The new funding round from 360 One Ventures has raised Rs 72 crore (approximately $8.6 million) for the Direct to Consumer (D2C) tech accessories and lifestyle brand DailyObjects. The Gurugram-based organization has recently made a new investment, following a 30-month hiatus.
The Registrar of Companies (RoC) has accessed the regulatory filming of DailyObjects, which indicates that the board has passed a special resolution to issue 8,118 compulsory convertible preference shares at an issue price of Rs 88,688 each in order to raise Rs 72 crore or $8.6 million.
The proceeds will be allocated to the company’s funding needs, which include working capital, future expansion, and other general corporate purposes, as indicated in the filing.
Additionally, DailyObjects increased its Employee Stock Option Plan (ESOP) by 1,450 options, resulting in a total pool of 2,780 ESOP options. The aggregate value of the ESOP pool has been elevated to Rs 24.65 crore as a result of this increase.
Roots Ventures continues to be the largest external shareholder with 27.8% of the company following the recent proceeds, while 360 Ventures, a new investor, holds 18.84%. Pankaj Gard and Saurav Adlakha, the company’s co-founders, collectively held 43.07% of the corporation.
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A lifestyle accessories brand that was established in 2012, DailyObjects offers a variety of products, such as purses, wallets, charging solutions, stationery, and other accessories. Additionally, in December of the previous year, the organization implemented its inaugural offline establishment.
About DailyObjects
Founded in 2012 by Pankaj Garg, DailyObjects is a design-obsessed lifestyle accessories brand, committed to making your everyday carry.
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