The Pant Project raises ₹109 crore to expand store network across India
The direct-to-consumer menswear brand plans to expand its exclusive store network sixfold as consumer spending surges across Indian cities.
Direct-to-consumer menswear brand The Pant Project has raised ₹109 crore in Series B funding to scale up its retail store footprint and expand its apparel line across India.
Mirae Asset Venture Investments led the funding round, with participation from existing backer Sorin Investments, MGA Ventures, B2V Ventures, B&K Securities, and individual investors including Dot&Key cofounder Anisha Saraf. The company has also taken on venture debt from Alteria Capital for an undisclosed sum.
Founded in 2020 by brothers Dhruv Toshniwal and Udit Toshniwal, the brand spent its first four years online before opening physical outlets. It currently operates 25 exclusive brand stores and plans to grow that network to 150 over the next two to three years.
| Metric | Details |
|---|---|
| Series B funding raised | ₹109 crore ($11.5 million) |
| Total funding to date | Over $15.75 million |
| Current store count | 25 stores |
| Target store count | 150 stores (in 2–3 years) |
| Lead investor | Mirae Asset Venture Investments |
Co-founder and chief executive Dhruv Toshniwal said building an initial digital footprint provided the customer data and brand equity needed to push aggressively into physical retail. Capital from the latest round will support hiring and broaden the company's product lines beyond custom bottomwear into casualwear, jeans, and athleisure.
The investment brings total equity funding in the business to over $15.75 million, following a $4.25 million Series A round in 2024. Mandar Dandekar, partner at Sorin Investments, said company revenues have grown more than fivefold since that initial round, driven by strong repeat orders.
The expansion comes as India's direct-to-consumer retail sector continues to benefit from high domestic consumer demand and expanding commercial infrastructure in regional hubs. Market projections by IMARC Group estimate the national menswear market will grow from $23.5 billion in 2026 to $42.44 billion by 2034.
Key numbers
| What | Figure | Source |
|---|---|---|
| Series B funding amount | ₹109 crore ($11.5 million) | The Pant Project |
| Total equity raised | Over $15.75 million | The Pant Project |
| Current retail stores | 25 stores | The Pant Project |
| Target store network | 150 stores | The Pant Project |
| Revenue growth since Series A | More than fivefold | Sorin Investments partner Mandar Dandekar |
In this story
| Name | Role in the story |
|---|---|
| India | Country where the expansion and retail market growth is taking place. |
| Mirae Asset Venture Investments | Lead investor in the ₹109 crore Series B round. |
| Dhruv Toshniwal | Cofounder and chief executive of The Pant Project. |
| The Pant Project | Direct-to-consumer clothing startup that raised funding. |
