Menswear brand The Pant Project has raised Rs 109 crore, or approximately USD 11.5 million, in a Series B funding round led by Mirae Asset Venture Investments (India). The company will use the fresh capital to expand its offline retail network and diversify its apparel portfolio, according to a media report.
Existing investor Sorin Investments also participated in the round, alongside family offices and angel investors, including Anisha Saraf, B&K Securities, MGA Ventures, and B2V Ventures. Consequently, the latest fundraise has taken the startup’s total funding to more than USD 15.75 million.
Previously, the company raised USD 4.25 million in a Series A round led by Sorin Investments in 2024, following four years of bootstrapping. Additionally, it secured venture debt financing from Alteria Capital, although it did not disclose the amount.
Founded in 2020 by brothers Dhruv Toshniwal and Udit Toshniwal, The Pant Project began as a digital-first brand specialising in bottomwear for Indian consumers. Now, the company plans to expand its exclusive brand store network from 25 to 150 outlets over the next two to three years.
Furthermore, the fresh funding will support the expansion of its menswear portfolio, particularly across jeans, athleisure, and casualwear. Although the brand already sells jeans, sweatpants, joggers, and shorts, it aims to establish a broader menswear business beyond its core bottomwear category.
The Pant Project currently offers more than 300 stock-keeping units (SKUs), spanning custom-made bottomwear and ready-to-wear apparel for men and women. Customers can purchase its products through the company’s website and online marketplaces, including Myntra and Amazon.
Its product portfolio features offerings such as Malai Pants and Inklock No Fade Black Jeans. Meanwhile, the planned retail expansion will complement its established online business, strengthen its physical presence, and help the brand reach a wider customer base.
The latest funding round comes as digital-first fashion brands increasingly expand into offline retail to strengthen customer engagement and market reach. Founder and CEO Dhruv Toshniwal said the company’s digital-first model had enabled it to build data, product knowledge, and brand equity before entering physical retail.
According to Sorin Investments partner Mandar Dandekar, the startup’s revenue has increased more than fivefold since its Series A round, driven by repeat purchases.
The Pant Project competes with digital-first menswear brands such as Snitch, Bombay Shirt Company, and Rare Rabbit, alongside established labels including Blackberrys, Raymond, and Louis Philippe.
The fundraise also reflects a broader trend of direct-to-consumer (D2C) fashion brands investing in offline expansion. Recently, menswear brand KISAH raised Rs 35.9 crore in a Series A funding round led by Fireside Ventures, primarily to expand its retail network.
Meanwhile, India’s menswear market is projected to grow from USD 23.5 billion in 2026 to USD 42.44 billion by 2034, registering a compound annual growth rate of 7.24 per cent, according to IMARC Group. This growth is creating opportunities for brands across affordable and premium apparel segments. However, the expanding market is also intensifying competition for customers, brand visibility, and retail presence.
