Underneat hits Rs 200 Cr ARR within a year of launch
Shapewear D2C brand Underneat, co-founded by Kusha Kapila and Vimarsh Razdan, has crossed Rs 200 crore (US$21 million) annualised revenue within a year of its April 2025 launch, ranking it among India's fastest-scaling D2C labels.
What happened
UnderNeat · Shapewear D2C brand Underneat, founded by Kusha Kapila and Vimarsh Razdan, has crossed Rs 200 crore annualised revenue within a year of its April
Key facts
- Rs 200 crore annualised revenue
- US$21 million
- launched April 2025
Why this matters
Underneat is now a credible acquisition or strategic-stake target for incumbent innerwear majors (Page, Lux, Zivame) looking to plug a shapewear gap and acquire a celebrity-anchored brand engine.
What to watch
- Funding round announcement and valuation multiple
- Return rate disclosures or contribution margin commentary
- Competitive launches from Clovia, Zivame, Wacoal in shapewear
- Kusha Kapila's content cadence and brand-content ratio shift
- Marketplace listings on Nykaa Fashion and Myntra
- Expand SKU into adjacent intimatewear (bras, loungewear) to lift AOV and repeat rate
- Raise Series A at Rs 1,500-2,000 Cr valuation leveraging ARR headline
- Launch offline retail pilot in metros to validate omnichannel thesis
- Build sizing-tech moat (AI fit guide) to suppress return rates