Menswear startup The Pant Project has raised Rs 109 crore in a Series B round. The round was led by Mirae Asset Venture Investments India. The Pant Project will use the fresh capital to open new stores and widen its product range.
Existing investor Sorin Investments also participated in the round. Hyperscale Ventures, B&K Securities, MGA Ventures and B2V Ventures joined as new backers. The company raised venture debt from Alteria Capital, though the amount was not disclosed. IndigoEdge was the investment banker for the deal.
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The Pant Project Funding Follows A 2024 Series A
The brand stayed bootstrapped for years. It took its first institutional cheque of $4.25 million in 2024. That Series A was led by Sorin Investments. The Pant Project funding has now grown nearly three times in under two years. Investors are clearly backing D2C labels with a clear product identity and tight inventory control.
Brothers Dhruv and Udit Toshniwal founded the brand. The Pant Project began as a digital-first label for Indian men’s bottomwear. Its catalogue includes Malai Pants and Inklock No Fade Black Jeans. Both products are built around fabric and fit, not fast fashion cycles. The company has not disclosed its current valuation.
From 25 Stores To 150 Stores
The Pant Project runs 25 exclusive brand stores today. The brand plans to take that number past 150 in two to three years. It will also add jeans, athleisure and casualwear to the basket. The company wants a sharper omnichannel play across app, website and offline stores.
How The Capital Will Be Used
A large share of the Rs 109 crore will go into new store openings, leases and fit-outs. The Pant Project will also spend on product development for the new categories. Marketing, hiring and working capital will take the rest as the retail network scales.
Dhruv Toshniwal is founder and chief executive of The Pant Project. He said the brand built its business as a digital-first label. It will now focus on offline presence, he said. Stores let customers feel the fabric and check the fit in person. That helps The Pant Project build stronger relationships with buyers.
What Is Next For The Pant Project
India’s premium menswear market is getting crowded. Global labels and large marketplaces are chasing the same buyer. Well-funded athleisure brands are adding pressure on pricing. The Pant Project is betting on fit-led products and its own stores to hold pricing power. The next two years will show if 150 stores can match its online unit economics.