D2C fashion brand The Pant Project has raised $4.25 million in a Series A funding round led by Sorin Investments, a venture capital fund founded by former KKR India CEO Sanjay Nayar.
The VC fund recently made its final close at Rs 1,350 crore.
The round also saw participation from marquee investors MGA Ventures, Huddle, Dexter Ventures, and Indian Silicon Valley and angel investors Arjun Vaidya, Avni Biyani, Nikhil Bhandarkar, and Vijay Taparia. This marks the company’s first institutional funding since inception.
The Pant Project plans to use the funds to ramp up its omnichannel retail strategy and grow its team, tech capabilities, brand awareness, and retail store presence.
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“Our biggest moat lies in our understanding of the apparel supply chain, with access to 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,” said Dhruv Toshniwal, Co-founder, The Pant Project.
“With this funding, we plan to grow our team, tech capabilities, brand awareness and retail store presence,” he added.
Dexter Capital Advisors was the exclusive financial advisor to The Pant Project on this fundraise.
The brand clocked a revenue of Rs 31 crore in FY24 and is aiming more than Rs 100 crore in the next 18-24 months.
The company says it is profitable at a unit economics level and plans to continue growing in a “sustainable manner with sound fundamentals”.
The Pant Project was founded by Udit Toshniwal and Dhruv Toshniwal in 2020 as an online retailer for custom-sized pants for Indian body types. It later ventured into the offline channel with ready-to wear pants.
About 65% of its total sales comes from its own commerce site, said the company. Traction on ecommerce sites such as Myntra and Amazon is also significant, it added.
Going forward, the company plans to expand its offline store presence and add more products, especially in the casual and athleisure categories.
Edited by Swetha Kannan
