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

D2C fashion brand The Pants Project has raised $4.25 million in a Series A funding round, 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.

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

Who are the founders?

Dhruv Toshniwal and Udit Toshniwal, third generation members Banswara Syntex FamilyFounded The Pant Project in 2020.

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

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

What does the Pant Project do?

The Pants Project is a direct-to-consumer (D2C) fashion brand that specializes in creating custom-made and ready-to-wear pants for various occasions. It aims to cater to all Indian body shapes.

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

Udit Toshniwal, Co-Founder, The Pants Project said, “We strongly believe that by simplifying the wardrobe, one can simplify their life, allowing them to focus on what really matters. That is why our mission has always been to offer the most comfortable pants for every occasion.”

Target to reach Rs 100 crore revenue

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

Dhruv Toshniwal said, “Our first funding round will be crucial in driving our next phase of growth as we aim to become India's leading bottom-wear brand with an omnichannel presence. Our biggest focus is our understanding of the apparel supply chain, with access to global quality fabrics and designs for our customers.”

“We have custom fit data for over 100,000 Indian men and we are using it to constantly improve,” Toshniwal said.

Pant Project, which currently operates three brick-and-mortar stores – two in Mumbai and one in Bengaluru – plans to open 25 to 30 stores across the country in 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 revenues of Rs 100 crore in the next 18-24 months.

Toshniwal highlights market opportunities

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

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

Over the last four years, the brand has served over 100,000 customers and clocked 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?

“The Pants Project has built a strong brand recall as the destination for bottom wear for all occasions, demonstrated by the deep love and repeat behavior of customers. We are excited to partner with Dhruv and Udit, who have a deep understanding of men's fashion and the associated supply chain, as well as a DNA for product innovation which is visible through their high-performance fabrics that offer superior fit and comfort,” said Mandar Dandekar, a Partner at Sorin Investments.

Dandekar added, “We strongly believe in India's consumption economy and The Pant Project team has shown the ability to successfully meet the changing behaviour and needs of customers. Sorin intends to add value to its network and D2C brands through its deep understanding and experience.”