also participated in the round. The funds will be used to expand distribution channels, develop new products, grow the team, and increase manufacturing capacity. This is the first funding round for the company since 2016.
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Wakefit’s IPO Playbook: What DRHP Reveals About Growth, Investor Moves, and Key Risks
OutlookIndia
·
1m ago
Medial
Wakefit, a D2C furniture brand, is preparing for an IPO to raise up to ₹2,000 crore, including a fresh issue of ₹468 crore. The funds will enhance its offline presence and brand reputation while allowing partial cash-outs for early investors. Founded in 2016, the company reported increased revenues but remains unprofitable. Key risks include reliance on mattress sales and potential supply chain disruptions. Early investors expect significant returns due to low initial share prices.
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L’Oréal’s VC fund, Verlinvest's V3, DSG Consumer bet on skincare brand Deconstruct
VCCircle
·
6m ago
Medial
L’Oréal’s venture capital fund BOLD, Verlinvest's V3 Ventures, and DSG Consumer Partners have invested in the skincare brand Deconstruct, operated by Baypure Lifestyle Pvt Ltd. The four-year-old brand has raised Rs 65 crore ($7.5 million).
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Mamaearth ranks as India’s 3rd largest skincare brand: Euromonitor
Entrackr
·
9m ago
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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How Ananth Narayanan plans to rescue BRND.ME
Livemint
·
1m ago
Medial
BRND.ME, formerly Mensa Brand, quickly became a unicorn in 2021 by acquiring 24 companies but has since experienced stagnant growth. Founded by Ananth Narayanan, the brand aggregator aims to be a ‘digital-first Unilever’. It acquired India Lifestyle Network, established in 2009 and later sold to Times Internet in 2012, to enhance portfolio companies in digital brand-building. The company faces challenges as it seeks to revive growth and expand.
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Skincare brand The Derma Co crossed Rs 350 crore annual revenue rate in June quarter
Economic Times
·
1y ago
Medial
Honasa Consumer Ltd, the parent company of D2C brand Mamaearth, announced that its skincare brand The Derma Co achieved an annual revenue rate of over INR 350 crore during the June quarter. The brand recorded INR 30 crore in monthly revenue in April-June, 41 months after its launch in 2020. Honasa Consumer recently filed for an IPO comprising a fresh issue of equity shares and an offer for sale component. The company operates several brands, including Aqualogica, Ayuga, and BBlunt, in addition to Mamaearth and The Derma Co.
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Former KKR India chief Nayar’s VC firm joins race to invest in D2C fashion brand
VCCircle
·
1y ago
Medial
Sanjay Nayar, the former chief of KKR India, has joined the competition to invest in a direct-to-consumer (D2C) fashion brand through his venture capital firm, Sorin Investments. The firm focuses on early-stage tech investments and has shown interest in the D2C space.
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