Founded in 2020 by brothers Dhruv Toshniwal and Udit Toshniwal, The Pant Project has raised ₹1,090 million (approximately US$11.5 million) in a Series B funding round led by Mirae Asset Venture Investments. Existing investor Sorin Investments and several family offices and angel investors, including Anisha Saraf, B&K Securities, MGA Ventures, and B2V Ventures, also participated. The company separately secured venture debt from Alteria Capital for an undisclosed amount.
Funding Details and Investor Backing
The latest round brings The Pant Project's total equity funding to more than US$15.75 million. It follows a US$4.25 million Series A round led by Sorin Investments in 2024 after four years of bootstrapping, with IndigoEdge advising on the equity transaction. The startup's ability to attract a mix of venture capital, family offices, and venture debt signals investor confidence in its omnichannel growth plans.
Expansion Plans and Product Strategy
The Pant Project plans to expand its exclusive brand store network from 25 locations to more than 150 over the next two to three years. The fresh capital will also help broaden its menswear portfolio, with a particular focus on jeans, athleisure, and casualwear. The company currently offers more than 300 stock-keeping units through its website and online marketplaces such as Myntra and Amazon.
Leadership Commentary
Founder and CEO Dhruv Toshniwal said the brand's digital-first foundation provided the data, product knowledge, and brand equity needed to expand offline. Sorin Investments partner Mandar Dandekar noted that revenue has grown more than fivefold since the Series A round, supported by industry-leading repeat purchase rates. These comments underline the company's strategy of using digital insights to drive physical retail expansion.
Competitive Market Landscape
The Pant Project operates in a competitive menswear market alongside digital-first brands such as Snitch, Bombay Shirt Company, and Rare Rabbit, as well as established players like Blackberrys, Raymond, and Louis Philippe. The fundraise comes amid continued investment in offline expansion by direct-to-consumer fashion brands. For example, menswear brand KISAH raised ₹359 million in a Series A round led by Fireside Ventures last week.
Broader Industry Context
India's menswear market is projected to reach US$42.44 billion by 2034 from US$23.5 billion in 2026, clocking a compound annual growth rate of 7.24%, according to IMARC Group. A separate CMAI-1Lattice estimate projects the country's overall apparel market to grow from US$96 billion in 2025 to US$146 billion by 2029. This growth is prompting direct-to-consumer brands to widen distribution beyond online channels to reach more customers.
Funding Momentum Across D2C Fashion
The Pant Project is not alone in attracting investor interest. Menswear brand Snitch raised US$40 million in a Series B round led by 360 ONE Asset in June 2025. House of Chikankari raised ₹250 million from Cap Alpha Ventures in April 2026 to expand its product range and physical presence.
The Pant Project's Series B round highlights the increasing importance of physical retail for India's digital-first fashion brands. With a clear store expansion target, a broader product roadmap, and strong investor backing, the startup is positioned to compete more directly with both new-age labels and established apparel houses. Its long-term success will depend on disciplined execution across product categories, store operations, and customer engagement in a fast-growing but crowded menswear market.