​Design-led lifestyle-tech brand DailyObjects said Thursday it has raised Series C funding from private equity firm Xponentia Capital Partners, Anicut Capital and Axiom Asia Private Capital.
The total size of the round was Rs 332 crore ($34.2 million) and valued the company around Rs 1,050 crore, DailyObjects said in a statement.
The round comprises a mix of primary and secondary transactions. The transaction marks a partial exit for Roots Ventures, which invested in DailyObjects across multiple rounds through its funds.
Roots Ventures is partially exiting its investment through the transaction at an 18x return. The venture capital firm continues to remain one of the company’s largest shareholders despite the partial exit. Existing investors 360 One Asset and Trifecta Capital will also remain shareholders.
The announcement comes after VCCircle first reported last year that the company was looking to raise fresh funding. VCCircle again reported on its fundraising and expansion efforts in March this year.
DailyObjects said it plans to use the fresh capital to expand its physical retail footprint. It intends to establish 150 exclusive brand outlets across India over the next five years. The company currently has close to 350 retail touchpoints, including exclusive brand outlets and Apple Premium Reseller outlets, alongside its direct-to-consumer and digital channels.
The company will also invest in new product ranges, design, materials, quality and research and development. DailyObjects, which began with phone cases, has expanded into a broader lifestyle-tech business spanning technology accessories, carry products and workspace essentials.
International expansion is another focus area. The company is evaluating potential markets and remains at the research and exploration stage, with more concrete expansion plans potentially emerging from the next financial year.
DailyObjects said it aims to use the latest capital to build a Rs 1,000 crore business over the coming years and eventually develop a global design-led consumer brand originating from India.
Founded in 2012 by Pankaj Garg and Saurav Adlakha, DailyObjects had raised around Rs 100 crore in equity over the past decade before the latest transaction.
The Rainmaker Group acted as the exclusive advisor to the transaction.​