Underneat Shapewear Brand Receives $6 Million Funding

Underneat, a shapewear brand, has successfully secured $6 million in a pre-Series A funding round led by Fireside Ventures. Established in Gurugram, this startup had earlier raised $2.51 million during its seed funding round with support from Fireside Ventures and other investors. The newly acquired funds are set to be utilised for expanding operations and enhancing distribution networks across various cities in India, as stated in a recent press release.

Founded in April 2025 by Kusha Kapila and Vimarsh Razdan, Underneat markets itself as a mass-premium innerwear brand providing high-quality, budget-friendly options tailored to the Indian woman’s physique. The brand showcases an extensive product line that includes shapewear, innerwear, and accessories, aiming to merge style, comfort, and accessibility to transform confidence wear in India.

Market Growth for Women’s Innerwear in India

As per market analysis, the women’s innerwear segment in India, currently valued at $5.06 billion, is anticipated to expand to between $9.57 billion and $12.0 billion by 2030-2033. This growth, estimated at a CAGR of 8.4% to 11.2%, is supported by increasing disposable incomes, heightened urbanisation, and a rise in e-commerce utilisation.

Underneat’s Achievements in the Shapewear Category

Since its inception, Underneat claims to have gained a significant foothold in India’s emerging shapewear market by offering quality products at competitive price points. The brand attributes its rapid expansion to a well-aligned product-market strategy and strong direct consumer interactions through digital platforms. Additionally, Underneat has announced crossing Rs 150 crore in annual recurring revenue while maintaining a positive EBITDA.