DailyObjects to raise $5-6 mn by Nov; expand offline presence

NEW DELHI, Sept 20:  Mobile accessories firm DailyObjects will raise USD 5-6 million in the next two months as it looks to strengthen its technology platform and establish presence across physical stores.
DailyObjects, which had raised a seed funding in 2012, currently sells mobile phone covers and laptop sleeves through its own website and other e-commerce stores.
“We are looking at aggressively expanding our presence in the Indian mobile accessories market. Till now, we have focussed on international brands like Apple, Samsung, LG and Xiaomi but now we plan to offer products for domestic brands as well in the next 3-4 months,” DailyObjects co-founder and CEO Pankaj Garg told PTI.
He added that the company is in talks to raise funds to the tune of USD 5-6 million (about Rs 32-40 crore) by November to fuel the growth.
“We are also looking at taking our products offline. We will begin with Apple stores, we are also looking at tying up with stores at airports.
“In the next 3-4 months, we will have our own stores as well, 8-10 in Delhi-NCR and then expand to cities like Mumbai and Bengaluru,” he added.
Garg added that the company expects manifold increase in its revenues to touch Rs 75 crore by March, 2017 from Rs 10 crore in 2014-15 as its offline business picks up pace.
“About 35 per cent of the mobile accessories market is of mobile cases. We see tremendous growth opportunities in the Indian market. On the online platform, the average cart size is Rs 1,100,” he said.
DailyObjects has over 5,000 designer and customisable cell phone cases for over 100 models of global smartphone brands.
Earlier this year, the company had tied up with a film ‘Bombay Velvet’ to launch an exclusive range of designer cases. (PTI)


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