The Pant Project raises 425 mn in seriesA round led by Sorin Investments

The Pant Project, a direct-to-consumer (D2C) fashion brand focused on custom-made and ready-to-wear pants for all occasions, has raised $4.25 million in a series-A round. Marking the startup’s maiden institutional funding, the round is led by Sorin Investments — a venture capital fund founded by former KKR India CEO Sanjay Nayar, which recently made its final close at Rs 1,350 crore.

The round also saw participation from marquee investors MGA Ventures, Huddle, Dexter Ventures, Indian Silicon Valley, as well as seasoned angels like Arjun Vaidya, Avni Biyani, Nikhil Bhandarkar, and Vijay Taparia. Dexter Capital Advisors was the exclusive financial advisor to The Pant Project for this transaction.

The Pant Project was founded in 2020 as a digitally native brand by Dhruv Toshniwal and Udit Toshniwal, with the aim of providing custom-made pants for all Indian body sizes. In 2023, it adopted an omnichannel strategy while also foraying into ready-to-made pants. With options for both men and women, the brand offers pants across 250+ styles ranging from formals to chinos, jeans, cargos, joggers, power stretch knit pants, luxury linens, and wools. Notably, Dhruv and Udit come from the family of Banswara Syntex — a listed company with a 50-year legacy in textile manufacturing.

Speaking on the funding, The Pant Project’s co-founder Dhruv Toshniwal said, “Having been bootstrapped for the past 4 years, 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. 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.”

Toshniwal said the opportunity to tap the custom-made and ready-to-wear pants market in India is about $4 billion.

Currently, The Pant Project’s most prominent sales channel is its own website, which accounts for 65 per cent of its total sales. It also enjoys a robust presence across online marketplaces such as Amazon and Myntra, along with brick-and-mortar stores in Mumbai and Bengaluru. Building a capital-efficient business from the get-go, the brand has already served over 1 lakh customers within the past 4 years. The firm has plans to open new brick-and-mortar stores across the country and expand its bottom wear offerings with the launch of more casual and athleisure options. The company is poised to cross Rs 100 crore in revenue over the next 18-24 months.

The startup has witnessed capital-efficient growth, clocking a revenue of Rs 31 crore in FY24. Dhruv Toshniwal said that about 60 per cent of its customers come from Tier-I cities and 40 per cent are based in Tier-II cities.

“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 (Toshniwal) and Udit (Toshniwal) 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. 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,” said Mandar Dandekar, partner at Sorin Investments.

“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,” said Udit Toshniwal, co-founder of The Pant Project.

With over 50 years of family expertise in textiles, Dhruv Toshniwal, a Wharton finance graduate, manages business operations, while Udit Toshniwal, from The School of the Art Institute of Chicago, drives the creative vision.

First Published: Jun 19 2024 | 6:05 AM IST