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, remains engaged with the brand. 

The investment comes as Underneat proves itself to be one of the fastest scaling D2C fashion brands in India, crossing ₹150 crore ARR while remaining EBITDA positive less than 8 months since its launch in April 2025. Funds raised in this round will be deployed toward scaling operations, and strengthening distribution channels across Indian cities.

Fireside Ventures, known for backing successful consumer brands including Mamaearth, Sleep Company, and Yoga Bar, sees strong potential in Underneat's category leadership and execution velocity. 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.

Pic: Underneat Founders, Kusha Kapila and Vimarsh Razdan

"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 innerwear market for women, currently valued at USD 5.06 billion, is projected to reach USD 9.57-12.0 billion by 2030-2033 at a CAGR of 8.4%-11.2%, driven by rising disposable incomes, increasing urbanisation, and e-commerce adoption.