DailyObjects Series C: ₹332 Crore Raised at ₹1,050 Crore Valuation
DailyObjects raised ₹332 crore in a Series C co-led by Xponentia, Anicut and Axiom Asia. Deal terms, FY25 filings, store plans and where reports disagree.
Lovish Madaan19 Oct 2026 · 8 min read
Gurugram-based DailyObjects, which sells phone cases, bags and desk accessories, has raised ₹332 crore (one crore is ten million rupees) in a Series C round that values it at about ₹1,050 crore, according to Inc42. The round was co-led by Xponentia Capital Partners, Anicut Capital and Axiom Asia Private Capital, and it mixes fresh capital with shares sold by existing investors.
The deal was reported on 8 and 9 October 2026. Most of the headline numbers match across outlets, but a few details, from the dollar conversion to how much the company had raised before, do not. We set those out below.
Key takeaways
- DailyObjects raised ₹332 crore in a Series C round at a valuation of about ₹1,050 crore, according to Inc42, The Telegraph’s t2 Online and Indian Retailer.
- Three firms co-led the round: Xponentia Capital Partners, Anicut Capital and Axiom Asia Private Capital. No single lead investor was named.
- Part of the money went to existing shareholders. Early backer Roots Ventures sold part of its stake at what reports describe as an 18x return.
- The company plans 150 exclusive brand outlets across India over five years and is only at the research stage on overseas markets.
- Filings show FY25 operating revenue of about ₹110 crore and a net loss of about ₹16 crore, according to Entrackr.
The deal: what is confirmed
Every outlet we checked gives the same rupee figure, ₹332 crore, and the same valuation of about ₹1,050 crore. Inc42 converts these to $34.3 million and $108.4 million. Indian Retailer rounds the round to about $35 million. The gap comes from the exchange rate each outlet used, not from a different deal size, so the rupee figure is the one to rely on.
On who led, reports agree that Xponentia Capital Partners, Anicut Capital and Axiom Asia Private Capital led the round together. Inc42 calls them co-leads. Indian Retailer’s headline names only Xponentia, but its story lists all three as leads, as do t2 Online, Entrepreneur India and People Matters. The Rainmaker Group was the exclusive adviser on the transaction, according to t2 Online and People Matters.
The round combined primary capital (new shares, money that goes into the company) with secondary sales (existing investors selling shares to the new ones). None of the reports we read gives the split. That matters: the amount of new cash DailyObjects actually received is smaller than ₹332 crore by an undisclosed amount.
Roots Ventures’ partial exit
Roots Ventures, an early investor, sold part of its holding in the secondary portion, reportedly at an 18x return on its investment, according to Inc42. Inc42 says Roots put in $2 million in February 2022 and added more in the $10 million Series B in 2024. It remains a shareholder alongside 360 One Asset and Trifecta Capital, per t2 Online.
How the deal changed from the first reports
In September, before the deal closed, Indian Retailer reported that DailyObjects was set to raise about ₹350 crore at a valuation of around ₹1,000 crore, with Xponentia expected to lead and Anicut Capital’s growth equity fund taking part. That report cited unnamed reports rather than the company. People Matters says Mint carried the earlier report.
The closed round is a little smaller, at ₹332 crore, the valuation a little higher, at about ₹1,050 crore, and Axiom Asia joined as a co-lead. The company’s own announcement, as relayed by the October reports, is the better source for the final terms.
What DailyObjects sells
Pankaj Garg and Saurav Adlakha founded DailyObjects in 2012, according to Indian Retailer. It began as an online store for smartphone and tablet accessories, then added bags, wallets and other lifestyle products, Inc42 reports. Its range now covers phone cases, watch bands, bags, wallets and wireless chargers, and the company describes itself as a design-led brand in technology, carry and workspace essentials. It told t2 Online it plans to stay within those categories.
In March, Inc42 reported that bags and wallets made up 35% of sales and that the brand had about 50 core products. More than half of sales then came from its own website, about 30% from e-commerce marketplaces and 10–12% from corporate gifting, according to Inc42.
Financials: what the filings show
DailyObjects’ audited results for the year to March 2025 (FY25) were covered by Entrackr, based on its filings with the Registrar of Companies:
| Metric | FY24 | FY25 |
|---|---|---|
| Revenue from operations | ₹84 crore | ₹110 crore (+31%) |
| Total expenses | ₹96 crore | ₹124.5 crore (+30%) |
| Advertising | not stated | ₹26 crore (+40.5%) |
| Employee benefits | not stated | ₹17 crore (+54.5%) |
| Net loss | ₹10 crore | ₹16 crore (+60%) |
Entrackr puts the FY25 EBITDA margin at -10.64% and cash and bank balances at about ₹8 crore as of March 2025. Inc42 gives slightly different rounding: ₹111 crore in net revenue and a loss up “over 58%”. The underlying filing is the same, so these are rounding differences, not conflicting data.
FY26 figures are not yet in public filings, so anything for that year is a company projection. In March, Garg told Inc42 he expected FY26 revenue of ₹220–230 crore, EBITDA profitability that year and ₹400 crore in FY27. Indian Retailer’s October story gives an FY26 projection of ₹230–244 crore. We have not seen audited FY26 numbers and treat both as targets, not results.
Where the money goes
The company says it will spend the money in four areas, according to Inc42 and Entrepreneur India:
- Retail: 150 exclusive brand outlets across India over the next five years. DailyObjects opened its first store, “Playground”, in Gurugram in 2023, and Inc42 counts nine stores in large cities such as Delhi NCR and Bengaluru.
- Product and R&D: deeper design and development capability.
- Brand: more spending on brand building.
- International markets: still at the research and exploration stage, the company told t2 Online and Entrepreneur India, with firmer steps possible from the next financial year.
Beyond its own stores, the brand sells through partners. Entrepreneur India and Indian Retailer put its current footprint at about 350 retail touchpoints, including Apple Premium Reseller outlets. Garg has said the long-term goal is a ₹1,000 crore business, according to t2 Online.
Funding history, and why totals differ
Reports disagree on how much DailyObjects had raised before this round, and the numbers are hard to reconcile:
- The company says it raised about ₹100 crore in equity over the past decade, according to Inc42 and People Matters.
- Entrackr put total funding at about $14.5 million in February 2026, with Seedfund and 360 One Ventures as lead investors and a $10 million round in May 2024.
- Inc42 said in March 2026 that it had raised $12 million, including a $10 million Series B led by 360 ONE Asset in 2024, plus ₹25 crore in venture debt from Trifecta Capital.
- Indian Retailer’s October story says total funding is now nearly $50 million, which appears to include the new round.
The differences probably come from what each outlet counts (equity only, or equity plus debt, before or after this round) and from exchange rates. We report each figure with its source rather than pick one. Earlier backers named in coverage include Lenskart founder Peyush Bansal, Unilazer Ventures and redBus founder Phani Sama, according to Inc42.
Why it matters for D2C accessories
Design-led lifestyle brands in India have often ended up inside larger groups rather than staying independent. Inc42 notes that Chumbak was acquired by GOAT Brand Labs in 2024 and that Aditya Birla Fashion bought a majority stake in Bewakoof in 2023 for ₹200 crore. A ₹332 crore round with secondary sales points the other way: investors are paying to stay in DailyObjects as an independent brand and to give early backers some cash.
The plan also follows a pattern among online-first brands: move into physical stores once online customer acquisition gets expensive. DailyObjects’ FY25 advertising bill grew faster than its revenue, according to Entrackr, which helps explain the push into stores and Apple reseller shelves. Whether the stores pay off will show in the FY26 and FY27 filings. Garg told Inc42 in March that existing stores had been profitable from their first month. That is the company’s own claim; no store-level figures have been published.
Bottom line
The confirmed facts are ₹332 crore, a valuation of about ₹1,050 crore, three co-leads and a partly secondary structure. The new cash going into the company is less than the headline, by an amount not disclosed. FY25 filings show fast growth with widening losses, and the profitability and FY26 revenue claims are still company projections. Track this and other rounds on our funding tracker, and follow more startup coverage in news.
FAQ
How much did DailyObjects raise in its Series C?
₹332 crore, about $34.3 million at Inc42’s conversion, through a mix of primary and secondary transactions.
Who led the DailyObjects Series C round?
Xponentia Capital Partners, Anicut Capital and Axiom Asia Private Capital co-led it.
What is DailyObjects’ valuation?
About ₹1,050 crore (about $108.4 million) after the round, according to Inc42.
Is DailyObjects profitable?
Not on its latest filed accounts. It lost about ₹16 crore in FY25 on ₹110 crore of operating revenue, per Entrackr. The company has said it expected to be EBITDA profitable in FY26, but audited figures are not yet public.
Who founded DailyObjects?
Pankaj Garg and Saurav Adlakha, in 2012.
Sources
- Inc42, “D2C Lifestyle Brand DailyObjects Raises ₹332 Cr To Expand Offline Presence”, 8 October 2026
- Indian Retailer, “DailyObjects Raises Rs 332 Cr in Series C Funding Round Led by Xponentia Capital”, 8 October 2026
- t2 Online (The Telegraph), “DailyObjects raises Rs 332 crore in Series C at a valuation of about Rs 1,050 crore”, 8 October 2026
- Entrepreneur India, “DailyObjects Raises INR 332 Cr in Series C Round”, 9 October 2026
- People Matters, “DailyObjects hits ₹1,050 crore valuation after fresh ₹332 crore fundraise”, 9 October 2026
- Indian Retailer, “DailyObjects Set to Raise Rs 350 Cr from Xponentia Capital and Anicut Capital”, 22 September 2026
- Inc42, “DailyObjects Eyes Doubling FY26 Revenue To ₹230 Cr”, 20 March 2026
- Entrackr, “D2C lifestyle brand DailyObjects posts Rs 110 Cr revenue in FY25”, 23 February 2026
Related stories
Sources (8)
- Inc42 8 Oct 2026₹332 Cr ($34.3 Mn), co-leads, ₹1,050 Cr ($108.4 Mn) valuation, Roots 18x and history, use of funds, founding, products, stores, prior investors
- Indian Retailer 8 Oct 2026about $35 Mn, three leads, founders, 350 touchpoints, FY26 projection ₹230-244 Cr, nearly $50 Mn total
- t2 Online (The Telegraph) 8 Oct 2026amount, valuation, leads, Rainmaker adviser, Roots exit and remaining shareholders, categories, international plans, ₹1,000 Cr goal
- Entrepreneur India 9 Oct 2026amount, leads, use of funds, ~350 touchpoints, 150 EBOs, international research stage
- People Matters 9 Oct 2026leads, Rainmaker, ~₹100 Cr prior equity, earlier Mint report
- Indian Retailer 22 Sep 2026pre-close report: ~₹350 Cr at ~₹1,000 Cr valuation, Xponentia expected lead, Anicut growth fund
- Inc42 20 Mar 2026FY25 ₹111 Cr, loss up over 58%, FY26 ₹220-230 Cr and FY27 ₹400 Cr projections, channel mix, 35% bags/wallets, 50 SKUs, $12 Mn funding, ₹25 Cr venture debt, Chumbak/Bewakoof deals, store profitability claim
- Entrackr 23 Feb 2026FY24/FY25 revenue, expenses, ad and employee costs, loss, EBITDA margin -10.64%, ₹8 Cr cash, $14.5 Mn raised, $10 Mn May 2024
