Bewakoof vs The Souled Store: Revenue, Profit and Business Model
Bewakoof reported ~$28.2M of revenue in FY2026 and a net loss of ~$10.1M. The Souled Store reported ~$57.1M of revenue in FY2025 and ~$1.3M of net income.
Latest financial snapshot
Bewakoof
- Latest revenue
- ~$28.2M (FY2026)
- Net income
- ~-$10.1M
- Net margin
- -36.0%
- Revenue growth
- +29.2% a year, FY2015–FY2026
The Souled Store
- Latest revenue
- ~$57.1M (FY2025)
- Net income
- ~$1.3M
- Net margin
- 2.2%
- Revenue growth
- +45.3% a year, FY2023–FY2025
Financial summary
Bewakoof
Bewakoof reported operating revenue of Rs 243 crore for the year to March 2026, up 40.5 percent, alongside a loss of Rs 87.4 crore. Growth has been uneven: the company earned Rs 209 crore in FY2020, saw its topline drop to Rs 128 crore in FY2021 when trade was shut for most of the first quarter, and only passed the pre-pandemic level in FY2026. It has not reported a profit since the year to March 2019, when it made Rs 29 lakh. Losses were Rs 103 crore in FY2024 and Rs 73.2 crore in FY2025, when staff costs were cut 39.5 percent, then widened again in FY2026 as marketing and depreciation rose. EBITDA margin improved to minus 24.6 percent in FY2026 from minus 35.1 percent, and the company spent Rs 1.38 to earn each rupee of operating revenue against Rs 1.43 a year earlier. Aditya Birla Digital Fashion Ventures held 86 percent of Bewakoof Brands as of the FY2025 filings, with founder Prabhkiran Singh on 12.5 percent.
The Souled Store
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 and profit by year
Bewakoof
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | ~$28.2M | ~-$10.1M | -36.0% | +40.5% | Source |
| FY2025 | ~$20.1M | ~-$8.5M | -42.3% | +7.5% | Source |
| FY2024 | ~$18.7M | ~-$11.9M | -64.0% | — | Source |
| FY2022 | ~$18.6M | ~-$9.3M | -49.9% | +25.7% | Source |
| FY2021 | ~$14.8M | ~-$2.3M | -15.7% | -38.9% | Source |
| FY2020 | ~$24.2M | ~-$3.2M | -13.4% | +27.4% | Source |
| FY2019 | ~$19M | ~$33,640 | 0.2% | — | Source |
| FY2017 | ~$4.4M | ~$34,800 | 0.8% | — | Source |
| FY2015 | ~$1.7M | ~-$290,000 | -17.2% | — | Source |
The Souled Store
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$57.1M | ~$1.3M | 2.2% | +36.7% | Source |
| FY2024 | ~$41.8M | ~$2M | 4.9% | +54.5% | Source |
| FY2023 | ~$27M | — | 0.0% | — | Source |
Where the revenue comes from
Bewakoof
- Sale of apparel and accessories94
Graphic and oversized t-shirts, bottomwear, footwear, phone covers and bags. Products were 94.3 percent of operating revenue in the year to March 2022, and the FY2025 filings describe the sale of goods as the company's sole source of income.
- TriBe subscriptions and brand advertising commissions6
Fees from the TriBe paid loyalty programme plus commissions charged to other brands for advertising and marketing on the platform. The two together came to Rs 9.21 crore in the year to March 2022, up from Rs 4.27 crore in FY2021.
The Souled Store
- Licensed merchandise
Not disclosed
Royalty-bearing apparel and accessories featuring licensed characters.
- Own-brand casualwear and other categories
Not disclosed
Basics, bottoms, footwear, innerwear and accessories.
- Channels
Not disclosed
Website and app, marketplaces, and company-run stores.
Business model and strategy
Bewakoof
How it makes money
Bewakoof designs its own apparel and accessories and sells them under its own brand, mainly through bewakoof.com and its mobile app, with online marketplaces and exclusive brand stores as secondary channels.
Growth strategy
Under TMRW, Bewakoof is adding channels rather than changing what it sells. It moved from an owned-platform-only model onto online marketplaces and into physical retail, running more than 30 exclusive brand stores by February 2026 with 40 targeted by the end of that fiscal year.
Competitive advantage
Bewakoof's edge is price and speed in a crowded category. It designs in house and sells mainly on its own site and app, so it keeps the margin a marketplace would take and owns its customer data. Catalogue turnover is fast enough to put slogans and graphics tied to current films, cricket and internet humour on sale while the reference still lands.
The Souled Store
How it makes money
The Souled Store earns almost all of its money from selling apparel and accessories. It licenses characters from studios and rights holders such as Disney/Marvel, Warner Bros. (DC, Harry Potter), anime franchises and IPL teams, pays royalties on those sales, and designs and sources the garments itself. Licensed graphic tees and hoodies bring customers in;
Growth strategy
Growth comes from four levers: more licences (anime, sports and entertainment franchises), more categories beyond graphic tees (casualwear, footwear, innerwear, accessories), more physical stores, and consolidation such as the 2025 Redwolf acquisition. International expansion, starting with the Gulf, has been reported as a next step.
Competitive advantage
The Souled Store's main edge is a large portfolio of official licences (over 200, according to industry coverage) that unlicensed sellers cannot legally copy. Buying Redwolf in 2025 removed its closest pop-culture rival. Its owned channels and paid membership reduce reliance on marketplaces, and it has grown profitably while raising far less capital than many Indian D2C peers.
Questions about Bewakoof vs The Souled Store
Which company has higher revenue — Bewakoof or The Souled Store?
Bewakoof reported ~$28.2M (FY2026), while The Souled Store reported ~$57.1M (FY2025). By last reported revenue, The Souled Store is the larger business, with Bewakoof reporting a smaller revenue base. Note: these are from different fiscal years and are not a direct like-for-like comparison.
What is the market cap of Bewakoof vs The Souled Store?
The Souled Store has a market capitalisation of $15.0B. A public market cap figure for Bewakoof was not available (it may be privately held).
Which is more financially efficient — Bewakoof or The Souled Store?
Bewakoof generates $63k / employee in revenue per employee. A comparable figure for The Souled Store requires matching employee and revenue data from the same reporting period.
How do Bewakoof and The Souled Store make money?
Bewakoof and The Souled Store generate revenue in fundamentally different ways. Bewakoof: Bewakoof designs its own apparel and accessories and sells them under its own brand, mainly through bewakoof. The Souled Store: The Souled Store earns almost all of its money from selling apparel and accessories.
Is Bewakoof bigger than The Souled Store?
By last reported revenue, The Souled Store (~$57.1M (FY2025)) is the larger company compared to Bewakoof (~$28.2M (FY2026)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Bewakoof vs The Souled Store overview