Mass-premium shapewear and innerwear brand Underneat has raised $6 million in a pre-Series A funding round led by Fireside Ventures, as the startup looks to scale its operations and expand distribution across Indian cities.
Who are the investors backing Underneat?
The round was led by Fireside Ventures, which has previously backed consumer brands such as Mamaearth, Sleep Company and Yoga Bar. Existing investor Ghazal Alagh, co-founder of Honasa Consumer Limited, continues to remain engaged with the brand.
What does Underneat do?
Founded in April 2025 by content creator Kusha Kapila and fashion industry veteran Vimarsh Razdan, Underneat is a mass-premium innerwear and shapewear brand focused on products designed for the Indian woman’s body. Its portfolio spans shapewear, innerwear and accessories, positioned at accessible price points.
How will the fresh capital be used?
The funds raised will be deployed towards scaling operations and strengthening distribution channels across Indian cities, as the brand looks to build on its early momentum in the shapewear and innerwear segment.
How is the company performing?
Underneat said it has crossed an annual recurring revenue (ARR) of Rs 150 crore while remaining EBITDA positive, less than eight months after launch. The company said it is among the fastest-scaling D2C fashion brands in India, driven by strong product-market fit and direct-to-consumer engagement across digital channels.
What are the founders saying?
“Our customers are crafting this journey with us,” co-founders Kusha Kapila and Vimarsh Razdan said in a statement. “Every piece of feedback, every repeat purchase, and every voice note in our DMs has shaped Underneat into what it is today. This funding validates the trust our 2,00,000-strong community has placed in us and enables us to serve them even better as we build innerwear designed for the Indian woman.”
What is the investor thesis?
Fireside Ventures said Underneat is building a category that has been structurally overlooked in India. “What began as a precise articulation of a consumer gap has evolved into a brand with clear product leadership and early evidence of scale,” said Adarsh Menon, partner at Fireside Ventures, adding that the firm was encouraged by the founders’ execution discipline and category-building approach.
What’s the market opportunity?
According to the company, India’s women’s innerwear market is currently valued at $5.06 billion and is projected to grow to between $9.57 billion and $12 billion by 2030–2033, driven by rising disposable incomes, increasing urbanisation and deeper e-commerce adoption.
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