The Pant Project Raises ₹109 Crore Series B Led by Mirae Asset to Take Its Trousers From 25 Stores to 150

The Pant Project, a Mumbai-based menswear brand that built its business around a single product category, has raised ₹109 crore, or roughly $11.5 million, in a Series B round to expand its physical retail footprint and broaden its range.

The round, announced on October 19, was led by Mirae Asset Venture Investments (India). Existing investor Sorin Investments also participated, along with family offices and angel investors. According to reports, participants included Hyperscale Ventures, MGA Ventures, B2V Ventures, B&K Securities and Anisha Saraf, co-founder of skincare brand Dot & Key. Alteria Capital provided venture debt, the amount of which was not disclosed, and IndigoEdge acted as investment banker on the transaction.

The company did not disclose its valuation. The raise comes two years after its $4.25 million Series A in 2024, which was led by Sorin Investments.

From trousers to a full wardrobe

The Pant Project was founded in 2020 by brothers Dhruv Toshniwal and Udit Toshniwal. As its name suggests, it started as a digital-first business focused on trousers and other bottomwear, a category that the founders saw as under-served by brands offering a mix of fit, fabric and value for urban professionals.

Its products, including its Malai Pants and Inklock No Fade Black Jeans, are sold through its own website, on marketplaces such as Myntra and Amazon, and in physical stores. The company now plans to expand into jeans, athleisure and casualwear, extending its brand beyond its original niche.

Sorin Investments said revenue has grown more than fivefold since the 2024 Series A, citing repeat purchases and expansion across marketplaces and retail. The company has not disclosed current revenue or profitability figures.

Building a store network

The bulk of the new capital will go towards physical retail. The Pant Project currently operates 25 exclusive brand stores and plans to grow that number to more than 150 within the next two to three years, a roughly sixfold increase.

The company will also use the funds to strengthen its team and invest in technology, including systems that link its online and offline channels so customers can browse, buy and return products across both.

The shift towards stores reflects a wider trend among Indian direct-to-consumer brands. After building awareness and customer bases online, many have found that physical retail helps them reach new customers, improve conversion rates and reduce dependence on digital advertising, which has become more expensive. Stores also allow customers to try products such as trousers, where fit is critical, before buying.

The strategy carries risks. Opening stores requires significant capital for rent, fit-outs, inventory and staff, and poorly located outlets can quickly become a drain on cash. The use of venture debt from Alteria Capital alongside equity suggests the company wants to fund part of its expansion without diluting shareholders further.

A crowded menswear market

The Pant Project competes in one of the most crowded segments of Indian retail. Newer brands such as Snitch and Rare Rabbit have grown rapidly through a mix of online and offline channels, while established players including Bombay Shirt Company, Raymond, Blackberrys and Louis Philippe have deep store networks and strong brand recognition.

India's apparel market is large and growing, driven by rising incomes, urbanisation and the spread of organised retail. Young consumers are increasingly willing to try new brands, particularly those that offer distinctive products, fair prices and a strong digital presence. That has created room for specialist brands to carve out positions in specific categories before expanding more broadly.

The challenge for The Pant Project will be to retain the focus and product quality that built its reputation while expanding into categories where competition is even more intense.

A sign of investor appetite for consumer brands

The deal comes at a time when venture capital in India is being concentrated in fewer, larger rounds. Data from Tracxn showed Indian startups raised $10.9 billion between January and mid-October 2026, but the number of rounds fell by more than a third from a year earlier. Investors have also tilted towards deeptech and artificial intelligence, with less money flowing to consumer technology companies.

Against that backdrop, The Pant Project's raise shows that consumer brands with strong revenue growth and clear paths to scale can still attract capital. Mirae Asset, part of South Korea's Mirae Asset Financial Group, has been an active investor in Indian consumer and technology businesses.

Several Indian consumer brands have also benefited from a more receptive IPO market, which gives late-stage investors a clearer route to exit. Retail chains and D2C brands that combine online scale with profitable stores have attracted particular interest from public market investors.

The economics of a store rollout

For D2C brands, stores perform several functions at once. They generate sales directly, act as showrooms that drive online purchases, serve as hubs for exchanges and returns, and build brand awareness in a way that digital advertising increasingly struggles to achieve. Many brands report that customers who shop both online and offline spend more over time than those who use a single channel.

But the economics are demanding. Rent in high-street locations and malls in Indian metros is expensive, and stores need time to reach profitability. Successful brands typically test new markets with a small number of outlets, track performance closely and expand where sales justify the investment. The Pant Project's ability to apply that discipline while growing sixfold will determine whether its store bet pays off.

What to watch

The next two to three years will test whether The Pant Project can execute an aggressive store rollout while maintaining healthy unit economics. Key indicators will include same-store sales growth, the payback period on new outlets, inventory turnover and the share of revenue coming from repeat customers.

Category expansion will be another test. Moving into jeans, athleisure and casualwear will put the brand in direct competition with a much wider set of rivals, from global fast-fashion chains to homegrown labels.

For now, the funding round gives The Pant Project the capital to move from a successful niche online brand to a national omnichannel retailer. If it succeeds, it will join a growing list of Indian D2C companies that have shown how a focused product, built online, can become the foundation of a physical retail business.