FundraiseOct 19, 2026, 01:11 UTC

The Pant Project raises $11.5M Series B to grow from 25 to 150 stores

What's the deal? The Pant Project has raised US$14.8M in a Series B round led by Mirae Asset Venture Investments (India). The Mumbai-based menswear brand will use the capital to grow its store network and broaden its apparel range.

The round: Existing investor Sorin Investments joined, alongside Anisha Saraf, B&K Securities, MGA Ventures, and B2V Ventures. The Series B is a sharp step up from the startup's US$57.7K Series A in 2024, which followed four years of bootstrapping.

What's the endgame? The Pant Project plans to expand from 25 stores to 150 over the next two to three years and move beyond its bottomwear niche into jeans, athleisure, and casualwear. Founded in 2020 by brothers Dhruv and Udit Toshniwal, it sells more than 300 SKUs through its website and marketplaces including Myntra and Amazon.

In their words: "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 founder and chief executive officer Dhruv Toshniwal.

Why now? The raise lands amid a wider push by Indian digital-first apparel brands into physical retail. Last week, menswear peer KISAH raised US$4.88M to expand its own store network, while The Bear House and Snitch have also drawn capital for expansion.

What could go wrong? The 6x store target makes execution and store-level economics central. The company reported 15 profitable outlets earlier this year — a useful baseline, but far short of the proposed network.

The signal: At roughly $11.5 million, the round sits in the upper half of comparable deals. But its significance rests less on the fundraise than on whether The Pant Project can scale profitably beyond bottomwear in a crowded market that counts Snitch, Rare Rabbit, Raymond, and Louis Philippe among its rivals.