Mass-premium innerwear and shapewear brand Underneat has raised $6 million in a pre-Series A funding round led by Fireside Ventures, marking a key milestone in the company’s growth journey. The startup had earlier secured $2.51 million in seed funding, also backed by Fireside Ventures and other investors.
According to the company, the newly raised capital will be utilised to scale operations and strengthen distribution channels across Indian cities, as Underneat looks to deepen its presence in the fast-growing women’s innerwear and shapewear market.
Founded in April 2025 by content creator Kusha Kapila and entrepreneur Vimarsh Razdan, Underneat positions itself as a mass-premium innerwear brand designed specifically for the Indian woman’s body. Its product portfolio spans shapewear, innerwear, and accessories, with a focus on combining comfort, functionality, and style at accessible price points.
India’s women’s innerwear market presents a significant opportunity. Valued at $5.06 billion, the market is projected to grow to $9.57–12 billion by 2030–2033, expanding at a CAGR of 8.4%–11.2%, driven by rising disposable incomes, increasing urbanisation, and the rapid adoption of e-commerce.
Underneat claims it has already captured a meaningful share of India’s emerging shapewear category by addressing gaps in quality, fit, and affordability. Its growth has been fuelled by strong product-market fit and direct-to-consumer engagement across digital platforms.
The company also stated that it has crossed ₹150 crore in annual recurring revenue (ARR) while remaining EBITDA positive, underscoring disciplined execution alongside rapid scale.
With this fresh infusion of capital, Underneat aims to accelerate its expansion and reinforce its position as a leading India-first brand redefining confidence wear for modern consumers.
By: Arushi Agarwal
