Kusha Kapila-backed D2C brand Underneat secures $6M investment

Shapewear and innerwear brand Underneat, co-founded by Indian social media personality Kusha Kapila and entrepreneur Vimarsh Razdan, has raised $6 million (approximately ₹54.5 crore) in a Pre-Series A funding round led by Fireside Ventures. Existing investor Ghazal Alagh, co-founder of Honasa Consumer Limited, also participated in the round.

The Gurugram-based direct-to-consumer (D2C) startup announced the capital raise in mid-December 2025 as it prepares to scale operations and expand its distribution across Indian markets.

Since its launch in April 2025, Underneat has reported strong early performance, surpassing an annual recurring revenue (ARR) of ₹150 crore and achieving EBITDA positivity within approximately eight months – a milestone that positions it among the fastest-scaling brands in the competitive D2C apparel segment.

Underneat’s product portfolio includes shapewear, bras, bodysuits and bodycon dresses designed for everyday wear, with a focus on fit and size inclusivity. The brand attributes its early customer adoption in part to digital engagement and direct consumer feedback.

Fireside Ventures, which has backed consumer brands such as Mamaearth, Sleep Company and Yoga Bar, highlighted the market opportunity presented by Underneat’s positioning in a segment seen as structurally underserved in India. Adarsh Menon, Partner at Fireside Ventures, said, “Underneat is building a category that has been structurally overlooked in the Indian market. What began as a precise articulation of a consumer gap has evolved into a brand with clear product leadership and early evidence of scale.”

He further added:

“As the first institutional partner, we’ve seen the discipline and intent with which Vimarsh and Kusha are building, and we’re pleased to deepen our partnership as they continue to define and scale this category.”

According to company representatives, the fresh capital will be used to scale operational capacity, strengthen supply chain capabilities, and expand distribution networks across India, including tier-1 and tier-2 cities. The brand has also indicated plans to broaden its product range.

Kapila announced the funding on Instagram on 16 December, sharing a video with her followers. In her post, she reflected on Underneat’s growth and customer engagement, noting that the brand had “already served over 200,000 customers” and engaged with “over 600,000 women for product feedback.”

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A post shared by Kusha Kapila (@kushakapila)

Underneat’s funding comes amid sustained investor interest in consumer brands within India’s expanding innerwear and shapewear market. The women’s innerwear segment, valued at several billion dollars, is expected to grow further, driven by rising disposable incomes, urbanisation and increased adoption of online shopping channels.