DailyObjects Bags ₹332 Crore to Bring Its Products to More Stores

DailyObjects, the D2C lifestyle-tech accessories brand that started with phone covers, has raised ₹332 crore in a Series C round valuing the company at roughly ₹1,050 crore. The round was led by Xponentia Capital Partners, Anicut Capital, and Axiom Asia Private Capital, through a mix of primary and secondary transactions.

Here’s the number that actually stands out: before this round, DailyObjects had raised just ~₹100 crore in equity over an entire decade. This single round is now more than 3x everything the company had raised in its history put together.

That’s not a company topping up growth capital it’s a company making a structural bet. The money is headed almost entirely into something D2C brands have historically struggled with: physical retail.

The Details

• Round size₹332 Cr, Series C mix of primary and secondary
• Lead investorsXponentia Capital Partners, Anicut Capital, Axiom Asia Private Capital
• Valuation₹1,050 Cr post-money
• Implied stake soldroughly 31-32% (₹332 Cr against a ₹1,050 Cr valuation)
• Prior funding₹100 Cr raised in total over the previous decade
• Funding jumpthis round alone is ~3.3x the company’s entire historical fundraise

From Phone Cases to Lifestyle Brand

Founded by Pankaj Garg, DailyObjects began as a phone-cover and accessories label before expanding into bags, wallets, desk accessories and broader lifestyle products.

It has mostly built that brand online through its own website rather than relying on Amazon or Flipkart. That direct-channel dependence is unusual in Indian D2C, where most brands lean heavily on marketplaces for volume.

That online-first discipline is likely why DailyObjects could survive a decade on just ₹100 crore of outside capital a strikingly capital-efficient run for a physical-product brand.

Betting On a 3.5x Revenue Jump

DailyObjects reported FY25 revenue of around ₹110 crore. Garg has set a target of ₹382-400 crore by FY27 implying the company needs to roughly 3.5x its revenue in two years.

That’s an aggressive target by any D2C standard, and it directly explains the valuation math: at ₹1,050 crore against current revenue, the company is priced at nearly 9.5x sales. Hit the FY27 target, though, and that multiple compresses to a much more defensible 2.6-2.7x forward sales — a classic growth-stage bet where investors are pricing the company on where it’s going, not where it is.

Why 18 Stores Need to Become 150

DailyObjects began its offline push roughly 18 months ago and currently runs 18 stores. The new capital is meant to scale that to 150-160 stores over the next five years an almost 9x expansion in physical footprint.

Offline retail changes a D2C company’s cost structure fundamentally: rent, staffing, inventory sitting in stores instead of a warehouse, and maintenance costs that don’t exist in a pure online model.

The rest of the capital goes toward product design, R&D, brand building, and evaluating international markets but retail expansion is clearly the headline bet here, not a side project.

The Online-to-Offline Gamble

DailyObjects’ pitch rests on proving something most Indian D2C brands have struggled to prove: that an online-first brand identity translates into walk-in store demand. Mokobara, Bewakoof and several accessory-first D2C brands have all made similar offline bets with mixed results — strong flagship stores in metros, but much harder unit economics once they expand into tier-2 cities.

Going from 18 to 150 stores in five years means DailyObjects will be opening a new store roughly every two weeks on average an operational pace that tests supply chain and real estate execution far more than it tests brand appeal. The 9.5x current-revenue valuation only works if the FY27 revenue target actually lands; if offline expansion drags on margins before it drives sales, that multiple gets much harder to defend.

The Bottom Line

DailyObjects has the capital and the stated targets what it doesn’t have yet is proof that an online audience will reliably walk into a mall and buy the same products in person.