Underneat, a direct-to-consumer innerwear and shapewear 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 is led by early-stage consumer-focused venture firm Fireside Ventures, marking a key milestone for the young fashion startup.
The funding round also sees the continued association of Ghazal Alagh, co-founder of Honasa Consumer Limited, who had backed the brand earlier. The latest capital infusion is expected to support Underneat’s plans to expand its business footprint in India’s competitive innerwear and shapewear market.
Founded in April 2025 and headquartered in Gurugram, Underneat operates in the mass-premium segment of India’s D2C fashion space. The brand positions itself as being designed specifically for Indian women, with a focus on fit, comfort and accessible pricing across categories such as shapewear, innerwear and related accessories.
Expansion Plans
The company plans to use the fresh funding to scale operations and strengthen its distribution network across multiple Indian cities. Expansion efforts are expected to include deeper market penetration, improved supply chain capabilities and wider availability of its product range through digital channels.
Underneat reports strong early traction since launch. According to the company, it has crossed an annual run rate of over Rs 150 crore and achieved EBITDA positivity within eight months of starting operations. These figures highlight growing consumer demand for homegrown innerwear brands that cater to local sizing and comfort preferences.
The founders have attributed this growth to an iterative product development approach that relies heavily on customer feedback. The brand currently serves a community of over 2,00,000 customers, with inputs from users playing a key role in refining product design, fit and fabric choices.
D2C Fashion Market
India’s D2C fashion and innerwear market has seen increased investor interest in recent years, driven by rising online shopping adoption and demand for specialised, comfort-focused products. Underneat’s latest funding round places it among a new set of consumer brands seeking to scale quickly while balancing profitability.
With backing from Fireside Ventures and continued support from existing investors, Underneat is expected to focus on steady expansion rather than rapid, discount-led growth. The company’s progress will be closely watched as it competes with both established innerwear brands and emerging digital-first players in the Indian market.
