Underneat, India’s fast-growing mass-premium shapewear brand co-founded by Kusha Kapila and Vimarsh Razdan, has raised $6 million in Pre-Series A funding led by Fireside Ventures. Existing investor Ghazal Alagh, co-founder of Honasa Consumer Limited, continues to remain actively engaged with the brand. The funding marks a significant milestone as Underneat accelerates its journey in India’s evolving innerwear and shapewear segment.
The round comes at a time when Underneat has emerged as one of India’s fastest-scaling D2C fashion brands, having crossed ₹150 crore in annualised revenue run rate (ARR) while remaining EBITDA positive, less than eight months since its launch. The fresh capital will be deployed to scale operations, deepen distribution, and strengthen the brand’s presence across key Indian cities.
Fireside Ventures, known for backing leading consumer brands in India, highlighted Underneat’s category-defining approach and disciplined execution. Adarsh Menon, Partner at Fireside Ventures, noted that the brand is addressing a structurally overlooked category with strong product leadership and early evidence of scale, adding that the firm is pleased to deepen its partnership as Underneat continues to build and define the shapewear space.
Since launch, Underneat has gained rapid traction by offering high-quality shapewear at accessible price points, driven by strong product-market fit, repeat purchases, and direct-to-consumer engagement. The brand’s growth has been further amplified by Kusha Kapila’s widely followed “what to wear under” content series on Instagram, which has helped spark conversations and awareness around shapewear for Indian women.
Commenting on the milestone, the founders shared that customer feedback and community engagement have been central to Underneat’s journey. With a 2,00,000-strong community, the brand aims to use the funding to serve its customers even better as it builds innerwear designed specifically for the Indian woman—at a time when India’s women’s innerwear market is poised for strong, long-term growth.