Influencer-turned-actor Kusha Kapila’s newly launched shapewear brand UnderNeat has secured funding from Fireside Ventures, with Mamaearth co-founder Ghazal Alagh also joining in as an investor, sources have told Moneycontrol.
The seed-funding round is expected to be in the range of Rs 8-10 crore, though exact figures have not been disclosed.
Responding to Moneycontrol’s queries, co-founder Vimarsh Razan confirmed the fundraise, saying the round was closed but did not share the investment amount or the details of participating investors.
This investment comes just as UnderNeat, which went live March 30, is beginning to carve out a space in a category that has, until now, remained largely untapped in India.
Within two days of launch, the brand amassed 1,76,000 Instagram followers, riding on Kapila’s 4.1 million-strong personal digital presence.
According to the pitch deck reviewed by Moneycontrol, UnderNeat is positioning itself as a "mass-premium" shapewear brand.
The playbook is heavily inspired by Kim Kardashian’s shapewear giant, Skims, which has grown from a direct-to-consumer (D2C) startup in 2019 to a brand valued at over $4 billion, generating more than $1 billion in annual net sales.
“Our strategy for the shapewear brand is to achieve rapid growth in this emerging category within India and establish ourselves as a market leader. We draw significant inspiration from Skims, a brand that was launched in 2019 and experienced early growth.... we aim to follow a similar trajectory of success in the Indian market,” the deck reads.
The company plans to position itself as an affordable alternative to Skims, pricing its products 30-40 percent lower to ensure accessibility, it said.
UnderNeat’s first product line-up will include shapewear (waist cinchers, corsets, etc), outerwear like leggings, shorts and tees, followed by accessories, swimwear and loungewear, targeting women in the 18-40 agr group.
Nascent market
UnderNeat’s growth ambitions are tied to India’s evolving shapewear market, which remains largely fragmented and underpenetrated.
The global compression and shapewear industry, valued at $4.37 billion in 2024, is projected to reach $8.91 billion by 2034, growing at a CAGR of 7.5 percent, a report by Global Markets Insights has said.
In India, the segment is in its early stages. The market size stands at $196 million and is projected to grow at a CAGR of 11.3 percent from 2024 to 2031, Cognitive Market Research said in a report.
The growth will be driven by factors such as advancements in fabric technology and allowing brands to create lightweight shapewear for daily wear.
“As semi-urban cities grow economically, individuals are more inclined to invest in their appearance, driving demand for shapewear,” a report by ProMarkets said.
“International brands like Spanx and Skims have popularised shapewear globally, influencing Indian consumers as well. The success of these brands has encouraged local startups to innovate and expand their offerings.”
In India, several retail brands, including Zivame, Clovia, Triumph, PrettySecrets, C9 Airwear and Dermawear, sell shapewear, catering to a diverse range of consumer needs. Brands like Smilzo, Swee, and Adorna (SHK Brands) have also managed a strong presence.
Newer entrants ButtChique, The Active Story and Titan Capital-backed Krvvy are also innovating with custom-fit designs for different body types. Pricing in this segment varies widely, with products ranging from Rs 300 to Rs 4,500, depending on the brand and design.
Amidst this, UnderNeat is targeting a broad consumer base, including young adults who typically shop from fashion-first brands like H&M, Zivame, and Clovia, looking for affordable yet stylish shapewear with light-to-medium control.
Working professionals in the 30-45 age group often lean towards mid-range and premium brands such as Enamor and Marks & Spencer.
The brand’s go-to-market strategy is built on a mix of D2C sales via its website and offline partnerships with premium retail chains, eventually. Marketing will be heavily influencer-driven, leveraging Kapila’s personal brand power.
"Our goal is to be the first brand Indian women think of when they need shapewear, just as SKIMS has done globally," the deck said.
The rise of creator-led D2C brands
Kapila’s entry into the startup ecosystem is part of a growing trend of digital creators leveraging their personal brands to build consumer businesses.
With a loyal audience base and high engagement levels, influencers hold significant commercial influence — an advantage that many are now leveraging to launch D2C brands.
Over the past few years, several Indian creators have transitioned into entrepreneurship, tapping into fashion, beauty, and lifestyle segments.
Fashion influencer Deeksha Khurana founded apparel brand Dee Clothing; Diipa Büller-Khosla, known for her global influence in fashion and beauty, launched Inde Wild, an Ayurvedic beauty brand that recently secured $5 million in funding from Unilever Ventures.
Pune-based influencer Shaurya Sanadhya expanded her digital presence into fashion retail with Label Shaurya Sanadhya, while Juhi Godambe built Arabellaa, a resort-wear brand.
Content creator Bhuvan Bam joined Peppy as both an investor and co-founder, signalling the growing crossover between entertainment and business.
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