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Underneat, a direct-to-consumer shapewear and innerwear brand co-founded by content creator Kusha Kapila and fashion entrepreneur Vimarsh Razdan, has raised $6 million in a Pre-Series A funding round. The investment was led by consumer-focused venture capital firm Fireside Ventures, with existing investor Ghazal Alagh, co-founder of Honasa Consumer Limited, continuing her association with the company.
The fresh capital will be deployed to scale operations, expand distribution across key Indian cities and strengthen the brand’s supply chain and go-to-market capabilities as it builds momentum in India’s competitive D2C fashion segment.
Founded in April 2025, Underneat has demonstrated rapid early traction. The company has crossed an annualised revenue run rate of over ₹150 crore and achieved EBITDA profitability within eight months of launch, positioning it among the faster-scaling new-age apparel brands in the country.
Underneat operates in the mass-premium segment, offering innerwear, shapewear and related accessories designed specifically for Indian women. The brand emphasises fit, comfort and affordability, addressing a gap in the market for functional, everyday solutions tailored to local body types and usage needs.
A key driver of the brand’s early visibility has been its direct engagement with consumers on digital platforms. Kapila’s content-led approach, particularly her widely followed “what to wear under” series, has helped translate consumer pain points into product-led solutions, contributing to strong customer adoption. Underneat currently serves a community of more than 200,000 customers.
“Our customers have played a central role in shaping the brand,” the founders said in a joint statement, noting that continuous feedback has informed product development and fit. They added that the new funding will enable Underneat to deepen its consumer reach and enhance product offerings.
The funding round comes as India’s women’s innerwear market—valued at approximately $5.06 billion—continues to expand, driven by rising disposable incomes, urbanisation and the growing shift toward online-first apparel brands. Underneat’s latest raise underscores sustained investor interest in differentiated, founder-led consumer businesses targeting this evolving category.
