In the year 2012, with the rise of smartphones and the internet in India a lot of consumers started seeking premium tech accessories but were unable to find them in India. Users had no other option other than to get the accessories from abroad which was expensive, tedious, and inaccessible for most. The company identified this huge gap, tapped into this demand, and created DailyObjects to provide premium accessories with a global appeal yet homegrown with an emphasis on Functionality and Design.
DailyObjects is functionality and design-driven accessories brand that creates utility products for the everyday. We provide considered solutions fit for modern & digital lifestyles.
What are the unique key points of your company? OR how are you different from the existing competitors?
DailyObjects Products are our biggest differentiating factor and we achieve it by having end-to-end capabilities from design, prototyping, manufacturing, creative content, and sales in-house. That gives us an edge over competitors to command better quality, efficient supply chain, ROI led marketing resulting in the maximum value being passed to aesthetics-seeking consumers.
We have collaborated with over 500 craftspeople to meet the daily needs of over 2 million clients and users worldwide. We do everything in-house for most of our products and thus have developed robust systems to support that. Investing in our manufacturing facility in Delhi NCR gives us the liberty to experiment and pick newer trends rapidly. It also helps us gain great control over the quality of products and efficient fulfillment to end consumers.
What is the funding status and monetisation model?
We are a digital-first brand and have successfully tapped on the penetration of internet business since its early days in India. We started listing our products on DailyObjects’ website and as we grew, we also launched our application (available at PlayStore and App Store). Today, our products are also available on India’s leading e-commerce platforms such as Myntra, Amazon, and Nykaa. Over 500K (number of downloads) customers have downloaded our app. We also work with CRED. Most of our orders come from our platforms.
The growth trajectory is a testimony to our right approach. We have already established DailyObjects as a profitable business. Our customer database accounts from overseas as well.
We raised $2.5 million from Seedfund and Roots Ventures in two separate rounds.
What challenges are you facing in running your business?
The D2C industry is evolving every day. Further to the outbreak of the pandemic, sustaining and scaling up the business were some of the core challenges. With the burgeoning eCommerce industry, consumers demand best-in-class quality products. Thus, demand is less of an issue than supply, and control over sourcing, manufacturing, and distribution is key to the success of D2C. In our case, this gives us the liberty to mitigate any shortages, quality issues, etc to leverage growth levers based on high consumer satisfaction management.
How has been the people’s response so far? What are the traction details (like users, reach & other achievements of the company)?
The range of products at DailyObjects, offers high-quality and well-designed Tech Lifestyle products to its consumers, bringing ‘Life to Tech’. We carefully curate our product portfolio by blending performance, technology, and great design. These products add an unconventional spin to customers’ routine life which is one of the topmost things they like about our products.
“DailyObjects is my go-to for accessories because our taste matches.” – Shivi (29 years old, New Delhi)”
How do you look at expansion?
We are geared up to take DailyObjects’ journey to the next level. We intend to cross 100 Cr in sales run rate by the end of 2022 and register a 5X growth in the next 3 years. We intend to be one of the leading tech lifestyle brands in this category globally. We have aggressive plans to launch new products, expand our presence through more channels, and have a sharper focus on marketplaces and our website. Additionally, as a rapidly growing brand, we are also charting out plans to increase our geographical outreach in India and internationally. We want to become the most inspirational everyday lifestyle accessories D2C brand that is designed as well as made in India.
What has been the biggest learning so far?
Our biggest learning so far has come from taking the controls of manufacturing and supply chain in our own hands by making 80%+ of our portfolio in Delhi, this has further enabled us to invest in efficient R&D, Agile Design, and pinpointed quality control as well as it uplifts the profitability with a surge in overall consumer satisfaction, faster delivery which controls returns and increases word of mouth publicity. Predicting trends better and staying up to date with the latest offerings has also been a key learning for us so far.