The Pant Project, an Indian menswear brand that began by selling trousers online, has raised ₹109 crore (about $11.5m) in a Series B round led by Mirae Asset Venture Investments (India). The round was reported on 19 October 2026.
Existing investor Sorin Investments put in more money. According to Entrackr and Indian Startup News, Hyperscale Ventures, B&K Securities, MGA Ventures and B2V Ventures also joined, along with angel investor Anisha Saraf, a co-founder of skincare brand Dot & Key. The company did not disclose a valuation.
Alongside the equity, the company took venture debt from Alteria Capital, according to Entrackr and Inc42; the amount was not disclosed. Entrackr reported that IndigoEdge acted as investment banker on the deal.
“That foundation gave us the data, the product knowledge and the brand equity to now go deep offline.”Dhruv Toshniwal, Co-founder and CEO, The Pant Project
What The Pant Project does
The Pant Project was founded in 2020 by brothers Dhruv Toshniwal, its chief executive, and Udit Toshniwal. It started as a digital-first brand making bottomwear for Indian men and has since added ready-to-wear clothing. Inc42 reported that it now sells more than 300 products, including custom-made bottomwear and ready-to-wear items for men and women.
Its best-known lines include Malai Pants and Inklock No Fade Black Jeans, according to Entrackr. It sells through its own website, marketplaces such as Myntra and Amazon, and 25 exclusive brand stores across India.
Toshniwal said the years spent selling online gave the business the base it needed to move into physical retail. "That foundation gave us the data, the product knowledge and the brand equity to now go deep offline," he said in comments reported by Inc42 and Indian Startup News.
What the money is for
The company plans to grow its store network from 25 to more than 150 exclusive outlets within the next two to three years. It also wants to widen its range beyond its core trousers, with a focus on jeans, athleisure and casualwear.
According to Indian Startup News, part of the money will also go into product development, hiring and building out its online and offline operations together.
Entrackr reported that Toshniwal described the plan as a shift towards a larger offline presence after the brand was built online, with the aim of strengthening its omnichannel business rather than replacing its website and marketplace sales.
The funding so far
The brand was bootstrapped for about four years before it took institutional money. Its first outside round was a $4.25m Series A in 2024, led by Sorin Investments. Inc42 put its total funding at more than $15.75m.
Sorin said the round supports its view that there is room for a menswear brand built around fit, comfort and new fabrics, and that it will keep backing the founders as they try to build what it called India's most loved menswear brand. Mirae Asset co-invested alongside it, Sorin said.
In a LinkedIn post about the new round, Sorin said the company's revenue had grown more than five times since its Series A investment and described its repeat purchase rates as industry-leading. Neither Sorin nor the company gave revenue figures, and the company has not said how many people it employs.
A crowded menswear market
The Pant Project competes with newer online-first labels such as Snitch, Bombay Shirt Company and Rare Rabbit, as well as established names including Raymond, Blackberrys and Louis Philippe, according to Inc42.
Inc42, citing IMARC Group, said India's menswear market is expected to grow from about $23.5bn in 2026 to $42.44bn by 2034, a compound annual growth rate of 7.24%.
Company website: thepantproject.com