Underneat Raises US$ 6 Million In Pre-Series A Funding Led By Fireside Ventures
Underneat, India’s fast-growing mass-premium shapewear brand founded by Kusha Kapila and Vimarsh Razdan, has raised US$ 6 million in Pre-Series A funding led by Fireside Ventures. Existing investor Ghazal Alagh, co-founder of Honasa Consumer Limited, continues to be associated with the brand.
The funding comes amid rapid growth for Underneat, which has crossed Rs 150 crore in annual recurring revenue (ARR) while remaining EBITDA positive within eight months of launch in April 2025. The fresh capital will be used to scale operations and strengthen distribution across key Indian cities.
Fireside Ventures, known for backing leading consumer brands such as Mamaearth, The Sleep Company and Yoga Bar, cited Underneat’s strong execution and category-building potential as key drivers for the investment. Adarsh Menon, Partner at Fireside Ventures, said the brand is addressing a structurally underserved category in India with clear product leadership and early signs of scale.
Underneat has quickly gained traction in India’s emerging shapewear market by offering quality products at accessible price points. Its growth has been powered by strong product-market fit and direct-to-consumer engagement, including Kusha Kapila’s popular “what to wear under” content series on Instagram.
Commenting on the milestone, co-founders Kusha Kapila and Vimarsh Razdan said the funding validates the trust placed by their growing community of over 200,000 customers and will help the brand further improve fit, comfort and accessibility as it builds innerwear designed specifically for Indian women.
India’s women’s innerwear market, currently valued at US$ 5.06 billion, is expected to grow to US$ 9.57–12 billion by 2030–33, driven by rising incomes, urbanisation and increasing e-commerce adoption.
