India’s D2C ecosystem continues to attract strong investor interest as Underneat, a fast-growing shapewear and innerwear brand, has raised $6 million in a pre-Series A funding round led by Fireside Ventures. The fundraise marks another significant moment in D2C funding news and reinforces growing confidence in women-focused, mass-premium D2C brands India.
The Gurugram-based startup had earlier raised $2.51 million in seed funding, also backed by Fireside Ventures, and the continued participation highlights the investor’s conviction in Underneat’s brand, execution, and growth trajectory. According to the company, the fresh capital will be deployed to scale operations, strengthen distribution channels, and expand reach across key Indian cities, further deepening its presence in the Direct-to-consumer India market.
Founded in April 2025 by creator-entrepreneur Kusha Kapila and co-founder Vimarsh Razdan, Underneat positions itself as a mass-premium innerwear and shapewear brand designed specifically for the Indian woman’s body. The product portfolio spans shapewear, innerwear, and accessories, with a sharp focus on comfort, fit, affordability, and style. This approach reflects evolving D2C consumer behavior India, where women increasingly seek functional, confidence-led products that blend quality with accessibility.
Underneat has built its brand as a digital-first player, leveraging direct consumer engagement across online channels to build trust, gather feedback, and iterate quickly on products. This strong D2C business model India has helped the brand capture a meaningful share of India’s still-nascent shapewear category, which has historically been underserved by legacy players.
Market data underscores the scale of opportunity ahead. India’s women’s innerwear market, currently valued at $5.06 billion, is projected to grow to $9.57–12.0 billion by 2030–2033, expanding at a CAGR of 8.4%–11.2%. This growth is being driven by rising disposable incomes, increasing urbanisation, greater body-positivity awareness, and rapid adoption of ecommerce—key tailwinds shaping D2C market trends 2025.
Underneat claims it has already crossed ₹150 crore in ARR, while remaining EBITDA positive, a milestone that stands out in the current D2C industry news cycle where profitability alongside growth is increasingly valued. The brand’s performance places it among the fastest-growing D2C brands in the fashion and lifestyle segment and strengthens its positioning as one of the latest D2C startups to scale sustainably.
Fireside Ventures’ continued backing also reflects a broader investor thesis around VC-backed D2C brands that combine strong brand storytelling, category creation, and disciplined unit economics. With its creator-led origins, Underneat also aligns with the rise of creator-led D2C brands, where authenticity and direct consumer trust play a central role in growth.
As Underneat enters its next phase, the company is expected to deepen its omnichannel footprint, expand product categories, and invest further in brand-building. The fundraise adds to ongoing Indian D2C updates and positions Underneat as a brand to watch as the shapewear and innerwear category matures within India’s broader D2C ecosystem India.
