The Pant Project, a direct-to-consumer fashion brand that sells custom-made pants, has raised Rs 109 crore (around $11.5 million) in a Series B funding round led by Mirae Asset Venture Investments (India).
Existing investor Sorin Investments also participated in the round, alongside family offices and individual investors including Anisha Saraf; B&K Securities; MGA Ventures, family office of the Ashra family led by Gautam Rasiklal Ashra; and B2V Ventures, the family office of Supreme Industries promoter BL Taparia.
VCCircle reported in June that the company was looking to raise funds.
IndigoEdge served as the investment banker for the transaction. In addition to the equity round, The Pant Project has secured venture-debt financing from Alteria Capital.
The Pant Project, operated by Aanswr Fashion Pvt Ltd, sells custom made bottomwear and ready-to-wear pants through its website and stores. It was founded in 2020 by brothers Dhruv and Udit Toshniwal, the third generation of entrepreneurs from the family of textile major Banswara Syntex.
The company will use the capital to significantly scale up its offline footprint and broaden its proposition in India's premium menswear market. It is planning to increase its retail store count to 150 from 25 currently over the next 2 to 3 years.
“The Pant Project started as a digital-first brand - that foundation gave us the data, the product knowledge and the brand equity to now go deep offline,” said Dhruv Toshniwal, founder and chief executive, The Pant Project.
Currently, it sells jeans, trousers and pants on its website. It also plans to widen its adjacent menswear categories, including athleisure and casualwear with the fresh capital.
The Pant Project said the move represents a larger ambition to evolve from a category specialist into a comprehensive menswear destination.
“Dhruv and Udit built the brand around a precise understanding of what the modern Indian man needs from his wardrobe, from fabric to fit, and deliver it through a supply chain and inventory engine few brands can match. As premium menswear becomes one of India’s most compelling consumer opportunities, The Pant Project is well positioned to lead it,” said Puneet Kumar, managing director, Mirae Asset Venture Fund.
Its last fundraise was in June 2024, when the company raised around $4.25 million (Rs 35.5 crore) in a Series A round, with investments from Sanjay Nayar-led Sorin Investments. MGA Ventures (Ashra family office), sports community platform Huddle, micro VC fund Dexter Ventures and Indian Silicon Valley, along with investors such as V3 Ventures’ Arjun Vaidya, Avni Biyani, Panthera Peak Ventures’ Nikhil Bhandarkar, and Vijay Taparia also joined the round. The round valued the company at around Rs 155 crore.
