Popular content creator and actress Kusha Kapila has hit a significant business milestone. Her direct-to-consumer (D2C) shapewear label, Underneat, has successfully secured a fresh infusion of capital, marking a major step in its growth journey.
Major Funding Boost for Homegrown Shapewear
Underneat has raised $6 million, approximately Rs 54.5 crore, in its latest funding round. The investment was spearheaded by Fireside Ventures, a notable backer of successful consumer brands like Mamaearth and The Sleep Company. This latest round brings the total funding raised by the Gurgaon-based startup to $7 million.
The company, co-founded by Kusha Kapila and Vimarch Razdan in April 2025, has witnessed remarkable traction in a short span. It has reportedly crossed an impressive annual recurring revenue (ARR) of Rs 150 crore. This strong financial performance underscores the burgeoning demand for functional and well-designed shapewear in the Indian market.
Expansion Plans and Market Vision
The newly acquired funds are earmarked for a strategic expansion. Underneat plans to significantly scale its operational capacity to meet the soaring demand from customers across tier-1 and tier-2 cities in India. The brand's current portfolio, which includes bras, bodysuits, and bodycon dresses designed for all body types, is positioned in the mass-premium segment.
Kapila shared the exciting news with her followers on Instagram, expressing her joy and gratitude. She credited the brand's honest storytelling and customer feedback for its success. "Seeing Vimarsh and my fire, Fireside Ventures came and gave us something... bro, it was a miracle," she wrote, adding her happiness at finding the right partners and audience for her idea.
Riding a Wave of Market Opportunity
The success of Underneat is not happening in a vacuum. It is tapping into a substantial and rapidly growing market. India's women's innerwear market is currently valued at $5.06 billion and is projected to expand dramatically, reaching an estimated $9.57 billion to $12 billion by 2033. This growth is fueled by increasing disposable incomes and the widespread adoption of e-commerce, which makes specialized brands more accessible to a pan-India audience.
Underneat's focus on products tailored for the Indian woman's body, combined with reasonable pricing, positions it well to capture a significant share of this expanding market. The backing from an experienced investor like Fireside Ventures provides not just capital but also strategic guidance as the brand embarks on its next phase of growth.
