Underneat Raises $6 Million to Expand India's Shapewear Market
- Underneat secures $6 million pre-Series A funding led by Fireside Ventures.
- Capital to boost operations and expand distribution across Indian cities.
- Startup focuses on mass-premium shapewear and innerwear designed for Indian women.
Gurugram-based shapewear startup Underneat has raised $6 million in a pre-Series A funding round led by Fireside Ventures. The company, which had previously raised $2.51 million in its seed round, will use the fresh capital to scale operations and strengthen distribution networks across key Indian cities.
Founded in April 2025 by Kusha Kapila and Vimarsh Razdan, Underneat offers a mass-premium line of shapewear, innerwear, and accessories designed specifically for Indian women. The brand combines comfort, style, and affordability to create confidence-boosting products that cater to everyday needs.
The women’s innerwear market in India is currently valued at $5.06 billion and is expected to grow to between $9.57 and $12 billion by 2030-2033, with a CAGR of 8.4 percent-11.2 percent, fueled by rising incomes, urbanization, and e-commerce adoption. Since its launch, Underneat has carved out a significant share in India’s emerging shapewear segment, driven by strong product-market fit and direct consumer engagement via digital platforms.
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The startup reports crossing Rs 150 crore in annual recurring revenue while remaining EBITDA positive. With this new funding, Underneat aims to accelerate its growth, broaden its product portfolio, and make premium shapewear accessible to more women across India.
