DailyObjects raises $34.3M to open 150 stores and go global
What's the deal? Indian lifestyle accessories brand DailyObjects has raised US$45.1M (roughly $34.3 million) in a round led by Xponentia Capital PartnersDealroom has a profile for this one. Try Dealroom →, Anicut CapitalDealroom has a profile for this one. Try Dealroom →, and Axiom Asia Private CapitalDealroom has a profile for this one. Try Dealroom →. The round values the company at US$142.6M post-money.
The details: The round mixes primary and secondary capital. Early backer Roots VenturesDealroom has a profile for this one. Try Dealroom → partially exited, realising an 18x return on its investment.
What's the endgame? DailyObjects plans to open 150 standalone retail stores across India over the next five years. It will also expand its research and development facilities, cofounder and chief executive officer Pankaj Garg told ET.
Going global: The company is exploring retail entry into overseas markets, Garg said. The move would push DailyObjects beyond its home base as it builds out a physical footprint alongside its online business.
The signal: The raise reflects investor appetite for Indian consumer brands making the leap from digital-first sales into physical retail and international markets.
Read more: economictimes.indiatimes.com
Image credit: nenad53
