The Pant Project, the direct-to-consumer menswear brand, has raised Rs 109 crore (about $11.25 million) in a Series B round led by Mirae Asset Venture Fund India, CEO and co-founder Dhruv Toshniwal announced on LinkedIn on Monday.
The company plans to use the money to more than sevenfold its physical presence, expanding from over 20 stores to 150+ in malls and on high streets across Tier 1 and Tier 2 cities. The funds will also go towards widening its product catalogue, technology, hiring and brand building.
Existing investor Sorin Investments took part in the round, along with MGA Ventures, B2V Ventures, B&K Securities and angel investors including Anisha Saraf, co-founder of Dot & Key. IndigoEdge was the banker on the deal, and Shardul Amarchand Mangaldas & Co. was the legal adviser.
“We’re proud to have raised this capital in a challenging macro environment, and determined to use the capital to build India’s leading menswear brand,” Toshniwal said. He added that the company is looking to make the most of the upcoming festive season.
The Pant Project was founded in 2020 by the Toshniwal brothers as a digitally native label offering custom-made pants for Indian body sizes. The brand started as a made-to-measure business and later shifted to ready-to-wear engineered fits to scale faster. It adopted an omnichannel strategy in 2023.
The Pant Project has built its reputation on comfort, fabric technology and fit, and products such as the Inklock Black No Fade Jeans and the Malai Power Stretch Pants.
After four years of bootstrapping, it raised its maiden institutional round in June 2024: a $4.25 million Series A led by Sorin Investments, the fund founded by former KKR India CEO Sanjay Nayar.
Currently, the brand operates over 20 stores and is rapidly scaling its physical footprint.
