Digital creator and actor Kusha Kapila is stepping deeper into the startup space with fresh funding flowing into Underneat, the direct-to-customer shapewear brand she co-founded earlier this year.
The Gurugram-based startup has raised $6 million from Fireside Ventures, marking a significant milestone for the celebrity-led venture. Existing investor Ghazal Alagh, cofounder of Honasa Consumer Limited, continues to remain engaged with the brand.
Founded in April 2025 by Kusha Kapila and entrepreneur Vimarsh Razdan, Underneat plans to use the fresh capital to scale operations and strengthen distribution across Indian cities.
From content creator to consumer brand founder
Known for her strong digital following and pop-culture influence, Kusha Kapila has transitioned from content creation into building a consumer brand aimed at Indian women. Underneat positions itself in the shapewear and innerwear space, a category that investors believe has remained structurally underserved in the country.
Fireside Ventures partner Adarsh Menon said the brand began by identifying a clear consumer gap and has since shown early signs of product leadership and scale. According to him, shapewear has long existed without focused innovation despite growing demand.
Early scale and profitability raise eyebrows
Underneat claims it has crossed ₹150 crore in annual recurring revenue while remaining EBITDA positive within eight months of launch. The startup also reported ₹12 crore in gross merchandise value in November, indicating early traction.
The founders said the brand’s growth has been driven by direct engagement with its user base, which they say now stands at around 2,00,000 women. Customer feedback on fit and comfort has played a central role in shaping product design and expansion.
Before this round, Underneat had raised $1 million from Fireside Ventures and Ghazal Alagh, signalling continued investor confidence in the celebrity-led startup.
Beyond D2C, into quick commerce
Underneat currently sells shapewear, innerwear and saree shapewear through its own D2C website. It has also expanded to platforms such as Blinkit and Myntra, suggesting a wider distribution push.
The funding comes amid growing attention on India’s women’s innerwear market, currently valued at $5.06 billion and projected to grow to $9.57–$12 billion by 2030–2033, driven by rising disposable incomes, urbanisation and ecommerce adoption.
The space already features established and emerging players such as Zivame, Kryyv and Clovia. Whether Underneat can hold its pace as competition intensifies will be closely watched.
For now, the funding round signals growing investor appetite for celebrity-founded consumer brands that combine influence with early business traction.
