Shapewear label Underneat secures $6 million in Pre-Series-A funding
17 December 2025, Mumbai
The mass-premium shapewear label co-founded by content powerhouse Kusha Kapila and fashion veteran Vimarsh Razdan, Underneat has secured $6 million in Pre-Series-A funding. Led by Fireside Ventures with continued participation from Ghazal Alagh, the funding round marks a watershed moment for a brand that has shattered traditional D2C scaling records. Since its April 2025 debut, Underneat has hit a staggering Rs 150 crore ARR, achieving EBITDA positivity in just eight months—a rarity in the capital-intensive apparel sector.
The brand’s meteoric rise is anchored in a precise solution to a long-ignored consumer pain point: shapewear engineered specifically for Indian body types and climates. Leveraging Kapila’s digital community of over 4 million, Underneat utilizes ‘honest storytelling’ to convert educational content into a loyal customer base of over 200,000 women. The fresh capital is earmarked for an aggressive retail blitz, scaling distribution beyond digital storefronts and Myntra into physical hubs. ‘We aren't just selling garments; we are building a feedback-led movement for real Indian bodies, say Kapila and Razdan.
Capitalizing on a $12 billion opportunity
The investment aligns with a massive shift in India’s $5.06 billion lingerie market, which is projected to double to $12 billion by 2033 at a CAGR of 11.2 per cent. As urbanization and disposable incomes rise, the category is pivoting from ‘functional necessity’ to "confidence-led fashion.’ By positioning itself as a ‘Skims for India,’ Underneat is strategically filling a niche that structural legacy players have overlooked. With mid-2026 plans for exclusive brand outlets (EBOs), the brand is poised to lead the transition from conventional innerwear to high-performance, inclusive shapewear.
Founded in late 2024 and launched in April 2025, Underneat is a Gurugram-based D2C brand redefining the ‘inner-confidence’ category for the modern Indian woman. The brand specializes in mass-premium shapewear, seamless bodysuits, and saree contour-wear using proprietary Sensil breathable fabric technology.
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