A new category in womenswear. A large white space in the Indian wardrobe. A celebrity-led consumer brand. And an excellent example of our early-venture-to-venture investment roadmap. Underneat has been an exciting addition to the Fireside portfolio on several counts.
There are few milestones more satisfying than watching a seed-stage concept mature into a credible, fast-scaling venture business. And our journey with Underneat, India’s first comfort-first shapewear brand designed for Indian women, reflects precisely that.
Looking back
When we led their seed round, Underneat was pre-revenue – an ambitious idea backed by a strong founding duo solving an unaddressed consumer need in women’s shapewear. Barely a year later, the brand has demonstrated remarkable progress, on track to becoming an iconic brand.
This growth, consistent execution, and strong consumer love convinced us to double down with a follow-on Series A cheque, further consolidating our holding on the cap table.
The first investment: Making shapewear comfortable
When we first met Vimarsh and Kusha, the opportunity was still forming. Vimarsh brought strong operating experience, with deep domain expertise in the fashion vertical, sourcing & procurement, manufacturing, and a network that enabled Underneat to secure low-MOQ, high-quality partnerships right from the start. Kusha is one of India’s leading digital creators, and shaped, if you will, Underneat, to reflect her authentic and relatable connection with young women. As Consumer #1, she has firsthand experience with shapewear’s core pain points, having tested products across global brands, including SKIMS.
The insight was clear: most shapewear sold in India was imported, ill-fitted, and uncomfortable in the local climate. The INR ~1,200 crore Indian shapewear market was dominated by unbranded, low-quality Chinese products, offering no specialised fit for Indian bodies. Our own thesis led us to believe that the category would expand 4–5x over the next decade, driven by changing lifestyles, evolving fashion choices, and the blurring line between innerwear and outerwear. We clearly saw a huge opportunity to build the SKIMS for India.
Underneat’s promise of delivering high-quality, comfortable shapewear at mass-premium pricing was aligned perfectly with macro tailwinds, cultural shifts, and our portfolio’s broader focus on emerging consumer needs.
Execution, execution, and execution
Underneat launched in April 2025, and the results were far ahead of our wildest expectations, with rapid adoption across digital channels. By October itself, the company achieved impressive operational efficiency, maintaining stable profitability margins, and demonstrating pricing power within months of scale.
Aided by Kusha’s authentic storytelling and influencer network, the lion’s share of early sales were organic through community-led campaigns. Consumer ratings have consistently clocked between 9 and 10/10, citing the “weightless comfort” and “perfect fit” that differentiate Underneat from existing players.
Doubling down on shapewear for India
Our seed investment was built on trust in the founders’ pedigree, consumer insight, and market timing. The follow-on investment represents conviction in seamless execution, strong consumer validation, and the long-term scalability potential of the business.
Underneat is growing fast and sustainably – with positive EBITDA margins, strong repeat rates, excellent product ratings, and most importantly, backed by huge consumer love. The company has also begun diversifying its supply chain to mitigate future risks.
The next phase of growth will focus on expanding categories and channels:
- Sequential launches, including multi-compression shapewear, saree shapewear, and comfort-led sportswear
- Deeper integration with marketplaces
- Strengthened retention through subscriptions and loyalty programs
- Offline experimentation through kiosks and pop-ups
This disciplined strategy will help scale Underneat, and enable it to eventually expand to adjacent verticals such as activewear and outerwear.
Founders committed to building India’s first shapewear brand
Vimarsh and Kusha’s shared purpose of creating a shapewear brand that promotes body confidence, rather than correcting issues, has resonated powerfully with consumers. While Vimarsh’s global-standard understanding of product and supply chain has been vital in establishing the “comfort meets compression” technology that defines Underneat, Kusha represents modern brand building at its best. Her credibility among India’s Gen Z and millennial audiences has translated directly into brand love and community-led word-of-mouth growth.
Our view is that Underneat sits at the intersection of what Indian consumers want today: comfort, body-positivity, and modernity. Our follow-on investment underlines our confidence in founders, category’s latent and growing demand, Underneat’s first-mover advantage, and the founders’ ability to scale rapidly while maintaining profitability. Beyond the undeniably outstanding numbers, Underneat reinforces what we believe good venture investing is about: identifying strong founders solving meaningful cultural shifts at scale.
The road ahead
Few brands successfully move from seed-stage promise to venture-scale performance in less than a year. Underneat’s success is the result of a powerful founding team, flawless execution, and a category-defining opportunity in a market that is still wide open for leadership.
The broader opportunity extends beyond shapewear. If SKIMS could redefine this category globally, Underneat has the potential to do the same. India-specific design, fabric, and climate consideration will help the brand stay uniquely relevant, yet aspirational and functional. We’re thrilled to be part of their journey, from insightful idea to Indian icon!
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