Premium D2C menswear brand The Pant Project has raised ₹109 crore in a Series B funding round led by Mirae Asset Venture Investments (India), in one of the largest consumer-brand cheques in startup funding in India this month.
Founded by brothers Dhruv and Udit Toshniwal, the digital-first brand specialises in bottomwear. The round saw participation from existing investor Sorin Investments, along with family offices and angel investors; ETtech also reports participation from MGA Ventures, B2V Ventures, B&K Securities and Dot&Key co-founder Anisha Saraf.
How The Pant Project will spend the ₹109 crore
Cofounder and CEO Dhruv Toshniwal told ETtech the capital will scale the brand's offline footprint, add adjacent categories and expand the team. The company currently operates 25 exclusive brand stores across India and plans to expand to 150 stores over the next two to three years — a six-fold jump aimed at reaching customers across key markets.
The brand is also moving beyond bottomwear into jeans, athleisure and casualwear, extending its focus on fit, fabric and functional design to a wider range of menswear products.
The omnichannel bet
The raise continues the 2026 theme of digital-native brands betting on physical retail: like Boldfit's ₹400 crore Series B earlier this month, The Pant Project is converting online momentum into stores, with the expansion planned across India's key consumer markets.
Why it matters for founders
D2C brands are winning 2026 funding by proving unit economics AND showing a credible offline playbook. If your brand is digital-first, a funded store-expansion plan — 25 to 150 stores — is the pitch VCs want to hear.