Underneat Accelerates Growth with ₹200 Crore ARR and Offline Expansion Plans
Premium shapewear brand Underneat, founded by creator Kusha Kapila and fashion industry veteran Vimarsh Razdan, has emerged as one of India’s fastest-growing direct-to-consumer (D2C) brands. The company has achieved an annual recurring revenue (ARR) of ₹200 crore in less than 12 months, placing it among a select group of Indian D2C brands to reach this milestone within their first year of operations.
Since its launch in April 2025, Underneat has served more than 6.5 lakh women and sold over 9 lakh units across shapewear, innerwear and accessories. Building on this momentum, the brand is now preparing for its next growth phase through a strategic expansion into offline retail.
Rather than pursuing a broad physical retail rollout, Underneat plans to leverage its extensive consumer data, including purchase behaviour, geographic insights, sizing preferences and category trends, to identify high-potential markets and retail formats. The expansion strategy will include both standalone retail opportunities and partnerships across organised retail channels.
The brand has built a highly engaged customer community, recording more than 7.86 lakh consumer interactions and over 23,000 verified reviews. Its customer satisfaction score remains at an impressive 93%, reflecting strong consumer trust and a consistent focus on product quality, fit and service.
Underneat has differentiated itself in a category traditionally dominated by established players by offering premium-quality products, inclusive sizing and consumer-centric communication. The brand’s foundation was built on addressing real challenges faced by Indian women, including fit issues, inconsistent sizing and limited product innovation.
Prior to the brand’s launch, Kusha Kapila engaged directly with her audience to understand common frustrations surrounding innerwear and shapewear, helping shape a product ecosystem designed around consumer needs. This approach has enabled Underneat to create a strong connection with its customer base and establish a distinct position in the market.
Commenting on the milestone, Vimarsh Razdan, Co-founder and CEO of Underneat, said, “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.”
Kusha Kapila, Co-founder of Underneat, added, “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.”
With strong product-market fit, a rapidly growing customer base and a data-driven expansion strategy, Underneat is positioning itself for sustained growth while reshaping India’s premium shapewear and innerwear market.
