The Pant Project, a direct-to-consumer (D2C) fashion brand specializing in custom-made and ready-to-wear pants, has raised $4.25 million in a series-A round. This marks the startup’s first institutional funding, led by Sorin Investments. Sorin Investments, founded by former KKR India CEO Sanjay Nayar, recently made its final close at Rs 1,350 crore.
Prominent Investors and Financial Advisors
The funding round saw participation from notable investors, including MGA Ventures, Huddle, Dexter Ventures, and Indian Silicon Valley. Seasoned angels like Arjun Vaidya, Avni Biyani, Nikhil Bhandarkar, and Vijay Taparia also contributed. Dexter Capital Advisors acted as the exclusive financial advisor to The Pant Project for this transaction.
A Brand Rooted in Legacy
Founded in 2020 by Dhruv Toshniwal and Udit Toshniwal, The Pant Project aims to provide custom-made pants for all Indian body sizes. In 2023, the brand adopted an omnichannel strategy and ventured into ready-to-wear pants. The brand offers over 250 styles for both men and women, including formals, chinos, jeans, cargos, joggers, power stretch knit pants, luxury linens, and wools. Dhruv and Udit hail from the family of Banswara Syntex, a company with a 50-year legacy in textile manufacturing.
Growth and Expansion Plans
Dhruv Toshniwal, co-founder of The Pant Project, highlighted the significance of this funding round for the brand’s growth. “Having been bootstrapped for the past 4 years, our maiden funding round will propel our next phase of growth. We aim to be India’s leading bottom wear brand with an omnichannel presence. Our biggest strength lies in our understanding of the apparel supply chain, with access to the best in global quality fabrics and designs for our customers. We have data on custom fit for over 100,000 Indian men and are using that to constantly improve. With this funding, we plan to grow our team, tech capabilities, brand awareness, and retail store presence,” he said.
The Pant Project sees a significant opportunity in the custom-made and ready-to-wear pants market in India, estimated to be worth about $4 billion. The brand’s primary sales channel is its website, which accounts for 65% of total sales.
It also has a strong presence on online marketplaces like Amazon and Myntra and operates brick-and-mortar stores in Mumbai and Bengaluru. The brand has served over 1 lakh customers in the past four years and plans to open new stores nationwide. The company aims to cross Rs 100 crore in revenue over the next 18-24 months.
Customer Demographics and Revenue Growth
The Pant Project has witnessed capital-efficient growth, recording a revenue of Rs 31 crore in FY24. About 60% of its customers are from Tier-I cities, and 40% are based in Tier-II cities. Dhruv Toshniwal noted the brand’s strong market presence and customer loyalty.
Mandar Dandekar, partner at Sorin Investments, expressed excitement about the partnership. “Pant Project has created a strong brand recall as a destination for bottom wear for all occasions, demonstrated by deep customer love and repeat behavior. We are excited to partner with Dhruv and Udit, who have an in-depth understanding of men’s fashion and the associated supply chain, coupled with a DNA for product innovation. We are big believers in India’s consumption economy, and The Pant Project team has shown the ability to successfully cater to changing customer behavior and needs. Sorin intends to add value through its network and deep understanding and experience in D2C brands,” he said.
Simplifying the Wardrobe
Udit Toshniwal, co-founder of The Pant Project, emphasized the brand’s mission to simplify wardrobes and lives. “We firmly believe that by simplifying the wardrobe, one can simplify their life, allowing themselves to focus on what truly matters. That’s why our mission has always been to offer the most comfortable pants for every occasion,” he said.
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Leveraging Family Expertise
With over 50 years of family expertise in textiles, Dhruv Toshniwal, a Wharton finance graduate, manages business operations, while Udit Toshniwal, an alumnus of The School of the Art Institute of Chicago, drives the creative vision. This strong foundation has allowed them to understand the intricate dynamics of the textile industry deeply.
Their combined expertise and dedication to quality and innovation have positioned The Pant Project as a notable player in the Indian fashion industry, setting new standards in custom-made and ready-to-wear pants. Their leadership ensures that the brand continues to evolve and meet the growing demands of the market.
Future Prospects
The Pant Project’s successful funding round and strategic expansion plans underscore its potential for growth in the competitive fashion market. With a focus on quality, innovation, and customer satisfaction, the brand is well-positioned to become a leading name in the bottom wear segment. The Pant Project is set to redefine the standards of custom-made and ready-to-wear pants in India.
