Indian menswear brand The Pant Project has raised Rs 109 crore in a Series B as it tries to turn a digital-first label into a store network.
Mirae Asset Venture Investments (India) led the round. Existing backer Sorin Investments returned, alongside new investors Hyperscale Ventures, B and K Securities, MGA Ventures and B2V Ventures. The company also took venture debt from Alteria Capital, without disclosing the amount, and IndigoEdge advised on the transaction. It follows a $4.25M Series A in 2024, also led by Sorin, and a bootstrapped start before that.
Brothers Dhruv and Udit Toshniwal founded the business around fit and fabric for Indian shoppers, building a catalogue that includes Malai Pants and Inklock No Fade Black Jeans. It currently runs 25 exclusive stores.
From 25 stores to 150
The plan is to pass 150 exclusive brand outlets within two to three years, a six-fold jump that puts physical retail at the centre of the next phase. The funding also supports an omnichannel build and a push beyond bottomwear into jeans, athleisure and casualwear.
That mix matters in India’s premium apparel market, where online brands increasingly find that stores, not ads, do the selling. Shoppers want to feel a fabric and check a fit before paying a premium price, and returns on ill-fitting clothing eat the margin an online-only label depends on.
Competition is heavy at both ends, from established tailoring chains to a wave of direct-to-consumer labels. The test for The Pant Project is whether a store rollout of that speed can be funded and staffed without diluting the fit-focused positioning that got it this far.
