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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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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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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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MyDesignation raises $1.25 Mn in seed round
Entrackr
·
3m ago
Medial
Thiruvananthapuram-based direct-to-consumer (D2C) fashion brand MyDesignation has raised $1.25 million (approximately Rs 10.7 crore) in its seed funding round led by Multiply Ventures, with participation from Veltis Capital, Sattva Ventures, Dominor Investment Holdings, and Green Trunk Ventures. According to MyDesignation, the capital will be utilized to enhance hiring, improve technology, expand offline presence, and enter new markets. Founded in 2020 by husband-wife duo Swaroop Krishnan and Gopika B Raj, MyDesignation offers fashion and lifestyle products. The brand claims to have built a customer base of over 500,000 consumers, with a 35% monthly repeat rate, and aims to double this user base within the year. MyDesignation operates independently without relying on third-party platforms or marketplaces, allowing full control over the customer journey. The firm plans to deepen its technological capabilities, expand its offline footprint, and hire talent aligned with its mission. In the competitive D2C fashion space, MyDesignation faces competition from brands like NNNOW, Nicobar, and Yepme.
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Noccarc Bags $2 Mn From IAN, Others To Provide Smart Medical Devices
Inc42
·
1y ago
Medial
Medtech startup Noccarc has raised $2 million in a funding round led by Indian Angel Network (IAN) with participation from other investors. The funds will be used to fuel research and development, increase market penetration, and establish sales and distribution networks. Noccarc specializes in manufacturing smart critical care medical equipment, such as ICU ventilators and patient monitors, and also provides a digital platform for doctors to access patient data remotely. The company aims to expand its product portfolio and become a strong player in the global market.
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Nivara Housing Finance Bags $10 Mn From Baring PE India
Inc42
·
1y ago
Medial
Mumbai-based housing finance startup Nivara Home Finance has raised INR 82.4 crore ($10 million) in a funding round led by Baring Private Equity India. Nivara, which offers small-ticket housing loans to micro-entrepreneurs and salaried professionals, plans to use the funding to fuel its expansion and growth strategies. The company currently operates in five states across India and has assets under management worth INR 500 crore. The affordable housing finance sector in India is set for significant growth, with Nivara's commitment to underserved segments positioning it well for the future.
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Zeno Health Bags $25 Mn Funding To Bolster Its Omnichannel Pharmacy Play
Inc42
·
1y ago
Medial
Mumbai-based healthtech startup Zeno Health has raised $25 million in a Series C funding round led by South Korean private equity firm STIC Investments. The funds will be used to fuel the company's growth, expand its operations, and enhance its technological infrastructure. Zeno Health, founded in 2017 by Siddharth Gadia and Girish Agarwal, operates an omnichannel pharmacy platform that sells generic medicines. The company aims to make quality healthcare affordable and has plans to reach 10 million consumers monthly. The online pharmacy market in India is projected to reach INR 8,947 crore by 2027.
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Alpino ropes in Shilpa Shetty as investor, Venttup bags early-stage funding
VCCircle
·
10m ago
Medial
Healthy foods brand Alpino has raised $1.2 million in its first funding round, with Bollywood actor Shilpa Shetty joining as an investor and brand ambassador. The funds will be used to expand Alpino's offline presence, drive international growth, and support product innovation. Alpino, which is already a top seller on e-commerce platforms in India, aims to become a Rs 500-crore ($67 million) brand within the next two years. In another development, Manufacturing as a Service (MaaS) startup Venttup has raised undisclosed seed funding from Unicorn India Ventures to fuel business growth and technology development. Venttup offers localized production and plans to enter international markets.
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Dairy Brand Sid’s Farm Raises $10 Mn Week After Roping In New CTO
Inc42
·
1y ago
Medial
Sid's Farm, a Telangana-based D2C dairy startup, has raised $10 million in Series A funding from Omnivore and Narotam Sekhsaria's family office. The funding will be used for manufacturing, team building, and expansion in Hyderabad and Bengaluru. The company, which recently appointed Sunil Potturi as CTO, competes with brands like Country Delight and Akshayakalpa, serving 20,000 daily customers.
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Wealthtech Centricity Bags $20 Mn To Build GenAI Modules
Inc42
·
11m ago
Medial
Centricity, a startup based in Gurugram, has raised funding to expand its technology stack, streamline sales, and pursue strategic acquisitions. The company, founded in 2022, provides plug-and-play solutions for financial advisors looking to enter the wealth management industry. Centricity has raised a total of $24 million in funding to date.
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