Manny Larcher
The Pant Project Raises $11.5M Series B to Scale Menswear Stores to 150
The Indian trouser specialist that built its name online is betting on a sixfold jump in physical retail, plus a push into jeans and athleisure.
The Pant Project, the Indian menswear label that built its name on well-fitting trousers sold online, has raised ₹109 crore (about $11.5 million) in a Series B round led by Mirae Asset Venture Investments (India). The company will use the capital to take its store count from 25 to 150 over the next two to three years and push beyond bottomwear into jeans, athleisure and casualwear.
Who Backed the Round
Existing investor Sorin Investments returned for the round, joined by a slate of family offices and angels including Anisha Saraf, B&K Securities, MGA Ventures and B2V Ventures, Inc42 reported. Alteria Capital provided venture debt alongside the equity, though the size of that facility was not disclosed. IndigoEdge advised on the equity transaction, according to YourStory.
The raise follows a $4.25 million Series A led by Sorin in 2024, which came after four years of bootstrapping. Total funding now tops $15.75 million.
From Digital-First to Brick-and-Mortar
Founded in 2020 by brothers Dhruv and Udit Toshniwal, The Pant Project started as a digital-first bottomwear specialist focused on fit, fabric performance and comfort for Indian men. Its catalog now runs past 300 SKUs, spanning custom-made bottomwear and ready-to-wear apparel for men and women, with hero products like its Malai Pants and Inklock No Fade Black Jeans. It sells through its own website, Myntra, Amazon and a growing network of exclusive brand stores.
Dhruv, who serves as founder and CEO, framed the round as the payoff of that online foundation. "That foundation gave us the data, the product knowledge and the brand equity to now go deep offline," he said.
Beyond new stores and categories, the company plans to invest in retail technology that ties its online and in-store shopping experiences together.
The Numbers Behind the Bet
The Pant Project has not disclosed absolute revenue, but Sorin partner Mandar Dandekar said revenue has grown more than fivefold since the Series A, pointing to what he called "industry-leading repeat rates." Repeat purchase behavior is the metric investors watch most closely in D2C apparel, where customer acquisition costs can quickly erase margins.
The offline pivot tracks a wider pattern in Indian consumer brands. A report from WPP Media, Google and Elevation Capital, produced with Kantar, argues that D2C labels need broader distribution to grow from roughly ₹100 crore to ₹500 crore in revenue. The prize is large: a CMAI-1Lattice estimate projects India's apparel market will expand from $96 billion in 2025 to $146 billion by 2029.
A Crowded Menswear Field
The Pant Project is scaling into a competitive lane. Fast-fashion menswear player Snitch raised a $40 million Series B led by 360 ONE Asset in June 2025, while House of Chikankari picked up ₹25 crore from Cap Alpha Ventures in April 2026. Mirae Asset's lead position signals investor appetite for category specialists that can prove their unit economics online before committing to the higher fixed costs of physical retail.
The challenge now is execution. Growing sixfold in store count in under three years while broadening the product line will test whether the fit-first reputation that won online customers translates on the shelf.
Source
Inc42 — "The Pant Project Raises ₹109 Cr To Expand Store Network & Portfolio"