Brothers Dhruv Toshniwal and Udit Toshniwal hail from a family that has a legacy of over 50 years of expertise in the textile and apparel industry. In 2020, they founded The Pant Project as a digitally-native brand. The aim: provide custom-made pants for all Indian body sizes. In 2023, it adopted an omnichannel strategy while also foraying into ready-to-made pants, earning distinct recognition for comfort, flexibility, and style.
The company had been bootstrapped for the past four years. But recently it raised $4.25 million in a series-A round. Marking the startup’s maiden institutional funding, the round was led by Sorin Investments — a venture capital fund founded by former KKR India CEO Sanjay Nayar, which recently made its final close at Rs 1,350 crore.
The Pant Project is among the increasing number of direct-to-consumer (D2C) fashion and lifestyle brands which are witnessing a surge in demand from the customers as well as investments from venture capital firms.
L-R, Dhruv Toshniwal & Udit Toshniwal, founders of The Pant Project
Other marquee investors which have backed The Pant Project include MGA Ventures, Huddle, Dexter Ventures, Indian Silicon Valley, as well as seasoned angels like Arjun Vaidya, Avni Biyani, Nikhil Bhandarkar, and Vijay Taparia.
“Our biggest moat lies in our understanding of the apparel supply chain, with access to the best in global quality fabrics and designs for our customers,” said The Pant Project’s Co-founder Dhruv Toshniwal. “We have data on custom fit for over 100,000 Indian men, and are using that to constantly improve.”
Dhruv Toshniwal, a Wharton finance graduate, manages business operations, while Udit Toshniwal, from The School of the Art Institute of Chicago, drives the creative vision.
The brand offers pants across 250 styles ranging from formal to chinos, jeans, cargos, joggers, power stretch knit pants, luxury linens, and wool.
Currently, The Pant Project’s most prominent sales channel is its website, which accounts for 65 per cent of its total sales. It also has a robust presence across online marketplaces such as Amazon and Myntra, along with brick-and-mortar stores in Mumbai and Bengaluru. Building a capital-efficient business from the get-go, the brand has already served over 1 lakh customers within the past four years. It has plans to open new brick-and-mortar stores across the country. It would also expand its bottom wear offerings with the launch of more casual and ‘athleisure’ options. The company is poised to cross Rs 100 crores in revenue over the next 18-24 months.
TMRW House of Brands, an Aditya Birla Group Venture, recently expanded its portfolio with Rs 125 crore investment in Accel and Virat Kohli-backed Wrogn. Founded in 2014, by the brother-sister duo of Anjana and Vikram Reddy, Wrogn has been one of the leading youth brands in India in the casual wear space.
“Wrogn has carved a leadership position for itself with excellent product-market fit along with disruptive brand building,” said Prashanth Aluru, CEO and co-founder TMRW.
The brand has also expanded its presence through online and offline retail channels, having a loyal customer base across the country. With the partnership with TMRW, Wrogn aims to unlock its next phase of omnichannel growth. Apart from strengthening its leadership position on fashion platforms like Myntra, this partnership will help expand its offline footprint and while providing impetus to scaling up the D2C business. Wrogn is on a path to becoming the leading brand in the casual and active wear category with a path to Rs 1500 crore in the next five years.
“From the outset, we have always questioned the norms and looked beyond the conventional,” said Anjana and Vikram Reddy, founders of Wrogn. “Together, (with TMRW) we are ready to disrupt the fashion industry in a never-seen-before way.”
Mahendran Balachandran, Partner at Accel said that Wrogn has created a highly differentiated brand in the competitive world of retail fashion.
As per a recent report by TMRW X Bain & Company, the fashion and lifestyle space is India’s second largest consumer category, valued at $110 billion with approximately 10 per cent online at $11 billion. The online fashion market overall is expected to grow to approximately $35 billion by financial year 2028 (FY28) at a 25 per cent CAGR. E-commerce has democratised access to fashion, including fashion brands. The category has seen around 30 per cent historical growth, compounded annually, since 2019.
Eume, a premium luggage brand recently secured Rs 15 crore in pre-Series A funding. The round was spearheaded by prominent investor Ashish Kacholia, who contributed 80 per cent of the total, with Kennis Ventures acting as the strategic advisor. This strategic investment reflects strong confidence in Eume’s vision to innovate as a homegrown brand, elevate Indian brands on the global stage, and become a major player alongside international competitors.
Eume is known for its product range, including luggage, backpacks, vegan handbags, and the world’s first massager backpack. The investment will bolster Eume’s working capital to ensure streamlined operations and support team expansion to attract top talent and drive innovation. Additionally, part of the funding will enhance offline retail presence and invest in technology to keep Eume at the forefront of industry innovation.
Naina Parekh, Founder, EUME
EUME plans to target major metro areas, as well as Tier-I and Tier-II cities. The brand also aims to establish its first flagship store in 2024, marking a significant milestone in its expansion strategy.
According to latest reports, Indians are travelling more than ever. In fact, in the first three months of 2024, around 97 million passengers travelled through Indian airports. With a growing aspirational consumer segment, increased disposable income, and a global outlook, there is a rising demand for premium products. Eume aims to capitalise on this trend by offering affordable luxury through its products for everyday commuters, jetsetters, and family travellers.
Early this year, direct-to-consumer luggage brand Mokobara reportedly raised $12 million in a funding round led by Peak XV Partners (formerly Sequoia Capital India), at a valuation of $80 million post-money.
Men’s apparel brand Rare Rabbit is also reportedly closing its maiden institutional funding round of Rs 500 crore led by investment fund A91 Partners. The funding round was expected to see participation from Zerodha’s cofounder Nikhil Kamath and the family office of Ravi Modi, founder of Vedant Fashions which runs ethnic fashion brand Manyavar.
