Underneat, India’s fast-growing mass-premium shapewear and innerwear brand co-founded by creator Kusha Kapila and fashion industry veteran 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 to remain actively engaged with the brand.
The fresh capital comes at a time when Underneat has emerged as one of the fastest-scaling D2C fashion brands in the country, having crossed Rs 150 crore in ARR while remaining EBITDA positive within eight months of launch.
Founded in April 2025, the brand plans to deploy the funds towards scaling operations, strengthening distribution, and expanding its presence across key Indian cities.
Fireside Ventures, known for backing category-defining consumer brands such as Mamaearth, The Sleep Company, and Yoga Bar, sees Underneat as a strong contender in an underpenetrated but high-potential segment.
Adarsh Menon, Partner, Fireside Ventures says, “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.”
Since launch, Underneat has captured significant market share in India’s nascent shapewear category by offering quality products at accessible price points. The brand’s steep growth has been driven by strong product-market fit and direct consumer engagement across digital channels, fueled by Kusha Kapila’s ‘what to wear under’ series on Instagram.
“Our customers are crafting this journey with us,” say Co-Founders Kusha Kapila and Vimarsh Razdan. “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.”
India’s women’s innerwear market, currently valued at USD 5.06 billion, is projected to reach USD 9.57–12.0 billion by 2030–2033, growing at a CAGR of 8.4–11.2%, driven by rising disposable incomes, increasing urbanisation, and rapid e-commerce adoption.
