The Pant Project Raises ₹109 Cr Series B From Mirae Asset
Menswear brand The Pant Project has raised ₹109 Cr (about $11.5 Mn) in a Series B funding round led by Mirae Asset Venture Investments (India). The company's valuation was not disclosed.
Existing investor Sorin Investments also participated, alongside family offices and angel investors including Anisha Saraf, B&K Securities, MGA Ventures and B2V Ventures.
The round takes total funding to over $15.75 Mn, including a $4.25 Mn Series A led by Sorin Investments in 2024.
Separately, the company secured venture debt from Alteria Capital. The amount was not disclosed.
The Pant Project was founded in 2020 by brothers Dhruv Toshniwal and Udit Toshniwal. It began as a digital-first brand selling bottomwear to Indian men, with products such as Malai Pants and Inklock No Fade Black Jeans.
It now offers more than 300 stock-keeping units across custom-made and ready-to-wear apparel for men and women. It sells through its own website and marketplaces including Myntra and Amazon.
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The fresh capital will fund an expansion of its exclusive brand stores from 25 to 150 over the next two to three years. It will also broaden the range beyond bottomwear, with a focus on jeans, athleisure and casualwear.
For a global buyer, partner or investor looking at Indian consumer brands, the notable point is the sequence. The company built demand, data and product knowledge online first, and is now moving into physical retail.
Sorin Investments partner Mandar Dandekar said revenue has grown more than fivefold since the Series A, supported by repeat purchases. That figure is the investor's claim. The company has not disclosed its revenue.
The market it is entering is crowded. Digital-first rivals include Snitch, Bombay Shirt Company and Rare Rabbit, while established players include Blackberrys, Raymond and Louis Philippe.
A jump from 25 to 150 stores will test whether online repeat-purchase behaviour carries over to offline retail.
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