Meet Pankaj Gupta: The Visionary Behind DailyObjects, Flipping the Accessory Market on Its Head 🚀
Businessman Abandons U.S. Office Routine to Develop Indian Accessory Empire - Pankaj Gupta Exposes Construction of Daily Objects Brand, Valued at Approximately INR 240 Crore
Hailing from a humble background in Rajasthan, Pankaj Gupta mastered the modern tech scene, transitioning from a promising tech job in the US to a disruptive force in India's accessory market.
A decade ago, when direct-to-consumer brands were still considered a novelty in India, Gupta founded DailyObjects with a mission to revolutionize the accessory market. According to Gupta, the accessory landscape at that time was overlooked, with lackluster products dominating the scene. "I wanted to add some color and joy to everyday life through design," Gupta explained.
Oftentimes, the pair saw ordinary gadgets as potential opportunities, leading them to launch DailyObjects in 2012. The company didn't спеialize in the latest phones or flashy devices but rather focused on designing high-quality, functional lifestyle accessories. Gupta recognized that good accessories were hard to come across, particularly online. This focus on quality rather than price has remained unchanged since the brand's inception.
Battling Against All Odds 🥊
Gupta's journey wasn't without challenges. In 2017-18, the company teetered on the brink of financial collapse, but it persevered through disciplined innovation. What sets DailyObjects apart, according to Gupta, is their commitment to in-house design and research and development. "We're not just a marketing company repacking stuff from elsewhere," he emphasized.
Starting from a monthly revenue of Rs 2 crore in 2020, DailyObjects now commands an impressive Rs 20 crore. As the company's popularity grew, they shifted their focus from breadth to depth, aiming to truly own their existing categories and lead the market.
Getting Greener While Staying Sharp 🌍
DailyObjects places a strong emphasis on sustainability. Their latest collection, for example, is made entirely from 100% recycled materials, and smartphone cases display designs inspired by local Indian artisans, whom the company pays fairly and promotes.
Gupta sees the mass premium segment as his target market, with cities like Bangalore, Mumbai, and NCR showing the most demand. Despite catering to a quality-conscious demographic, Gupta manages to compete with affordable options, with customers consistently purchasing higher-priced phone cases over cheaper alternatives.
Looking Ahead 📈
DailyObjects' fastest-growing vertical is bags, launched just four years ago, and contributes nearly 40% of the company's revenue. However, the company's expansion plans aren't about adding more products indiscriminately. Instead, they focus on delving deeper into their existing categories to solidify their position as leaders in those markets.
Gupta is also exploring strategic distribution channels, with recent launches on quick commerce platforms like Blinkit and Zepto signaling broader ambitions. The brand primarily depends on digital marketing, particularly through Meta platforms, to drive customer acquisition, with a goal to shift 30-40% of traffic to organic sources.
Unveiling the Future 🔮
Although no specific timeline has been shared, Gupta hints at potentially entering the stock market with an initial public offering (IPO) in the future. Despite posting a loss in FY24 due to internal restructuring, the company's growth trajectory is undeniably upward, according to Gupta.
In a world where aspiration far outweighs reality, particularly in the realm of artificial intelligence, 31% of Indians have tried it, but the sky is the limit for those eager to revolutionize industries and reshape the world. 🌐🚀💡
Embrace the creative freedom of the ever-evolving tech landscape with DailyObjects, where products and possibilities are LIMITED ONLY BY OUR IMAGINATIONS 🚀🚀🚀
- Pankaj Gupta, the founder of DailyObjects, originates from Rajasthan and is now a pioneer in India's accessory market, having transitioned from a tech job in the United States.
- When direct-to-consumer brands were still rare in India, Gupta established DailyObjects in 2012, with the goal of revolutionizing the accessory market.
- DailyObjects focuses on designing high-quality, functional lifestyle accessories, rather than ruling the market with the latest phones or flashy devices.
- Gupta's company faced financial challenges in 2017-18, but persevered through disciplined innovation, focusing on in-house design and research and development.
- DailyObjects' monthly revenue increased from Rs 2 crore in 2020 to an impressive Rs 20 crore, with the company aiming to truly own their existing categories and lead the market.
- Sustainability is a priority for DailyObjects, with their latest collection made from 100% recycled materials and designs inspired by local Indian artisans.
- Gupta targets the mass premium segment, with cities like Bangalore, Mumbai, and NCR showing the most demand, despite catering to a quality-conscious demographic.
- DailyObjects' fastest-growing vertical is bags, which contribute nearly 40% of the company's revenue, but they focus on delving deeper into their existing categories to solidify their position as leaders.
- Gupta is exploring strategic distribution channels, including quick commerce platforms like Blinkit and Zepto, and aims to shift 30-40% of traffic to organic sources through digital marketing.
- Although no specific timeline has been shared, Gupta hints at the possibility of an initial public offering (IPO) in the future, as DailyObjects' growth trajectory continues upward.
- In the realm of technology and entrepreneurship, the sky's the limit for those eager to revolutionize industries and reshape the world, such as Pankaj Gupta and his company, DailyObjects.
