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 the company prepares to expand its offline retail footprint and enter new product categories.
The funding round also saw participation from existing investor Sorin Investments and new investors Hyperscale Ventures, B&K Securities, MGA Ventures and B2V Ventures.
The company plans to use the fresh capital to expand its exclusive brand stores, strengthen its omnichannel presence and broaden its product portfolio. Its retail expansion plans stand out, with The Pant Project targeting more than 150 stores over the next two to three years, up from the 25 stores it currently operates across India.
The Pant Project Targets More Than 150 Stores
Founded by brothers Dhruv Toshniwal and Udit Toshniwal, The Pant Project began as a digital-first brand focused on bottomwear for Indian men. The company built its business around products designed to address customers’ preferences for fit, fabric and everyday wear.
Its product portfolio includes Malai Pants and Inklock No Fade Black Jeans. Having established its online presence, the company is now looking to expand its physical retail network and give customers more opportunities to experience its products in person.
The planned increase from 25 stores to more than 150 over the next two to three years marks a significant expansion of its offline operations. The company also intends to strengthen its omnichannel model, bringing its online and offline sales channels closer together.
New Menswear Categories on the Expansion Plan
Alongside its retail plans, The Pant Project intends to move beyond its existing product focus and expand into adjacent menswear categories, including jeans, athleisure and casualwear.
The move would broaden the range of products available under the brand as it looks to establish a larger presence in India’s premium menswear market.
Commenting on the fundraise, founder and CEO Dhruv Toshniwal said the company was now focusing on expanding its offline presence after building its business as a digital-first brand.
He highlighted the role of physical stores in allowing customers to experience the fabric and fit of the products directly. According to Toshniwal, this in-person experience also helps the company develop stronger relationships with its customers.
Sorin Investments Returns for Series B
The latest funding round follows The Pant Project’s $4.25 million Series A round in 2024, which was led by Sorin Investments. The company had bootstrapped its business before raising institutional capital.
Sorin Investments has participated in the latest round as an existing investor, alongside Mirae Asset Venture Investments (India), which led the Series B transaction.
The company has also secured venture debt financing from Alteria Capital. However, the amount of debt financing has not been disclosed.
IndigoEdge acted as the investment banker for the Series B transaction.
What the Fresh Capital Means for The Pant Project
The Rs 109 crore raise gives The Pant Project capital to pursue its next phase of expansion across retail and product development. Its immediate priorities include growing its exclusive store network, entering additional menswear categories and strengthening its omnichannel operations.
The planned expansion will take the brand beyond its digital-first beginnings as it seeks to reach more customers through physical stores while broadening its product offerings.
With a target of more than 150 exclusive brand stores in the next two to three years, The Pant Project is preparing for a larger retail presence in India’s premium menswear segment.
Also Read: Why Is Disney Spending $180 Million on Character.AI Staff After Layoffs?
