Indian premium menswear brand The Pant Project has raised Rs 109 crore in a Series B funding round led by Mirae Asset Venture Investments (India), as it prepares to expand its physical retail network and introduce new clothing categories.
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The round saw participation from existing investor Sorin Investments, alongside Hyperscale Ventures, B&K Securities, MGA Ventures, B2V Ventures and angel investor Anisha Saraf, co-founder of skincare brand Dot & Key.
The startup plans to use the fresh capital to increase its network of exclusive brand stores from 25 to more than 150 over the next two to three years. The investment will also support product development, recruitment and the expansion of its online and offline operations.
Founded in 2020 by brothers Dhruv and Udit Toshniwal, The Pant Project began as a digital-first brand specialising in bottomwear for Indian men before expanding into ready-to-wear clothing.
Its portfolio now includes more than 300 stock-keeping units (SKUs), covering custom-made bottomwear and ready-to-wear apparel for men and women. Its products include Malai Pants and Inklock No Fade Black Jeans, alongside trousers, joggers, sweatpants and shorts.
The startup sells through its website, online marketplaces including Myntra and Amazon, and physical stores. It plans to broaden its range further, particularly in jeans, athleisure and casualwear, as it seeks to establish a larger presence in India’s menswear market.
Dhruv Toshniwal, co-founder and CEO of The Pant Project, said the company’s digital-first business model had provided a foundation for its expansion into physical retail.
“That foundation gave us the data, the product knowledge and the brand equity to now go deep offline,” he said.
The startup believes physical stores will allow customers to experience the fabric and fit of its clothing in person, complementing its established online business.
The latest investment follows a $4.25 million Series A funding round led by Sorin Investments in 2024, after the startup had operated for four years without institutional funding.
Mandar Dandekar, partner at Sorin Investments, said The Pant Project’s revenue had grown more than fivefold since the Series A investment, supported by repeat purchases.
It has also secured venture debt financing from Alteria Capital, although the amount has not been disclosed. IndigoEdge served as investment banker for the Series B transaction.
The fundraising comes as digital-first fashion brands increasingly invest in physical stores to reach more customers and compete with established retailers.
The Pant Project operates in a competitive market alongside newer brands such as Snitch and Rare Rabbit, as well as established clothing labels including Raymond, Blackberrys and Louis Philippe.
According to market research firm IMARC Group, India’s menswear market is estimated to be worth $23.5 billion in 2026 and is projected to reach $42.44 billion by 2034, reflecting growing demand for clothing across different price segments.
