Indian menswear startup The Pant Project has raised Rs 109 Cr in a Series B funding round led by Mirae Asset Venture Investments (India), as the digital first brand prepares to expand its physical retail footprint and move beyond its core bottomwear business. Existing investor Sorin Investments also participated, alongside family offices and angel investors.
Founded in 2020 by brothers Dhruv Toshniwal and Udit Toshniwal, the Mumbai based company plans to increase its exclusive brand stores from 25 to 150 over the next two to three years. The fresh capital will also support new product categories and team expansion, according to the company’s funding announcement.
Other participants in the round include Anisha Saraf, MGA Ventures, B2V Ventures and B&K Securities. The latest investment takes The Pant Project’s total funding to more than $15.75 million, according to media reports. The company has also secured venture debt from Alteria Capital, though the amount has not been disclosed.
Dhruv Toshniwal’s plan to take The Pant Project offline
The Pant Project began as a digital first brand focused on trousers and other bottomwear designed for Indian consumers. Its range now includes custom made and ready-to-wear products, with more than 300 stock keeping units sold through its own website, marketplaces such as Myntra and Amazon, and physical stores.
The company intends to use the funding to deepen its presence in jeans, athleisure and casualwear while retaining its focus on fit, fabric and comfort. Its product portfolio includes Malai Pants and Inklock No Fade Black Jeans.
For co founder and CEO Dhruv Toshniwal, expanding offline is the next step after building the business online. The digital first model has helped the company develop product knowledge, customer data and brand recognition before committing to a much larger retail network.
- Revenue growth raises the stakes for expansion
Sorin Investments partner Mandar Dandekar said the company’s revenue had grown more than fivefold since its Series A round, supported by repeat purchases. The Pant Project raised $4.25 million in a Series A round led by Sorin in 2024, following an initial period of bootstrapped operations.
The planned increase from 25 to 150 stores is a major expansion target. Physical outlets can help customers assess fit and fabric in person, but opening and operating stores also adds rental, staffing and inventory costs.
The key test for Dhruv and Udit Toshniwal will be whether the company can replicate its online customer traction across a much larger store network while expanding into new categories. In a crowded menswear market, growth will need to be matched by strong store level economics and repeat demand.
The Unicorn Magazine:- Editing by Deepak Singh
