Underneat, India’s fast-growing mass-premium shapewear brand founded by Kusha Kapila and Vimarsh Razdan, has raised $6 million in Pre-Series-A funding from Fireside Ventures. Existing investor Ghazal Alagh, co-founder of Honasa Consumer Limited, continues her association with the brand.
The fresh capital will support operational scale-up and strengthen distribution across key Indian cities. The round follows strong early momentum since the brand’s launch in April 2025.
Rapid Growth and Strong Financial Performance
Underneat has emerged as one of India’s fastest-scaling D2C fashion brands. The company has crossed ₹150 crore ARR while remaining EBITDA positive within eight months of launch. This performance places the brand among a small group of profitable early-stage consumer startups in the country.
Investor Confidence in Category Creation
Fireside Ventures has backed several successful consumer brands, including Mamaearth, Sleep Company, and Yoga Bar. The firm sees strong potential in Underneat’s leadership within the shapewear category.
Adarsh Menon, Partner, Fireside Ventures, said,
“Underneat is building a category that has been structurally overlooked in the Indian market. What began as a precise articulation of a consumer gap has evolved into a brand with clear product leadership and early evidence of scale. As the first institutional partner, we’ve seen the discipline and intent with which Vimarsh and Kusha are building, and we’re pleased to deepen our partnership as they continue to define and scale this category.”
Product-Led Growth and Community Engagement
Since launch, Underneat has captured meaningful market share in India’s emerging shapewear segment. The brand focuses on quality products at accessible price points. Strong product-market fit and direct-to-consumer engagement have driven adoption across digital platforms.
A major growth driver has been Kusha Kapila’s “what to wear under” Instagram series, which helped normalise shapewear conversations and educate consumers.
Founders Emphasise Customer-Led Brand Building
Co-founders Kusha Kapila and Vimarsh Razdan highlighted the role of their growing customer community in shaping the brand’s journey.
“Our customers are crafting this journey with us,” they said.
“Every piece of feedback, every repeat purchase, and every voice note in our DMs has shaped Underneat into what it is today. We are so grateful to the hundreds of thousands of women who reach out to us everyday with product demands, and for generously sharing their feedback on fit and feel. 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.”
Expanding Opportunity in India’s Innerwear Market
India’s women’s innerwear market is currently valued at USD 5.06 billion. Industry estimates project growth to USD 9.57 to 12.0 billion by 2030–2033. Rising disposable incomes, increasing urbanisation, and rapid e-commerce adoption continue to fuel this expansion.
Underneat aims to capitalise on this growth by deepening its presence across urban and emerging markets.
