Men’s apparel brand The Pant Project has raised 109 million rupees (approximately $11.5 million) in a Series B funding round led by Mirae Asset Venture Investments (India). The capital will be used to expand the company’s offline presence and diversify its product offerings. Existing investor Sorin Investments also participated in the round, alongside various family offices and angel investors, including Anisha Saraf, B&K Securities, MGA Ventures, and B2V Ventures. This latest round brings the startup’s total funding to over $15.75 million. Previously, following four years of bootstrapping, the company secured $4.25 million in a Series A round in 2024, also led by Sorin Investments. Additionally, The Pant Project has obtained an undisclosed amount of venture debt from Alteria Capital. The startup plans to grow its network of brand-owned retail stores from 25 to 150 over the next two to three years. The new capital will also support the expansion of its menswear line, with a focus on jeans, athleisure, and casual wear. While the brand already offers items such as jeans, sweatpants, joggers, and shorts, it intends to build a broader menswear business that extends beyond its core bottom-wear category. Founded in 2020 by brothers Dhruv Toshniwal and Udit Toshniwal, The Pant Project began as an online-first brand specializing in bottom-wear for men in India. Its product portfolio includes items such as “Malai Pants” and “Inklock No Fade Black Jeans.”
This startup offers over 300 stock-keeping units (SKUs), spanning both custom-made and ready-to-wear bottoms for men and women. Its sales channels include its own official website as well as online marketplaces such as Myntra and Amazon.
“The Pant Project began as a digital-first brand. This foundation has provided us with data, product knowledge, and brand equity, enabling us to now expand deeply into offline operations,” says founder and CEO Dhruv.
According to Mandar Dandekar, a partner at Sorin Investments, the startup has seen its revenue grow more than fivefold since its Series A funding round, driven by repeat purchases.
The Pant Project operates in a highly competitive menswear market, contending with online-first brands like Snitch, Bombay Shirt Company, and Rare Rabbit, as well as established players such as Blackberrys, Raymond, and Louis Philippe. This funding round comes at a time when direct-to-consumer (D2C) fashion brands are increasingly pushing for offline expansion. Just last week, menswear brand KISAH raised 35.9 million rupees in a Series A round led by Fireside Ventures, with plans to focus on expanding its retail network. This surge in investment is fueled by the booming Indian menswear market, where brands are vying for dominance across various price points—from affordable fashion to premium apparel. According to projections by the IMARC Group, the Indian menswear market is expected to grow from $23.5 billion in 2026 to $42.44 billion by 2034, representing a compound annual growth rate (CAGR) of 7.24%.