Underneat 的印度优先塑身衣赌注：8个月实现1.5亿卢比年收入，随后获600万美元融资

做的是什么生意

Underneat is a mass-premium D2C shapewear and innerwear brand for Indian women — bras, shapewear, bodysuits and intimates sized XS to plus, designed for Indian body proportions and hot, humid weather, sold on its own site and marketplaces.

启动资金：A $6M pre-Series A led by Fireside Ventures (December 2025), following early backing from Ghazal Alagh, co-founder of Honasa Consumer, who remained engaged as an existing investor.

起因

Kusha Kapila, a well-known Indian content creator, and Vimarsh Razdan, a fashion-industry veteran, founded Underneat in April 2025 as a mass-premium innerwear and shapewear brand designed for the Indian woman's body. The category had been structurally overlooked in India, and the founders leaned on Kapila's large audience — collecting feedback, repeat purchases and product demands through DMs — to shape the line.

经过

Within eight months the company crossed ₹150 crore ARR while remaining EBITDA positive, describing itself as among the fastest-scaling D2C fashion brands in India, with a 200,000-strong community. On December 16, 2025 it announced a $6M pre-Series A led by Fireside Ventures, with existing investor Ghazal Alagh of Honasa Consumer staying engaged; funds were earmarked for scaling operations and distribution across Indian cities. Fireside cited a $5.06B women's innerwear market projected to reach $9.57–12B by 2030–2033.

结果

Still scaling as of December 2025: EBITDA-positive at ₹150 crore ARR eight months after launch and expanding distribution across Indian cities after the Fireside-led round; by September 2026 the company's website claimed over one million happy customers.

可借鉴之处

品类空白常隐藏在当地细节中——印度身材、炎热、尺码——而创始人的受众是快速的研究循环；但八个月1.5亿卢比仍需要分销规模来维持。