Firki Wholesale Pvt Ltd, which operates global lifestyle direct-to-consumer (D2C) brand DailyObjects, on Friday said it has bagged funding of $2 million (around Rs 15 crore) from early-stage venture capital firm Roots Ventures.
The company plans to use the fundraise for building a stronger design team and customer experiences.
Founded by Pankaj Garg and Saurav Adlakha, DailyObjects is a design-led lifestyle accessories brand that works with more than 500 craftsmen catering to the everyday requirements of over 2 million customers and users globally. The startup has a strong presence on the major marketplaces and is closely working with CRED.
"As we look forward to scaling up the lifestyle products/accessories in India, we will be utilising the incoming funding to strengthen the team that has constantly innovated ahead of the curve. We are delighted with the trust and faith that Roots Ventures showed in us and are focused on taking the brand to the next level," said Pankaj Garg, Co-Founder and CEO, DailyObjects.
The company also claimed to have logged a 300% surge in 2022 and is hopeful to touch Rs 100 crore revenue run rate in the next 9-12 months.
In 2016, DailyObjects raised Rs 9 crore (around $1.2 million) from Ronnie Screwvala-promoted Unilazer and others.
Roots Ventures is a sector-agnostic fund house with capabilities to invest across sectors and company life cycle. Their maiden Roots Ventures-I invests in businesses benefiting from the increase and changing nature of consumer wallet spend and its enablers.
J.R. Laddha Financial Services Pvt. Ltd. and Val-more Action Advisory acted as advisors to the transaction.
