Pankaj Garg Crafting DailyObjects into India’s Premier Tech Lifestyle Brand

In the last decade, India has witnessed a technological revolution, driven by increased internet penetration and affordable data availability. This transformation has not only led to the proliferation of mobile devices but has also given birth to a thriving market for mobile accessories. From stylish mobile cases and earphone holders to tablet sleeves, laptop bags, and more, tech-related lifestyle products are in high demand. At the forefront of this trend stands DailyObjects, a tech and lifestyle brand that specializes in crafting accessories for electronic gadgets. Founded in 2012 by Pankaj Garg, DailyObjects has emerged as a name to reckon with in this burgeoning market.

From Ambitious Beginnings to Entrepreneurship:

Pankaj Garg’s journey began in the quaint town of Mubarikpur, Alwar, Rajasthan. Growing up in an environment with limited business opportunities, Pankaj always nurtured dreams of entrepreneurship. Armed with a bachelor’s degree in Commerce from Rajasthan University, he set out to explore the corporate world. Pankaj’s career led him to Mumbai, where he worked for prestigious companies like Patni Computers and Amdocs. It was during the late 1990s, amid the ‘dotcom bubble burst,’ that Pankaj recognized the profound potential of the internet and its future impact. He harbored a burning desire to build something of his own, a venture that would reflect his vision.

From Employee to Entrepreneur:

Despite lucrative opportunities in the United States while working for Patni Computers, Pankaj chose a different path. In 2009, he took the bold step of quitting his job to co-found SalesDekho.com, a start-up that curated discounts offered by companies in Ahmedabad. However, it was during these early years that Pankaj spotted a gap in the mobile accessories market. He noticed that while mobile phones, earphones, and laptops were readily available, quality and reasonably priced accessories were lacking. The margins in the accessories segment were also remarkably high, hovering around 65-70 percent.

Birth of DailyObjects:

With the foresight that only comes from experience, Pankaj transformed SalesDekho.com into DailyObjects in 2012, marking the beginning of a new era. Initially, DailyObjects offered accessories from various brands on its platform. However, Pankaj soon realized the importance of having a private label. In 2014, he made a pivotal decision to remove all third-party brands and commenced manufacturing and selling DailyObjects‘ products. Establishing an in-house manufacturing unit in Gurugram became a natural progression, offering greater control over product quality, production costs, and the supply chain.

Pioneering Quality and Innovation:

Today, an impressive 70 percent of DailyObjects’ products are crafted within their Gurugram manufacturing unit, while the remaining 30 percent are imported. For instance, mobile case moulds are sourced from China, but the design and finishing touches are done in India. Pankaj emphasizes the importance of sourcing raw materials like fabrics and leather locally, capitalizing on India’s rich resources.

Navigating Challenges and Ensuring Profitability:

Pankaj’s journey at DailyObjects has been fraught with challenges. Scaling up while maintaining unwavering focus on quality is a formidable feat. Hence, profitability has been the company’s primary focus in recent years. Additionally, DailyObjects secured funding from Ronni Screwvala’s VC fund, Unilazer Ventures, and Seed fund. At present, the company proudly claims to maintain positive cash flow. One significant hurdle faced by the brand is the presence of numerous unorganized players in the market.

Embracing Technology and Innovation:

In 2017, DailyObjects took a significant technological stride by launching its own app on both iOS and Android platforms. The app has garnered over 100,000 downloads on Google Play Store. Pankaj highlights that a substantial 50 percent of the company’s customers are Apple users. In FY20, DailyObjects achieved a remarkable turnover of Rs 24 crore, and it anticipates closing the coming year with an even more impressive Rs 40 crore.

ResearchAndMarkets predicts that the mobile accessories market in India will reach Rs 252.80 billion by 2023, driven by the widespread adoption of smartphones and tablets. Another report by Statista projects a 12 percent annual growth rate in the Indian bags and accessories segment, taking the market volume to $5.886 billion by 2025. While competitors like Incase, Cyankart, and Chumbak have adopted both online and offline retail strategies, DailyObjects remains a dominant player.

Balancing Online and Offline Presence:

Pankaj notes that 35 percent of DailyObjects‘ sales come from online marketplaces, with the remaining 65 percent originating from the brand’s website. Having an independent website is crucial as it allows for creativity and innovation. However, Pankaj acknowledges that marketplaces such as Amazon and Flipkart are invaluable for market insights and understanding product positioning. Still, he underscores the importance of not being overly reliant on these platforms to avoid vulnerability.

Future Expansion and Global Ambitions:

Despite the challenges posed by the COVID-19 pandemic, DailyObjects demonstrated resilience and agility. During recent months, there has been a surge in sales within the home collection category, which includes stationary, stands, organizers, and more. The brand has also innovated with the introduction of a UV-C pocket sterilizer and charger, certified by the Central Scientific Instruments Organisation, Ministry of Science and Technology, to disinfect devices from COVID-19.

DailyObjects is now poised for further growth and expansion. While the brand has predominantly operated online, it is set to make its debut in offline retail stores next month. A strategic partnership with 30 Apple stores in South India is already in place. Furthermore, DailyObjects has its sights set on global expansion and intends to raise funds to support this vision. Over the next six to nine months, the brand will establish partnerships in the Middle East and Europe, further solidifying its position as India’s premier tech lifestyle brand.