Underneat Secures $6 Million in Pre-Series A Funding: A Boost for India’s Shapewear Market
Shapewear brand Underneat has recently raised $6 million in a pre-Series A funding round led by Fireside Ventures. This Gurugram-based startup, co-founded in April 2025 by Kusha Kapila and Vimarsh Razdan, is making waves in India’s burgeoning innerwear market. With its focus on providing high-quality, affordable solutions tailored for the Indian woman’s body, Underneat is poised to redefine confidence wear in the country.
A Strategic Investment for Growth
The fresh capital will be strategically deployed to scale operations and strengthen distribution channels across Indian cities. Previously, Underneat had raised $2.51 million in a seed funding round, also led by Fireside Ventures. This continued support highlights investor confidence in the brand’s potential.
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Understanding the Market Potential
India’s women’s innerwear market is currently valued at $5.06 billion and is projected to reach between $9.57 billion and $12.0 billion by 2030-2033. This growth is driven by rising disposable incomes, increasing urbanization, and the widespread adoption of e-commerce. Underneat is well-positioned to capitalize on these trends by offering products that combine style, comfort, and accessibility.
Capturing Market Share
Since its launch, Underneat has captured a meaningful share of India’s nascent shapewear category. The brand attributes its growth to a strong product-market fit and direct consumer engagement across digital channels. Impressively, Underneat claims to have crossed Rs 150 crore in annual recurring revenue (ARR) while remaining EBITDA positive.
The Role of Digital Engagement
Digital channels have played a crucial role in Underneat’s growth. By leveraging social media and e-commerce platforms, the brand has been able to reach a wider audience and engage directly with consumers. This approach not only boosts sales but also builds a loyal customer base.
Fireside Ventures’ Continued Support
Fireside Ventures’ involvement in both the seed and pre-Series A funding rounds underscores their belief in Underneat’s vision. Fireside Ventures is known for backing consumer brands that resonate with the Indian market, and their investment in Underneat aligns with this strategy.
The Future of Shapewear in India
With the innerwear market set to grow significantly, Underneat’s focus on quality and affordability positions it well for future success. The brand aims to redefine what it means to wear confidence in India, offering products that empower women by combining style with comfort.
A Broader Perspective
Underneat’s journey is reminiscent of other successful startups that have leveraged market trends to drive growth. For instance, Zivame, another Indian innerwear brand, has similarly capitalized on digital channels and consumer insights to expand its market presence.
Key Takeaways
- Investment Utilization: The $6 million funding will enhance operations and distribution.
- Market Growth: India’s innerwear market is expected to nearly double by 2030-2033.
- Digital Strategy: Direct consumer engagement has been pivotal to Underneat’s success.
- Investor Confidence: Fireside Ventures’ continued investment highlights trust in the brand.
Questions to Consider
- How will Underneat continue to differentiate itself in a competitive market?
- What role will technology play in shaping the future of the innerwear industry?
By focusing on these strategic elements, Underneat is not just participating in the market but actively shaping its future. The brand’s commitment to quality and consumer engagement sets a benchmark for others in the industry.
