Underneat, a shapewear and innerwear brand, has raised $6 million in a pre-Series A funding round led by Fireside Ventures.
Fireside Ventures has previously backed consumer brands such as Mamaearth, Sleep Company and Yoga Bar. Existing investor Ghazal Alagh, co-founder of Honasa Consumer, continues to remain engaged with the brand.
The fresh funds raised will be used to scale its operations, strengthen distribution, and expand its presence across key Indian cities.
Founded in April 2025 by Kusha Kapila and Vimarsh Razdan, Underneat is a mass-premium innerwear brand offering high-quality, affordable solutions designed for the Indian woman’s body. With a product range spanning shapewear, innerwear, and accessories, the brand aims to combine style, comfort, and accessibility to redefine confidence wear in India.
The fresh capital comes at a time when Underneat has emerged as one of the fastest-scaling D2C fashion brands in the country, having crossed ₹150 crore in ARR while remaining EBITDA positive within eight months of launch.
Co-Founders Kusha Kapila and Vimarsh Razdan said, “Our customers are crafting this journey with us. 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.”
Adarsh Menon, Partner, Fireside Ventures, said, “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.”
