The Pant Project raises Rs 109 Cr Series B

The Pant Project has raised Rs 109 crore in a Series B round led by Mirae Asset Venture Investments (India). Existing backer Sorin Investments returned. Entrackr names Hyperscale Ventures, B&K Securities, MGA Ventures and B2V Ventures among the new participants, while Inc42 lists family offices and angels including Anisha Saraf alongside the same three firms. No valuation was disclosed by either report, pre money or post money.

The model matters more than the cheque size. Inc42 describes over 300 SKUs spanning custom-made bottomwear and ready-to-wear apparel for men and women. So this is not a pure made-to-measure brand, it is a hybrid, and that is the operating distinction. A custom-made order carries no size-curve inventory risk because nothing is cut until the order lands, but it adds a per-order production step and a lead time the ready-to-wear lines do not have. Running both means running two supply chains under one label.

Entrackr says the company operates 25 exclusive brand stores and plans to cross 150 within two to three years. By our own arithmetic that is about 125 new doors, three to five openings a month sustained for the whole period. Our first store economics and D2C offline retail entry pieces already set out why the cadence, not the capital, is the binding constraint. Neither report gives a store-level revenue or payback number to test the plan against.

Revenue and GMV are absent from both reports. The only growth figure is an investor claim: Sorin partner Mandar Dandekar says revenue has grown more than fivefold since the Series A. That is a partner statement, not a filing. Inc42 dates the founding to 2020, by brothers Dhruv and Udit Toshniwal, with a $4.25 million Series A in 2024 after four years of bootstrapping, plus undisclosed venture debt from Alteria Capital. The brand sells on its own site and on Myntra and Amazon. Custom fit shrinks the apparel sizing and fit returns problem. It does not shrink rent.