The Pant Project: Raises Rs 109 crore, plans store expansion

The Pant Project has raised Rs 109 crore in a Series B funding round led by Mirae Asset Venture Investments (India), according to ETRetail’s report published on 19 October 2026. Existing investor Sorin Investments, family offices and angel investors also participated. The menswear company plans to use the capital to expand its store network across India and broaden its clothing range.^[1]

Founded by brothers Dhruv Toshniwal and Udit Toshniwal, the digital-first bottomwear brand operates 25 exclusive brand stores, ETRetail reported. It also sells through its own website and online marketplaces, including Myntra and Amazon. The funding will support a larger physical presence alongside those digital sales channels.^[1]

Co-founder and chief executive Dhruv Toshniwal told The Economic Times that the money would support store openings, additional product categories and team expansion. The newspaper also named MGA Ventures, B2V Ventures, B&K Securities and Dot&Key co-founder Anisha Saraf among the round’s participants.^[2]

Store network targeted at 150 or more

The Pant Project intends to expand to more than 150 stores over the next two to three years, ETRetail reported. BusinessLine put the target at 150 stores over the same period. Both accounts identify physical retail expansion as a planned use of the funding, but differ on whether the network would reach or exceed that number.^[1][3]

The target describes planned expansion, not stores already operating. BusinessLine said the company wanted to increase its offline presence across key markets and give customers greater access to its products. Its account did not identify the locations or opening schedules for the proposed stores.^[3]

The operational plan extends beyond shop openings. ETRetail said the company was looking to adopt retail technology to support its omnichannel business. Omnichannel retail means serving customers across connected online and physical sales channels; for The Pant Project, those channels include its website, marketplaces and exclusive stores.^[1]

The store and product plans were reported by ETRetail and BusinessLine. ETRetail also described the proposed technology adoption, without identifying a system or supplier.^[1][3]

Broader menswear range builds on existing products

The latest funding reports describe expansion into adjacent menswear categories, including jeans, athleisure and casualwear. Athleisure is clothing designed for casual use as well as activity. ETRetail said the company planned to extend its product development beyond bottomwear while retaining its emphasis on fit, fabric and functional design.^[1]

Jeans are already part of the range. ETRetail identified Malai Pants and Inklock No Fade Black Jeans among the company’s products. The funding plan therefore represents a broadening of its offering, rather than a first launch in every category named in the reports.^[1]

Earlier coverage also documents that product mix. In its account of The Pant Project’s Series A funding, Entrackr described a range that included formal trousers, chinos, jeans, cargos and joggers. The report said the business was founded in 2020 as a digitally native brand providing custom-made pants.^[4]

Entrackr reported that the company adopted an omnichannel strategy in 2023 while moving into ready-made pants, with products for both men and women. At the time of that funding report, the brand had physical stores in Mumbai and Bengaluru, alongside its website and marketplace presence.^[4]

The company had earmarked the Series A proceeds for its team, technology capabilities, brand awareness and retail stores, according to a company press release cited by Entrackr. Store expansion and technology spending were thus established funding priorities before the newly reported Series B round.^[4]

Sorin returns after leading the Series A

Sorin Investments led the earlier Series A round of $4.25 million, which VCCircle reported as Rs 35.5 crore. That round included MGA Ventures, Huddle, Dexter Ventures and Indian Silicon Valley. VCCircle also reported revenue of Rs 31 crore for FY24, a historical figure rather than a measure of the company’s current sales.^[5]

In the latest funding coverage, Sorin said The Pant Project’s revenue had grown more than fivefold since its Series A investment, according to ETRetail. The investor cited repeat purchases and expansion across online marketplaces and physical retail.^[1]

ETRetail’s account does not specify the revenue base or measurement period used for that comparison. Sorin’s statement therefore does not establish a current annual revenue total, and the historical FY24 figure cannot be treated as the starting point for calculating one.^[1][5]

Alongside the equity funding, The Pant Project has secured venture debt financing from Alteria Capital, ETRetail reported. Venture debt is borrowing, distinct from equity capital raised by selling an ownership interest. IndigoEdge acted as investment banker for the transaction. The report did not disclose the debt amount, so the Rs 109 crore equity round should not be presented as the combined equity-and-debt financing total.^[1]

References

1. ETRetail. The Pant Project raises Rs 109 crore in Series B led by Mirae Asset. 19 October 2026.
2. The Economic Times. The Pant Project raises Rs 109 crore to expand store network.
3. BusinessLine. The Pant Project raises Rs 109 crore in Series B round led by Mirae Asset …
4. Entrackr. D2C fashion brand The Pant Project raises $4.25 Mn in Series A.
5. VCCircle. The Pant Project, five others raise early-stage funding – VCCircle.