Underneat raises $6M in pre Series A funding from Fireside Ventures

Shapewear brand Underneat on Tuesday raised $6 million in pre-Series A round led by existing investor Fireside Ventures, along with participation from Gazal Alagh, Co-founder, Mamaearth, to drive the brand’s operations.

The round comes just eight months after the company’s launch, which conincided with its seed round led by Fireside Ventures and Ghazal Alagh.

Founded by creator Kusha Kapila and fashion veteran Vimarsh Razdan, the company said it has crossed Rs 150 crore ARR since its launch, all while remaining EBITDA positive.

The capital infusion will primarily be responsible for scaling operations and strengthening distribution channels across cities, the company added.

“Underneat is building a category that has been structurally overlooked 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,” shared Adarsh Menon, Partner, Fireside Ventures.

“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 added.

Underneat sells shapewear and innerwear products directly to consumers, with demand driven largely through online channels and social media-led customer engagement, including content created by Kapila.

The company claims it has captured significant market share in the country’s emerging shapewear market. The category doesn’t have an individual brand but features apparel leaders like Westside, Nykd by Nykaa, Amante, Enamor and local brands.