372
/ 3
Min Read
Just a year after its launch, premium shapewear brand Underneat has achieved an annualised revenue run rate (ARR) of Rs 200 crore, marking a significant milestone in its growth journey. Co-founded by content creator Kusha Kapila and fashion industry veteran Vimarsh Razdan, the brand has sold over 9 lakh units across shapewear, innerwear, and accessories, serving more than 6.5 lakh customers.
Launched in April 2025 as a direct-to-consumer (D2C) brand, Underneat is now preparing to expand its presence into offline retail.
Instead of pursuing a broad-based retail rollout, the company plans to leverage insights from its D2C business, including purchase behaviour, geographic demand, sizing preferences, and category trends, to identify high-potential markets and determine the most suitable store formats. The offline strategy will include a mix of retail store formats and strategic marketplace partnerships, enabling the brand to strengthen its presence across India's organised retail ecosystem.
Underneat also reports a customer satisfaction score of 93%, supported by more than 23,000 verified reviews and over 7.86 lakh recorded consumer interactions.
“India’s innerwear category has been underloved for decades with assumptions about what women want. What Underneat has proven in 12 months is that when you close that gap with the right product and genuine consumer trust, the market responds at a pace that even surprises us. ₹200 Crore ARR is a validation of the model, but it’s also a signal of how large the opportunity still is,” said Vimarsh Razdan, co-founder & CEO of Underneat.
“The conversations we had before we even launched told us everything about fit, about frustration, about how consistently the category had let Indian women down. We built Underneat as an answer to all of that, and the response has been humbling. Six lakh women choosing us in year one isn’t just a number; it’s a measure of trust we take very seriously,” said Co-founder Kusha Kapila.
Breaking into a category traditionally dominated by legacy brands, Underneat has carved a distinct identity through a consumer-first approach. Rather than emerging from conventional market research or boardroom strategy, the brand was shaped by real conversations with its audience. In the months leading up to its April 2025 launch, co-founder and content creator Kusha Kapila used her Instagram platform to spark candid, often humorous discussions around the everyday challenges Indian women face with innerwear, from poor fit and inconsistent sizing to the lack of products designed around their needs. According to the company, these insights became the foundation of the brand, giving Underneat a strong competitive edge built on deep consumer understanding.
