D2C fashion brand The Pant Project raises $4.25M in a Series A round led by Sorin Investments

D2C fashion brand The Pant Project has raised $4.25 million in a Series A funding round, marking the startup's first institutional investment.

Sorin Investments, a venture capital fund founded by former KKR India CEO Sanjay Nayar, led the round, with participation from MGA Ventures, Huddle, Dexter Ventures, and Indian Silicon Valley.

Notable angel investors such as Arjun Vaidya, Avni Biyani, Nikhil Bhandarkar, and Vijay Taparia also participated. Dexter Capital Advisors acted as the exclusive financial advisor for the transaction.

Who are the founders?

Dhruv Toshniwal and Udit Toshniwal, third-generation members of the Banswara Syntex family, founded The Pant Project in 2020. 

Leveraging their family’s 50-year legacy in textile manufacturing, Dhruv and Udit Toshniwal drive The Pant Project forward with their combined expertise. 

Dhruv Toshniwal, a Wharton finance graduate, manages business operations, while Udit Toshniwal, an alumnus of The School of the Art Institute of Chicago, oversees the creative vision.

What does The Pant Project do?

The Pant Project is a direct-to-consumer (D2C) fashion brand specializing in custom-made and ready-to-wear pants for various occasions. It aims to cater to all Indian body sizes.

In 2023, the startup embraced an omnichannel strategy, expanding into ready-made pants. The brand offers a diverse range of over 250 styles, including formals, chinos, jeans, cargos, joggers, power stretch knit pants, luxury linens, and wool for both men and women.

“We firmly believe that by simplifying the wardrobe, one can simplify one's life, allowing one to focus on what truly matters. That's why our mission has always been to offer the most comfortable pants for every occasion," said Udit Toshniwal, co-founder of The Pant Project.

Aiming to reach Rs 100 crore revenue

According to Dhruv Toshniwal, the startup will use the raised capital to grow its team, tech capabilities, brand awareness, and retail store presence.

“Our maiden funding round will be significant in propelling our next phase of growth as we aim to be India’s leading bottom-wear brand with an omnichannel presence. Our biggest moat lies in our understanding of the apparel supply chain, with access to the best in global quality fabrics and designs for our customers," said Dhruv Toshniwal.

"We have data on custom fit for over 100,000 Indian men and are using that to constantly improve," Toshniwal added.

The Pant Project, which presently operates three brick-and-mortar stores—two in Mumbai and one in Bengaluru—plans to open 25 to 30 stores across the country over the next three years. The startup also plans to expand its product offerings to include more casual and athleisure options. 

Additionally, It aims to reach Rs 100 crore in revenue over the next 18-24 months.

Toshniwal highlights the market opportunity

Dhruv Toshniwal highlighted the potential of the Indian market for custom-made and ready-to-wear pants, which is estimated at around $4 billion.

The Pant Project's primary sales channel is its own website, accounting for 65% of total sales. The startup claims to have a strong presence on online marketplaces like Amazon and Myntra, as well as physical stores in Mumbai and Bengaluru. 

The brand has already served over 100,000 customers in the past four years and achieved a revenue of Rs 31 crore in FY24. Currently, 60% of its customers are from Tier-I cities, while 40% are from Tier-II cities.

What do investors say?

“Pant Project has created a strong brand recall as a destination for bottom wear for all occasions demonstrated by deep customer love and repeat behaviour. 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 which is visible through their high-performance fabrics providing better fit and comfort," said Mandar Dandekar, a partner at Sorin Investments.

"We are big believers in India’s consumption economy and The Pant Project team has shown the ability to successfully cater to changing customer behaviour and needs. Sorin intends to add value through its network and deep understanding and experience in D2C brands," Dandekar added.