The Pant Project raises Rs 109 crore led by Mirae Asset to grow to 150 stores

Mumbai-based menswear brand The Pant Project has raised Rs 109 crore, about $11.5 million, in a Series B funding round led by Mirae Asset Venture Investments (India), the company announced on Monday, October 19, 2026. Existing investor Sorin Investments also took part, along with family offices and angel investors. The start-up, best known for made-to-fit trousers, plans to use the money to grow its network of exclusive stores from 25 to more than 150 over the next two to three years and to add new clothing categories.

The Pant Project is a direct-to-consumer brand, the kind of start-up that began by selling online and is now moving into physical shops. That shift is one of the biggest trends among Indian consumer brands. Selling only online can be costly because of advertising and returns, and with clothing, poor fit is a common reason for sending items back. Shops let customers try products, which lowers returns and builds trust in a new brand.

Fit is also The Pant Project's core idea. The company was founded by brothers Dhruv Toshniwal, its chief executive, and Udit Toshniwal, its creative director, to sell bottom-wear that can be customised for fit, a niche in a market dominated by standard sizes. The jump in store count suggests the company believes enough shoppers will pay for a better fit to support a national retail chain.

The size of the plan is ambitious. Going from 25 stores to more than 150 means opening dozens of outlets a year, which needs not just money but good locations, trained staff and tight control of stock. The venture debt from Alteria Capital will help fund store openings and inventory without giving up more ownership.

The company's revenue has been growing. One founder profile reports revenue of about Rs 31 crore in FY24 and Rs 40.7 crore in FY25, though a company target from earlier aimed for Rs 100 crore by FY25. The new money is meant to close that gap through stores and new product lines.

Short-term: Expect store openings in more cities and launches in jeans, athleisure and casualwear. Customers will find the brand in more malls and high streets.

Long-term: If the store model works, The Pant Project could grow into a national menswear chain competing with established brands. It also adds to evidence that investors still back consumer brands with a clear product focus and a path to physical retail.

Who is affected: Shoppers looking for better-fitting trousers; mall and high-street landlords; garment makers and suppliers that work with the brand; rival menswear labels; and the start-up's investors and employees.

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