The Pant Project raises ₹109 Cr to expand offline, broaden menswear

Menswear brand The Pant Project has secured ₹109 crore ($11.5 million) in a new funding round, with Mirae Asset Venture Investments taking the lead. Existing backers, including Sorin Investments, joined the round alongside family offices and angel investors. The capital is expected to fuel growth plans, including a significant push into physical retail.

Reports indicate the startup also obtained venture debt from Alteria Capital, though the amount remains undisclosed. Founded in 2020 by brothers Dhruv and Udit Toshniwal, The Pant Project initially focused on bottomwear for Indian men, offering products like Malai Pants and Inklock No Fade Black Jeans. Today, it sells over 300 SKUs, including custom and ready-to-wear options for men and women, through its website and platforms like Myntra and Amazon.

The funding is reportedly aimed at expanding the brand’s presence beyond its current store count, with ambitions to grow its offline footprint substantially in the coming years. Additionally, the startup appears to be diversifying its product range, with plans to strengthen its offerings in categories like jeans and casualwear.

Dhruv Toshniwal, the startup’s CEO, has suggested that its digital-first origins provided valuable insights, positioning it to now explore deeper offline engagement. A partner at Sorin Investments noted that the company has seen strong revenue growth in recent periods, attributing some of this momentum to repeat customers.

This move aligns with a broader trend among direct-to-consumer fashion brands investing in brick-and-mortar expansion. Just last week, another menswear brand secured funding to grow its retail network, reflecting the sector’s push to balance online and offline sales. The Pant Project operates in a competitive space, facing off against both digital-native brands and established players like Raymond and Louis Philippe.

The Indian menswear market, projected to expand significantly in the coming years, is seeing brands vie for dominance across price segments. For digital-first labels, offline expansion offers a way to build brand loyalty and differentiate in a crowded space. However, scaling physical retail comes with challenges, including higher capital requirements and the need to maintain profitability amid rising costs.

The startup’s shift also raises questions about how it will stand out in a market where product differentiation is often subtle. While data-driven strategies may inform its offline approach, execution will determine whether this translates into sustainable growth. The involvement of institutional and individual investors suggests confidence in its trajectory, though the long-term success of its retail push remains to be seen.

For other fashion brands, The Pant Project’s funding round underscores the ongoing debate around the right balance between digital and physical channels. While e-commerce offers reach, physical stores can drive higher customer engagement—if managed effectively. The next phase of its growth will test whether this strategy pays off or if the challenges of offline expansion prove too steep in a competitive landscape.

Sources: inc42.com