New Delhi, June 2 -- The Pant Project, a direct-to-consumer fashion brand that sells custom-made pants, is looking to raise a new funding round, two people aware of the development told VCCircle.
The Pant Project, operated by Aanswr Fashion Pvt Ltd, offers custom-made bottomwear and ready-to-wear pants through its website and stores across Mumbai, Bengaluru, Pune, Hyderabad, Ahmedabad and Chandigarh. The company was founded in 2020 by brothers Dhruv and Udit Toshniwal, the third generation of entrepreneurs from the family of textile major Banswara Syntex.
In June 2024, the company raised around $4.25 million (Rs 35.5 crore) in a Series A round, with investments from Sanjay Nayar-led Sorin Investments. MGA Ventures (Ashra Family Office), sports community platform Huddle, micro VC fund Dexter Ventures and Indian Silicon Valley, along with angel investors such as V3 Ventures' Arjun Vaidya, Avni Biyani, Panthera Peak Ventures' Nikhil Bhandarkar, and Vijay Taparia also joined the round. The round valued the company at around Rs 155 crore.
The company is now looking to raise $15-20 million (Rs 143-191 crore) from investors in a new funding round, the two people cited above said, asking not to be named.
Boutique investment bank IndigoEdge is helping the company scout for investors.
IndigoEdge and The Pant Project did not reply to queries sent by VCCircle.'
Separately, VCCircle has learnt that the company doubled its revenue to around Rs 80 crore in 2025-26 from the year before, with ready-made garments constituting more than half of its sales.
In FY25, its revenue was around Rs 41 crore. However, its EBITDA losses more than doubled to around Rs 15 crore in FY25, according to VCCEdge. Its loss or profit for FY26 couldn't be ascertained.
Co-founder Dhruv Toshniwal was quoted in a media report earlier this year as saying that the company would evaluate a fundraise of around Rs 100 crore to fuel retail expansion.
Published by HT Digital Content Services with permission from VC Circle.