Underneat, a mass-premium shapewear brand founded by Kusha Kapila and Vimarsh Razdan, has raised US $ 6 million in a Pre-Series A funding round led by Fireside Ventures. Existing investor Ghazal Alagh, co-founder of Honasa Consumer Limited, continues to remain associated with the brand.
The funding comes as Underneat emerges as one of the fastest-scaling direct-to-consumer fashion brands in India. The company has crossed an annual recurring revenue (ARR) of Rs. 150 crore (US $ 16.48 million) while remaining EBITDA positive less than eight months after its launch in April 2025. The capital raised will be used to scale operations and strengthen distribution channels across key Indian cities.
Fireside Ventures, which has backed several consumer brands including Mamaearth, Sleep Company and Yoga Bar, said it sees strong potential in Underneat’s execution speed and category leadership. Adarsh Menon, Partner at Fireside Ventures, said the company was building a category that had been structurally overlooked in the Indian market. He added that what began as a clearly identified consumer gap had developed into a brand with strong product leadership and early indicators of scale, and noted that the founders had demonstrated discipline and intent in building the business as they continued to define and expand the category.
The founders said that Underneat’s growth had been shaped closely by its customer community, with feedback, repeat purchases and direct interactions influencing product development. They added that the funding round validated the trust placed in the brand by its community of more than 200,000 women and would enable the company to better serve customers as it continued to design innerwear specifically for Indian women.
India’s women’s innerwear market, currently valued at US $ 5.06 billion, is projected to grow to between US $ 9.57 billion and US $ 12 billion by 2030–2033, at a compound annual growth rate of 8.4 to 11.2 per cent. The growth is being driven by rising disposable incomes, increasing urbanisation and the expanding adoption of e-commerce.
