Myntra vs The Souled Store: Strategic Comparison

This in-depth comparison examines Myntra and The Souled Store across revenue, market value, business model, competitive positioning, and long-term growth strategy. Whether you are researching Myntra on its own, evaluating The Souled Store, or weighing the two companies side by side, the breakdown below highlights where each company leads and where the gap between Myntra and The Souled Store is widest.

On the headline numbers, annual revenue is ~$701M (FY2025) for Myntra and ~$57.1M (FY2025) for The Souled Store, while their respective market capitalizations stand at N/A and N/A. Both Myntra and The Souled Store are headquartered in India. Their local markets and applicable rules may still differ.

Myntra: Myntra is an Indian online fashion retailer based in Bengaluru and owned by Flipkart, which is controlled by Walmart. Founded in 2007, it sells clothing, shoes and beauty products, mainly to middle-class and Gen Z shoppers, on a platform built around fashion rather than general merchandise. The company is headquartered in Bangalore, India. India's premier online fashion and lifestyle destination was founded in 2007 in Bengaluru by Mukesh Bansal, Ashutosh Lawania, and Vineet Saxena, pivoting from personalized corporate gifts into a fashion titan acquired by Flipkart in 2014 for $300 million.

The Souled Store: The Souled Store is a privately held Mumbai company founded in 2013 by Vedang Patel, Aditya Sharma, Rohin Samtaney and Harsh Lal. It sells licensed Marvel, DC, Harry Potter, anime and cricket merchandise plus its own casualwear online and in stores. It reported ~$57.1 million (₹492 crore) in FY25 revenue from operations and a ~$1.28 million (₹11 crore) profit, and its founders are reported to still hold a majority stake. The company is headquartered in Mumbai, India.

Myntra and The Souled Store pursue distinct approaches to generating revenue, and understanding how each company operates is the foundation of any fair comparison between Myntra and The Souled Store.

Myntra business model: Myntra earns money in two ways. Its marketplace sells global brands such as Nike, H&M and Levi's, which bring in shoppers. Its private brands, such as Roadster and HRX, are designed using data on what Indian shoppers search for. Because Myntra owns those brands and controls their manufacturing, their margins are much higher than on third-party products.

The Souled Store business model: 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; its own casualwear (cargos, shirts, denim, basics), footwear, innerwear and accessories raise basket size and repeat purchases. Sales happen through thesouledstore.com, its mobile app, marketplaces and company-run stores in malls. A paid membership offers members lower prices on its products. The company does not publish a revenue split by category or channel.

The durability of a company's moat often decides long-term winners. Here is how the competitive advantages of Myntra stack up against those of The Souled Store.

Myntra competitive advantage: Myntra's advantage is fashion curation and a returns operation built for clothing. Return rates are high in online fashion because fit is hard to judge, so Myntra runs its own logistics arm, Myntra Logistics, to handle returns quickly. Its app is designed for browsing fashion and uses AI to recommend outfits.

The Souled Store 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.

Future prospects matter as much as current results. The growth strategies below explain how Myntra and The Souled Store each plan to expand from here.

Myntra growth strategy: After building its base in India's largest cities, Myntra is expanding into Tier 2 and Tier 3 cities and into beauty and personal care. Myntra Beauty sells cosmetics and premium skincare in competition with Nykaa, a category with higher margins and more frequent repeat purchases than apparel. It is also investing in live commerce, where influencers sell through video streams in the app.

The Souled Store 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.

A closer look at the financial trajectory of Myntra and The Souled Store rounds out the comparison.

Myntra: Myntra Designs reported operating revenue of ~$594 million (₹5,121.8 crore) in FY24 and ~$701 million (₹6,043 crore) in FY25 (+18%). It swung from a ~$90.7 million (₹782 crore) loss in FY23 to a ~$3.58 million (₹30.9 crore) profit in FY24, then to ~$63.6 million (₹548 crore) in FY25; about $15.7 million (₹135 crore) of the FY25 profit came from a deferred tax credit. Advertising income rose 28% to ~$106 million (₹914 crore) in FY25, while marketing spend climbed to about $244 million (₹2,105 crore). Myntra does not publish GMV, and as a private Flipkart subsidiary it has no public market capitalisation.

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.