Menswear brand The Pant Project has raised Rs 109 crore, about $11.5 million, in a Series B round led by Mirae Asset Venture Investments (India). The company announced the fundraise on 19 October. Existing investor Sorin Investments returned, and Hyperscale Ventures, B&K Securities, MGA Ventures and B2V Ventures joined as new backers.
The direct-to-consumer label sells trousers, jeans and casual bottoms for men, and will use the capital to open stores and widen its range beyond bottomwear. The equity round came with an undisclosed amount of venture debt from Alteria Capital. IndigoEdge was the investment banker.
The Funding Round And Its Investors
This is the company’s second institutional cheque. Sorin Investments, which led the previous round, participated again, while Hyperscale Ventures, B&K Securities, MGA Ventures and B2V Ventures came in as new investors, according to a company statement reported by Entrackr and Inc42.
The Pant Project has now raised more than $15.75 million in equity. It took its first institutional money in 2024, a $4.25 million Series A led by Sorin, after roughly four years of bootstrapping. The valuation for the new round was not disclosed.
Where The Rs 109 Crore Will Go
A large part of the money is earmarked for retail: new store openings, long-term leases and fit-outs. A second slice goes into product development, because the company wants to sell more than trousers and jeans.
The rest covers marketing, hiring and working capital. Stores are cash intensive for a fashion label, since each outlet carries rent, staff and inventory before it turns profitable, which is why the company paired the equity with venture debt.
From 25 Stores To 150
The brand runs 25 exclusive brand stores today and plans to cross 150 within two to three years, a roughly six-fold expansion of its physical network. It also sells through its website, its app and marketplaces including Myntra and Amazon.
Dhruv Toshniwal, founder and chief executive, said the business was built as a digital-first brand and the next phase is about giving customers a place to touch the product. Stores let buyers feel the fabric and check the fit, he said, which builds longer relationships than discounting alone.
Read more: Banaraswala Raises $2 Million In Seed Funding From Prax Impex To Scale To 50 Outlets, another consumer brand using fresh capital to take its offline store count to 50 outlets across India.
Financials, Valuation And The Gaps
The company has not published revenue, profit or valuation figures. Mandar Dandekar, partner at Sorin Investments, said in the company’s statement that revenue has grown more than fivefold since the Series A round, helped by repeat purchases.
That is the only growth data point disclosed, and it is not yet visible in public filings. The catalogue runs past 300 stock-keeping units, spanning custom-made bottomwear and ready-to-wear apparel, sold through owned channels and marketplaces.
Background And Founders
Brothers Dhruv Toshniwal and Udit Toshniwal founded The Pant Project in 2020 as a digital-first label focused on men’s bottomwear, a narrow category that let it build sizing data and fabric expertise first.
Its better known products include the Malai Pants and the Inklock No Fade Black Jeans, both positioned around fabric and fit rather than fast fashion cycles, the same pitch behind its move into athleisure and casualwear.
What Happens Next
The company is walking into a crowded premium menswear market. Digital-first labels such as Snitch, Bombay Shirt Company and Rare Rabbit chase the same buyer, while Blackberrys, Raymond and Louis Philippe hold the mall shelf space The Pant Project now wants.
The category is still expanding. IMARC Group estimates the Indian menswear market at $23.5 billion in 2026, rising to $42.44 billion by 2034 at a compound annual growth rate of 7.24 percent. Menswear label KISAH raised Rs 35.9 crore in a Series A led by Fireside Ventures days before this round.
For The Pant Project, the test is execution. Opening more than 120 stores in two to three years means site selection, lease terms and inventory planning at a pace the company has not attempted. Whether those stores hold the unit economics it built online will shape the next round.
