Underneat hits Rs 200 cr ARR in year one, plots offline retail entry
Kusha Kapila-backed D2C shapewear label Underneat has crossed Rs 200 crore ARR within 12 months of its April 2025 launch, selling 9 lakh units to 6.5 lakh customers at 93% CSAT. Founders now plan offline stores and marketplace tie-ups, using D2C data to guide assortment.
What happened
UnderNeat · D2C shapewear brand Underneat, co-founded by Kusha Kapila and Vimarsh Razdan, hit Rs 200 crore ARR within 12 months of its April 2025 launch and
Key facts
- Rs 200 crore ARR
- 9 lakh units sold
- 6.5 lakh customers
- 93% CSAT
- 23,000 reviews
- launched April 2025
Why this matters
Underneat's imminent offline and marketplace expansion creates a near-term window for retail partnerships, shelf-space deals, or strategic stake conversations.
What to watch
- First offline store opening + same-store revenue disclosure
- Marketplace listing on Myntra/Nykaa and discount depth
- Repeat purchase rate beyond month 6 cohort
- Competitor shapewear SKU launches and ad-spend spikes
- Series A/B round announcement and valuation multiple
- Map shapewear SKU gaps at Zivame/Nykd and time competitive launches
- Track Underneat's first 10 store locations to read tier-1 vs tier-2 retail thesis
- Benchmark CSAT 93% against category to validate fit-tech moat claim
- Identify creator-led brand pipeline using Kapila playbook (audience + category fit)