The Pant Project Raises Rs 109 Crore in Series B Led by Mirae Asset

The Pant Project, an Indian premium menswear brand, has raised Rs 109 crore in a Series B funding round led by Mirae Asset Venture Investments (India). The round also includes participation from existing investor Sorin Investments and new investors Hyperscale Ventures, B&K Securities, MGA Ventures, and B2V Ventures.

Founded by brothers Dhruv Toshniwal and Udit Toshniwal, the company plans to use the fresh capital to expand its offline retail presence, enter adjacent menswear categories, and strengthen its omnichannel business across India.

The funding marks another step in the company's transition from a digital-first brand focused on men's bottomwear to a broader premium menswear business with a growing physical retail network.

The Pant Project's Series B Funding

Mirae Asset Venture Investments (India) led the Rs 109 crore Series B round. Sorin Investments, which previously backed the company, also participated, alongside new investors Hyperscale Ventures, B&K Securities, MGA Ventures, and B2V Ventures.

The company has not disclosed the valuation attached to this funding round in the announcement provided.

Alongside the equity financing, The Pant Project has secured venture debt from Alteria Capital. The amount of debt financing was not disclosed. IndigoEdge acted as the investment banker for the Series B transaction.

The latest round follows the company's $4.25 million Series A funding in 2024, led by Sorin Investments. Before raising institutional capital, the business had been bootstrapped.

This funding history reflects the company's progression from building its initial digital business to attracting institutional investors to support its next phase of expansion.

From Digital-First Brand to Omnichannel Retail

The Pant Project was founded by brothers Dhruv and Udit Toshniwal to serve the Indian men's bottomwear market. Its initial approach centred on selling products online, allowing the company to establish its brand before expanding into physical retail.

The company currently operates 25 exclusive brand stores across India. It plans to increase that number to more than 150 over the next two to three years.

That would represent a significant expansion of its physical footprint, requiring the company to build out its retail network while maintaining its digital business.

According to founder and CEO Dhruv Toshniwal, physical stores give customers the opportunity to experience the fabric and fit of the brand's products in person. The company sees this as an important way to build closer customer relationships as it expands beyond online sales.

For apparel brands, physical retail can complement e-commerce by allowing shoppers to assess sizing, fabric, comfort, and fit before purchasing. The Pant Project's planned expansion suggests that it sees offline stores as a core part of its longer-term customer experience and growth strategy.

Expanding Beyond Men's Bottomwear

The Pant Project began with a focus on bottomwear, but its next phase involves entering adjacent menswear categories.

Its existing portfolio includes Malai Pants and Inklock No Fade Black Jeans. The company plans to broaden its offering across categories including jeans, athleisure, and casualwear.

This expansion could help the brand serve customers across more everyday clothing needs rather than relying primarily on trousers and related products.

A broader portfolio also creates opportunities to increase the range of products available through its physical stores and online channels. However, the company will need to execute this expansion while maintaining the product fit and quality that underpin its existing positioning.

The funding announcement does not specify the launch dates for individual categories or how much of the new capital will be allocated to product development versus retail expansion.

Why Offline Expansion Matters

The plan to grow from 25 stores to more than 150 is one of the most significant elements of The Pant Project's growth strategy.

The company has already established a digital-first foundation. Expanding physical retail could give customers more opportunities to try products, discover the brand, and interact with its offerings in person.

An omnichannel model also allows a company to connect its online and offline customer journeys. For The Pant Project, the challenge will be to expand its store network while making sure its digital operations, inventory, customer experience, and product range work together.

Opening and operating more stores also brings additional costs and operational requirements. The company's ability to select suitable locations, maintain consistent product availability, and attract repeat customers will be important as it scales.

The planned expansion over the next two to three years gives the company a substantial retail target. The funding is intended to support that ambition, although the company has not publicly disclosed store-by-store rollout plans or detailed financial targets in the supplied announcement.

The Pant Project's Position in India's Premium Menswear Market

The Pant Project is looking to build a broader presence in India's premium menswear market through a combination of product expansion, physical retail, and digital sales.

Its latest funding round provides additional capital to pursue these priorities. Participation from Mirae Asset Venture Investments, existing backer Sorin Investments, and several new investors gives the company financial support for its next phase.

The company's earlier bootstrapped period, followed by its Series A in 2024 and the current Series B, also illustrates how its financing strategy has evolved alongside its business plans.

Still, the next phase will involve a different set of challenges. Scaling a retail network to more than 150 stores requires more than capital alone. The company will need to build reliable store operations, manage inventory across channels, and establish demand for its expanded product categories.

The Pant Project has not disclosed its revenue, profitability, valuation, or the precise allocation of the Rs 109 crore raised. Those details would help provide a fuller picture of its current scale and the financial expectations behind its expansion.

For now, the company's stated priorities are clear: grow its offline network, broaden its menswear portfolio, and build a stronger omnichannel presence.

With Rs 109 crore in Series B funding and a target of more than 150 stores over the next two to three years, The Pant Project is preparing for its next stage of growth in India's premium menswear market.