The Pant Project, an Indian direct-to-consumer (D2C) premium menswear brand, has raised ₹109 crore in a Series B funding round led by Mirae Asset Venture Investments (India). The Mumbai-based startup will use the fresh capital to expand its physical retail presence, introduce additional clothing categories and strengthen its team as it looks to build a broader menswear business. Existing investor Sorin Investments participated in the round alongside other investment firms, family offices and angel investors.
Founded in 2020 by brothers Dhruv Toshniwal and Udit Toshniwal, The Pant Project began as a digital-first business focused on trousers and other bottomwear for Indian consumers. It currently operates 25 exclusive brand stores and plans to increase the network to more than 150 over the next two to three years. The funding marks a significant step in the company’s expansion strategy as it combines online sales with physical stores and moves into categories such as jeans, athleisure and casualwear.
Key Takeaways
- Funding raised: ₹109 crore in a Series B round, equivalent to approximately $11.5 million.
- Lead investor: Mirae Asset Venture Investments (India).
- Store expansion: The company aims to grow from 25 exclusive outlets to more than 150 in two to three years.
- New categories: Planned expansion includes jeans, athleisure and casualwear.
- Founders: Brothers Dhruv Toshniwal and Udit Toshniwal established the business in 2020.
- Previous funding: The startup raised $4.25 million in a Series A round in 2024.
- Additional financing: The company has secured venture debt from Alteria Capital, but the amount has not been disclosed.
- Growth signal: Sorin Investments says the company’s revenue has grown more than fivefold since its Series A round.
The Pant Project Raises ₹109 Crore in Series B Funding
The latest funding round brings new institutional capital to The Pant Project as it moves beyond its original online-first business model. Mirae Asset Venture Investments led the round, while Sorin Investments returned as an existing investor.
Other participants included family offices and investors such as Hyperscale Ventures, MGA Ventures, B2V Ventures, B&K Securities and Dot&Key cofounder Anisha Saraf, according to reports covering the transaction.
| Funding detail | Information |
|---|---|
| Company | The Pant Project |
| Funding round | Series B |
| Amount raised | ₹109 crore |
| Approximate dollar value | $11.5 million |
| Lead investor | Mirae Asset Venture Investments (India) |
| Existing investor | Sorin Investments |
| Other participants | Family offices and angel investors |
| Venture debt | Alteria Capital; amount undisclosed |
| Investment banker | IndigoEdge |
The company has not disclosed a valuation for the latest round in the available reporting. The ₹109 crore figure represents the amount raised, not the company’s post-money valuation.
The transaction also follows a period in which The Pant Project operated without institutional funding. After several years of building its business, the company raised $4.25 million in its first reported funding round in 2024, led by Sorin Investments.
The new capital is intended to help fund the next phase of growth, particularly the move into physical retail and the development of a wider apparel portfolio.
From an Online-First Brand to a Nationwide Retail Network
The Pant Project’s store expansion plan is one of the most significant elements of its new funding strategy.
The company currently operates 25 exclusive brand stores across India. Its target of more than 150 outlets over the next two to three years would represent a sixfold increase in its store count.
| Retail metric | Current position | Target |
|---|---|---|
| Exclusive brand stores | 25 | More than 150 |
| Planned expansion period | — | 2–3 years |
| Approximate increase in store count | — | 6 times the current network |
The target is ambitious and will require careful execution. Opening stores involves expenses beyond rent, including interior fit-outs, inventory, staff, utilities, local marketing and ongoing maintenance. Each new outlet must attract sufficient customers and generate enough sales to justify these costs.
The company believes physical stores can help customers understand its products more easily. Trousers and other bottomwear depend heavily on fit, fabric, comfort and appearance, making in-person trials particularly relevant.
Customers can assess how garments fit before purchasing, while staff can help them select sizes and styles. Physical outlets may also help build trust among shoppers who prefer to try clothing before ordering online.
However, the expansion’s success will depend on store-level economics. The number of outlets alone will not determine whether the strategy works. Sales per store, repeat purchases, inventory turnover and operating costs will all influence the financial outcome.
Why The Pant Project Wants to Expand Beyond Bottomwear
The Pant Project initially built its identity around trousers and other bottomwear. Its portfolio includes products such as Malai Pants and Inklock No Fade Black Jeans, alongside other ready-to-wear and custom-made apparel.
The company now wants to broaden its offering into adjacent menswear categories, including jeans, athleisure and casualwear.
This strategy could increase the number of products customers can purchase from the brand. A customer who visits for trousers may also consider casual clothing or athleisure products, creating opportunities to increase the value of each shopping visit.
A broader range can also help the company remain relevant across different occasions, from office wear to everyday clothing. This may support repeat purchases and reduce reliance on a narrow product category.
The expansion is not entirely a move into unfamiliar territory. The Pant Project already sells several types of clothing beyond traditional formal trousers. The next phase is about giving those adjacent categories a larger role in the business.
Nevertheless, entering new categories introduces challenges. Each segment has different design requirements, customer expectations, pricing dynamics and competitive pressures. The company will need to preserve its reputation for fit and comfort while building demand for products that may not yet have the same brand recognition.
How Its Omnichannel Strategy Could Work
The Pant Project sells through its own website, online marketplaces such as Myntra and Amazon, and physical stores.
An omnichannel approach connects these sales channels instead of treating them as separate businesses. For example, customer preferences observed online can inform product planning and inventory allocation, while physical stores can help customers discover the brand and assess its products in person.
The company has said its digital-first foundation provided data, product knowledge and brand recognition that can now support offline expansion.
This is particularly relevant in apparel, where fit-related concerns can affect online conversion and returns. Physical stores may help shoppers make more confident decisions, while digital channels allow customers to browse products without travelling to a store.
The model can also offer flexibility. Customers may discover a product online and visit a store to try it, or find a suitable style in person and make future purchases through the website.
But omnichannel retail requires effective inventory management, consistent product availability and a reliable customer experience across channels. A store expansion that is not supported by operational systems can lead to excess inventory, stock shortages or higher fulfilment costs.
The fresh capital will therefore need to support more than the opening of new outlets. Technology, team expansion and coordination between online and offline operations will also matter.
Revenue Growth and the Company’s Funding History
The latest funding comes amid reported growth in The Pant Project’s business.
Sorin Investments has said the company’s revenue has increased more than fivefold since its Series A round in 2024, citing repeat purchases and expansion across online marketplaces and physical retail.
The figure indicates substantial growth from the company’s earlier revenue base, but it should not be interpreted as a disclosed current revenue figure. The latest reporting does not establish the company’s exact revenue for the most recent financial year or its profitability after the Series B round.
The funding history illustrates how the startup has progressed from a bootstrapped business to one attracting larger institutional investment.
| Milestone | Details |
|---|---|
| 2020 | Founded by Dhruv Toshniwal and Udit Toshniwal |
| 2024 | Raised $4.25 million in Series A funding |
| October 2026 | Raised ₹109 crore in Series B funding |
| Next 2–3 years | Targeting more than 150 exclusive stores |
The company has also secured venture debt financing from Alteria Capital. Unlike equity funding, venture debt is a form of borrowing that generally needs to be repaid under agreed terms. The amount and detailed conditions of this financing have not been disclosed in the available reports.
Using equity and debt can give a startup access to additional capital, but debt also introduces repayment obligations. The company will need to manage its cash flow carefully as it invests in new stores, inventory and product development.
Competition in India’s Premium Menswear Market
The Pant Project is expanding in a market that includes digital-first brands, established apparel companies and retailers with large physical distribution networks.
Its competitors include brands such as Snitch, Rare Rabbit and Bombay Shirt Company, as well as established names including Raymond, Blackberrys and Louis Philippe.
These businesses compete across different price points and product segments. Some emphasise trend-driven fashion and frequent product launches, while others draw on long-established retail networks and brand recognition.
The Pant Project’s opportunity lies in developing a distinct proposition around fit, fabric, comfort and specialised bottomwear while extending into adjacent categories. Its existing digital channels can help it reach customers across locations, while exclusive stores may offer a more direct way to demonstrate product quality.
However, physical expansion can narrow the cost advantage enjoyed by online-first businesses. Rent, staffing and store maintenance increase fixed expenses, making it important for each outlet to generate sufficient sales.
The company’s plan will therefore test whether its online customer base and product positioning can translate into a much larger and economically sustainable retail network.
What Investors Will Watch Next
The ₹109 crore raise provides The Pant Project with capital to pursue its expansion strategy, but the next phase will be judged by execution.
Investors will want to see whether the company can open stores at the planned pace while maintaining healthy unit economics. They will also look for evidence that new categories generate incremental sales rather than simply increasing inventory complexity.
Revenue growth, repeat purchase rates, customer acquisition costs, gross margins and cash flow will all help indicate whether the company is building a sustainable business.
The company’s ability to balance online growth with physical retail will be especially important. Stores can improve customer experience and product discovery, but the economics vary by location, rental cost and customer demand.
The expansion will also test management’s ability to maintain consistent product quality while increasing the scale of its operations. A larger network requires stronger supply-chain planning, store management and inventory controls.
The Bigger Picture
The Pant Project’s Series B round reflects continued investor interest in Indian consumer brands that combine digital distribution with physical retail. The company has developed a specialised position in bottomwear and is now seeking to build a broader menswear business, supported by ₹109 crore in fresh equity funding and additional venture debt.
Its plan to expand from 25 to more than 150 stores is a major step up in scale. The opportunity is to reach more customers, improve product discovery and expand the range of occasions for which customers shop with the brand. The challenge is to achieve that growth without allowing store costs, inventory and operational complexity to undermine profitability.
Looking Ahead
The immediate priority for The Pant Project will be deploying its new capital across retail expansion, product development and team growth. Over the next two to three years, progress toward its 150-store target will provide a visible measure of execution, although store profitability and repeat customer behaviour will be equally important indicators.
The broader question is whether the brand can preserve the product focus that helped establish its online business while competing across more categories and locations. The funding gives the company additional resources to pursue that goal, but sustainable growth will depend on customer demand, disciplined spending and the economics of its expanding retail network.
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