Kusha Kapila's Underneat Clocks ₹150 Crore ARR in Eight Months, Raises $6 Million Pre-Series A Backed by Ghazal Alagh

Indian shapewear brand underneat.in has crossed INR 150 crore in annual recurring revenue (ARR) in less than eight months, marking one of the fastest scale-ups in the D2C fashion space. The milestone comes alongside a $6 million Pre-Series A funding round led by Fireside Ventures, with Mamaearth Co-founder Ghazal Alagh backing the venture as an early investor and mentor.

Sharing the update on LinkedIn, Alagh described the journey as “a clear example of focused execution,” adding that the brand was built “not with a rigid business plan but with a conviction to solve a real challenge.”

Built Around a Real, Everyday Problem

Underneat.in was founded by Vimarsh Razdan, a veteran of the fashion industry, in partnership with content creator Kusha Kapila. The idea stemmed from a shared frustration around shapewear being uncomfortable and poorly suited to Indian needs.

“The problem was obvious,” Alagh wrote. “Indian women lacked the right shapewear, specifically designed for our bodies, our climate, and our price points.”

Instead of long planning cycles, the team chose to move fast. “We started immediately without an extensive paperwork but with conviction that this idea was worth building,” she noted.

The Three Cs That Drove Scale

According to Alagh, underneat.in’s rapid growth was driven by three core pillars, which she called the 3 Cs: Content, Community, and Commerce.

On content, she highlighted Kapila’s role in shaping the brand’s voice. “Kusha’s ability to create relatable content has been transformative,” Alagh said. “By focusing on honest conversations instead of just promotion, this became our most powerful growth engine.”

Community played an equally critical role. The brand has built a trusted base of over 2,00,000 women, who actively share feedback and advocate for the product. “They don't just buy; they share candid feedback and champion the brand,” she wrote, calling it a continuous loop of trust.

Commerce, meanwhile, was anchored by strong fundamentals. Alagh pointed to Razdan’s execution discipline, stating that the brand scaled “while staying EBITDA positive from day one by prioritising quality and unit economics.”

Funding and Next Phase

The Pre-Series A round was led by Fireside Ventures, a consumer-focused venture capital firm. Alagh said the partnership was built on a long-standing relationship and alignment on brand-building.

“My role was to back this vision as an early investor and mentor,” she said, adding that the latest milestone reflects the trust the brand has earned from its customers.

As underneat.in enters its next phase of growth, its early traction points to a wider shift in India’s D2C fashion market, where sharp problem identification, creator-led distribution, and operational discipline are increasingly driving outcomes.