The Souled Store
Financial Performance
The Souled Store Revenue & Financials
Revenue
~$57.1M (FY2025)
Net Income
~$1.3M
What is The Souled Store's revenue?
The Souled Store had ~$57.1M in revenue for fiscal year 2025, up 36.7% from 2024. Net income was ~$1.3M.
- Latest revenue
- ~$57.1M (FY2025)
- Year-over-year
- +36.7%
- Growth rate (CAGR)
- 45.3% over 2 years
- Peak revenue
- ~$57.1M (FY2025)
- Years of data
- 3
- How much profit does The Souled Store make?
- The Souled Store reported net income of ~$1.3M for fiscal year 2025. entrackr.com
Financial Analysis
According to Registrar of Companies filings reported by Entrackr, revenue from operations rose from ~$27 million (₹233 crore) in FY23 to ~$41.8 million (₹360 crore) in FY24, when the company posted a ~$2.05 million (₹17.67 crore) profit, its first profitable year. In FY25 revenue grew about 37% to ~$57.1 million (₹492 crore) (Inc42 puts total income at ~$58 million (₹500.3 crore)), while profit fell 38% to ~$1.28 million (₹11 crore) as employee and marketing costs rose. Total equity funding is about $29.4 million across five rounds, the last being a ~$15.7 million (₹135 crore) round in March 2023 led by Xponentia Capital with Elevation Capital and RPSG Capital. The Economic Times put the last valuation at about $174 million (₹1,500 crore) and reported in September 2026 that a mostly secondary deal could value the company at ₹4,000-5,000 crore.
Revenue Trend Analysis
YoY Change
+36.7%
2-Year CAGR
+45.3%
Peak Year
2025
Trend
Not enough comparable years
The Souled Store has 3 full fiscal year figures on this page, compounding at +45.3% annually over 2 years. The most recent year saw a 36.7% increase versus the prior year. Annual revenue peaked in fiscal year 2025 at ~$57.1M. Of 2 comparable year-over-year steps, 2 showed growth and 0 showed a decline.
Annual revenue history
| Fiscal Year | Revenue | Net Income | YoY Change | Source |
|---|---|---|---|---|
| FY2025 | ~$57.1M | ~$1.3M | +36.7% | RoC filings via Entrackr Revenue from operations, fiscal year ended 31 March 2025. |
| FY2024 | ~$41.8M | ~$2M | +54.5% | RoC filings via Entrackr Revenue from operations, fiscal year ended 31 March 2024. |
| FY2023 | ~$27M | — | — | RoC filings via Entrackr Revenue from operations, fiscal year ended 31 March 2023. |
Click any row to see year details.
Keep researching The Souled Store
The Souled Store Revenue and Financial FAQ
What was The Souled Store's revenue and profit for fiscal year 2025 (FY25)?
According to Registrar of Companies (RoC) filings, The Souled Store generated ₹492 crore (~$57.1 million USD) in revenue from operations for the fiscal year ended March 31, 2025, an increase of 37% year-over-year, alongside a net profit of ₹11 crore (~$1.28 million USD).
What were The Souled Store's financial results in fiscal year 2024 (FY24)?
In FY24, the company recorded revenue from operations of ₹360 crore (~$41.8 million USD) and achieved its first full year of net profitability with a net profit of ₹17.67 crore (~$2.05 million USD).
Why did net profit moderate from ₹17.7 crore in FY24 to ₹11 crore in FY25 despite revenue growth?
Net profit moderated by 38% in FY25 due to strategic upfront investments: opening dozen new physical mall stores, incurring mall security deposits and lease rentals, hiring senior retail talent, and expanding marketing campaigns.
How much total venture capital funding has The Souled Store raised?
The Souled Store has raised approximately $29.4 million USD (roughly ₹240 crore) across five funding rounds, maintaining exceptional capital efficiency compared to loss-making Indian D2C competitors.
Who are the primary institutional investors in The Souled Store?
Key institutional investors include Xponentia Capital (leading Series C in 2023), Elevation Capital (leading Series B in 2021), and RPSG Capital (leading Series A in 2018), with the four co-founders still retaining majority equity control.
What is The Souled Store's current enterprise valuation?
Following a valuation of approximately ₹1,500 crore ($174M USD) during its 2023 Series C round, secondary share sale transactions in mid-2026 valued the profitable fashion company at ₹4,000 crore to ₹5,000 crore ($500M+ USD).
What is the breakdown of The Souled Store's operating expenses?
Primary expenses include raw material and garment procurement (~40% of revenue), employee benefit costs (~15%), digital advertising and performance marketing (~14%), store lease rentals (~10%), and licensing royalties (~8%).
What is The Souled Store's Average Order Value (AOV)?
The company's Average Order Value has steadily climbed from roughly ₹850 in its early t-shirt days to over ₹1,600 to ₹1,800 today, driven by the addition of premium cargos, Supima tees, outerwear jackets, and footwear.
How do The Souled Store's financial metrics compare to D2C rival Bewakoof?
Unlike Bewakoof, which accumulated substantial losses before being acquired by Aditya Birla's TMRW, The Souled Store prioritized positive unit economics, remaining profitable while expanding revenues past ₹500 crore.
Does The Souled Store carry heavy debt on its balance sheet?
No. The company operates with minimal long-term debt, funding its working capital, retail store buildouts, and inventory cycles primarily through internal operating cash flows and equity reserves.
What are The Souled Store's revenue projections through FY27?
Management targets reaching ₹1,000 crore ($120M+ USD) in annual revenue by FY27, powered by expanding its offline footprint to over 100 mall stores and scaling international sales in the Gulf region.
Are the founders planning an Initial Public Offering (IPO) in India?
With two consecutive years of RoC-audited net profitability and robust top-line growth, The Souled Store is widely viewed by institutional analysts as a prime candidate for a domestic stock exchange IPO on the NSE and BSE.
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Using these figures? Please credit CorpDigest with a link.
CorpDigest. "The Souled Store Revenue & Financials." CorpDigest, https://corpdigest.com/company/the-souled-store/financials.<div style="font-family:system-ui,sans-serif;font-size:14px;line-height:1.5;border:1px solid #e2e8f0;border-radius:8px;padding:12px 16px;max-width:520px"><strong>The Souled Store reported ~$57.1M in revenue (FY2025).</strong><br>Source: <a href="https://corpdigest.com/company/the-souled-store/financials" target="_blank" rel="noopener">CorpDigest — The Souled Store financials</a></div>Related Financial Audits
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