New Delhi: Shapewear brand Underneat, founded by digital creator Kusha Kapila and entrepreneur Vimarsh Razdan, has raised USD 6 million in a Pre-Series A funding round led by Fireside Ventures, the company said in a release on Tuesday.
Launched in April 2025, the brand said it has crossed Rs 150 crore in annual recurring revenue (ARR) and is EBITDA positive within eight months of operations. The fresh capital will be used to scale operations and strengthen distribution channels across Indian cities.
Fireside Ventures, which has backed consumer brands such as Mamaearth, Sleep Company and Yoga Bar, sees Underneat as a strong category-led play. Adarsh Menon, Partner at Fireside Ventures, said the brand is addressing a structurally overlooked segment in the Indian market. “What began as a precise articulation of a consumer gap has evolved into a brand with clear product leadership and early evidence of scale. As the first institutional partner, we’ve seen the discipline and intent with which Vimarsh and Kusha are building, and we’re pleased to deepen our partnership as they continue to define and scale this category,” he said.
Since launch, Underneat has gained traction by offering shapewear products at accessible price points, supported by direct-to-consumer engagement across digital platforms. Growth has also been driven by Kapila’s “what to wear under” content series on Instagram, which helped build awareness and consumer demand for the category.
“Our customers are crafting this journey with us,” said co-founders Kapila and Razdan in a joint statement. They added that customer feedback and repeat purchases have shaped the brand’s product design and fit.
