Underneat Company Profile

Background

Overview

Underneat is a direct-to-consumer (D2C) brand specializing in shapewear and intimate apparel tailored for Indian women. Founded in November 2024 by content creator Kusha Kapila and fashion entrepreneur Vimarsh Razdan, the company is headquartered in Gurugram, Haryana, India. Underneat's mission is to provide comfortable, functional, and stylish innerwear solutions that cater specifically to the unique needs of Indian women. The brand emphasizes inclusivity, comfort, and confidence, aiming to redefine the innerwear experience in India.

Mission and Vision

Underneat's mission is to offer shapewear and intimate essentials that seamlessly blend function and feeling, addressing the specific needs of Indian women. The brand envisions becoming a leading provider of comfortable and stylish innerwear, empowering women to feel confident and comfortable in their daily lives.

Primary Area of Focus

Underneat focuses on designing and manufacturing shapewear, bras, bodysuits, underwear, shorts, and accessories that cater to the Indian market. The brand emphasizes comfort, breathability, and adaptability to the Indian climate, ensuring that its products meet the diverse needs of its customers.

Industry Significance

Underneat operates in the rapidly growing Indian innerwear market, which is projected to reach $12 billion by 2033, growing at a compound annual growth rate (CAGR) of 11.2%. The brand's focus on comfort and inclusivity positions it as a significant player in this expanding market, catering to a previously underserved segment of consumers seeking functional and stylish innerwear solutions.

Key Strategic Focus

Core Objectives

• Product Innovation: Develop and offer shapewear and intimate apparel that combine comfort, functionality, and style, tailored to the needs of Indian women.

• Market Expansion: Expand distribution channels across key Indian cities and strengthen the brand's presence in the D2C fashion segment.

• Customer Engagement: Build a loyal customer base through direct engagement on digital platforms, leveraging founder Kusha Kapila's extensive online following.

Specific Areas of Specialization

• Comfort-Focused Design: Utilize breathable, climate-conscious fabrics to ensure comfort in the Indian climate.

• Inclusive Sizing: Offer a wide range of sizes to cater to diverse body types, promoting body positivity and inclusivity.

• Functional Fashion: Design products that are both functional and stylish, addressing the practical needs of daily wear while maintaining aesthetic appeal.

Key Technologies Utilized

• Sensil 6.6 Soft-Touch Yarns: Employ advanced fabric technology to create breathable and comfortable shapewear.

• Climate-Conscious Fabrics: Use materials that are suitable for the Indian climate, ensuring comfort and durability.

Primary Markets or Conditions Targeted

• Urban and Semi-Urban Areas: Focus on cities and towns with a growing middle-class population seeking quality innerwear solutions.

• E-commerce Platforms: Leverage online sales channels to reach a broader audience, capitalizing on the growing trend of online shopping in India.

Financials and Funding

Funding History

• Seed Funding: In February 2025, Underneat raised $809,480 in a seed funding round led by Fireside Ventures, with participation from angel investor Ghazal Alagh.

• Pre-Series A Funding: In December 2025, the company secured an additional $6 million in a pre-Series A funding round, also led by Fireside Ventures, with continued participation from Ghazal Alagh.

Total Funds Raised

Underneat has raised a total of $6.809 million across two funding rounds.

Notable Investors

• Fireside Ventures: A consumer-focused venture capital firm that led both funding rounds.

• Ghazal Alagh: Co-founder of Honasa Consumer Limited and an angel investor who participated in the seed funding round.

Intended Utilization of Capital

• Operational Scaling: Expand manufacturing capacity to meet growing demand.

• Distribution Expansion: Strengthen distribution channels across key Indian cities.

• Product Development: Enhance product offerings and introduce new categories to diversify the brand's portfolio.

Pipeline Development

As a relatively new entrant in the market, Underneat's pipeline development focuses on expanding its product range and enhancing existing offerings.

Key Pipeline Candidates

• Swimwear and Loungewear: Plans to diversify the product portfolio to include swimwear and loungewear, catering to a broader range of consumer needs.

Stages of Product Development

• Design and Prototyping: Developing new product designs and creating prototypes for testing.

• Manufacturing: Scaling up production to meet anticipated demand for new product categories.

Target Conditions

• Seasonal Adaptability: Ensuring new products are suitable for various weather conditions in India.

• Cultural Relevance: Designing products that align with Indian cultural preferences and fashion trends.

Relevant Timelines for Anticipated Milestones

• Mid-2026: Plans to launch exclusive brand outlets (EBOs) to enhance physical retail presence.

Technological Platform and Innovation

Proprietary Technologies

• Sensil 6.6 Soft-Touch Yarns: Utilized to create breathable and comfortable shapewear.

Significant Scientific Methods

• Comfort Science Testing: Products are engineered using comfort science tested for fit, function, and flexibility in real conditions.

Leadership Team

Kusha Kapila

• Position: Co-founder and Director

• Professional Background: A content creator and influencer with a significant online following, Kusha brings her expertise in digital engagement and brand building to Underneat.

• Key Contributions: Leveraged her digital community to build brand awareness and customer loyalty.

Vimarsh Razdan

• Position: Co-founder and Director

• Professional Background: A fashion entrepreneur with experience in the apparel industry, Vimarsh contributes his expertise in product development and business strategy.

• Key Contributions: Oversees product design and operational scaling to meet market demand.

Adarsh Menon

• Position: Nominee Director

• Professional Background: Details about Adarsh Menon's professional background are not specified.

• Key Contributions: Serves as a nominee director, contributing to the company's strategic decisions.

Competitor Profile

Market Insights and Dynamics

The Indian innerwear market is valued at approximately $5.06 billion and is projected to grow to $12 billion by 2033, with a CAGR of 11.2%. This growth is driven by rising disposable incomes, urbanization, and the increasing shift toward online-first apparel brands.

Competitor Analysis

• Clovia: An online lingerie brand offering a wide range of products, including bras, panties, and nightwear.

• Zivame: A leading online lingerie retailer in India, providing a diverse selection of innerwear and shapewear.

• Shyaway: An online lingerie store offering a variety of products, including bras, panties, and shapewear.

• Bummer: A brand focusing on comfortable and stylish innerwear for women.

• Freecultr: An apparel brand offering a range of products, including innerwear and activewear.

Strategic Collaborations and Partnerships

Underneat has secured funding from Fireside Ventures and Ghazal Alagh, which has been instrumental in scaling operations and expanding distribution channels.

Operational Insights

Underneat differentiates itself by focusing on comfort, inclusivity, and climate-conscious design, addressing specific needs of Indian women that have been overlooked by traditional innerwear brands. The brand's rapid growth and positive EBITDA within eight months highlight its strong market position and operational efficiency.

Strategic Opportunities and Future Directions