Shapewear brand Underneat raises $6 Mn in pre-Series A led by Fireside Ventures

Shapewear brand Underneat has raised $6 million in a pre-Series A funding round led by Fireside Ventures.

The Gurugram-based startup had previously raised $2.51 million in a seed funding round from Fireside Ventures and others.

The fresh capital will be deployed toward scaling operations and strengthening distribution channels across Indian cities, Underneat said in a press release.

Co-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.

According to market research, India’s women’s innerwear market, currently valued at $5.06 billion, is projected to reach $9.57–12.0 billion by 2030–2033, growing at a CAGR of 8.4%–11.2%, driven by rising disposable incomes, increasing urbanisation, and e-commerce adoption.

Since launch, Underneat says it has captured a meaningful share of India’s nascent shapewear category by offering quality products at accessible price points. The brand’s growth has been driven by strong product-market fit and direct consumer engagement across digital channels. It also claims to have crossed Rs 150 crore in ARR while remaining EBITDA positive.