Monday, July 15, 2024

The Pant Project Raises $4.25 Million in Series A Funding

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The Pant Project, a direct-to-consumer (D2C) fashion brand, has raised $4.25 million in its first institutional funding round. This Series A round was led by Sorin Investments, a venture capital fund founded by former KKR India CEO Sanjay Nayar. Other participants included MGA Ventures, Huddle, Dexter Ventures, and Indian Silicon Valley. Notable angel investors such as Arjun Vaidya, Avni Biyani, Nikhil Bhandarkar, and Vijay Taparia also contributed. Dexter Capital Advisors served as the exclusive financial advisor for the transaction.

Founders and Their Vision

Founded in 2020 by Dhruv Toshniwal and Udit Toshniwal, third-generation members of the Banswara Syntex family, The Pant Project leverages their family’s 50-year legacy in textile manufacturing. 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 specializes in custom-made and ready-to-wear pants for various occasions, catering to all Indian body sizes. In 2023, the startup embraced an omnichannel strategy, expanding into ready-made pants. The brand offers over 250 styles, including formals, chinos, jeans, cargos, joggers, power stretch knit pants, luxury linens, and wool for both men and women. Co-founder Udit Toshniwal emphasized their mission to simplify wardrobes and lives by offering the most comfortable pants for every occasion.

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Growth and Expansion Plans

The raised capital will be used to expand the team, enhance tech capabilities, boost brand awareness, and increase 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,” said Dhruv Toshniwal. The startup plans to open 25 to 30 stores across the country over the next three years and aims to reach Rs 100 crore in revenue within 18-24 months.

Market Opportunity and Sales Channels

Dhruv Toshniwal highlighted the potential of the Indian market for custom-made and ready-to-wear pants, estimated at around $4 billion. The Pant Project’s primary sales channel is its own website, which accounts for 65% of total sales. The brand also has a strong presence on online marketplaces like Amazon and Myntra, as well as physical stores in Mumbai and Bengaluru. The Pant Project has served over 100,000 customers in the past four years and achieved a revenue of Rs 31 crore in FY24.

Investor Insights

Mandar Dandekar, a partner at Sorin Investments, praised The Pant Project for its strong brand recall and deep customer loyalty. “We are excited to partner with Dhruv and Udit, who have an in-depth understanding of men’s fashion and the associated supply chain,” said Dandekar. He added that Sorin Investments believes in India’s consumption economy and sees great potential in The Pant Project team’s ability to cater to changing customer needs.

The Pant Project’s latest funding round positions it well for continued growth and expansion, aiming to become a leading bottom-wear brand in India.

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