Myntra vs The Souled Store: Revenue, Profit and Business Model
Myntra reported ~$701M of revenue in FY2025 and ~$63.6M of net income. The Souled Store reported ~$57.1M of revenue in FY2025 and ~$1.3M of net income.
Latest financial snapshot
Myntra
- Latest revenue
- ~$701M (FY2025)
- Net income
- ~$63.6M
- Net margin
- 9.1%
- Revenue growth
- +18.0% a year, FY2024–FY2025
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
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.
Revenue and profit by year
Myntra
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$701M | ~$63.6M | 9.1% | +18.0% | Source |
| FY2024 | ~$594.1M | ~$3.6M | 0.6% | — | 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
Myntra
- Marketplace & Seller Services
Commissions and fees charged to third-party brands and sellers on the marketplace.
- Advertising
Sponsored listings and brand campaigns; ad revenue was ~$106 million (₹914 crore) in FY25, up 28%.
- Logistics & Fulfilment Services
Fulfilment, delivery and related service income.
- Private Labels
In-house brands such as Roadster, HRX, Mast & Harbour, DressBerry and Anouk.
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
Myntra
How it makes money
Myntra operates a highly complex B2C E-commerce and 'Private Label' model. 1. The Marketplace: They sell thousands of large global brands (Nike, H&M, Levi's) to attract affluent traffic. 2. Private Brands (The large profit engine): They use their large data on exactly what Indian consumers are searching for to manufacture their own highly successful clothing lines (like Roadster and HRX).
Growth strategy
Having dominated tier-1 Indian cities, Myntra's large growth strategy is aggressive expansion into 'Tier 2 and Tier 3' cities and heavily dominating the 'Beauty and Personal Care' market. They realize that fashion growth will eventually slow.
Competitive advantage
Myntra's absolute competitive advantage is its large superiority in 'Fashion Curation' and its terrifyingly advanced logistics for returns. Selling fashion online is highly difficult because return rates are greatly high (clothes don't fit). Myntra built a large, highly specialized logistics network (Myntra Logistics) specifically designed to handle highly fast, frictionless clothing returns.
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 Myntra vs The Souled Store
Which company has higher revenue — Myntra or The Souled Store?
Myntra reported ~$701M (FY2025), while The Souled Store reported ~$57.1M (FY2025). By last reported revenue, Myntra is the larger business, with The Souled Store reporting a smaller revenue base.
What is the market cap of Myntra vs The Souled Store?
The Souled Store has a market capitalisation of $15.0B. A public market cap figure for Myntra was not available (it may be privately held).
Which is more financially efficient — Myntra or The Souled Store?
Myntra generates $127k / 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 Myntra and The Souled Store make money?
Myntra and The Souled Store generate revenue in fundamentally different ways. Myntra: Myntra operates a highly complex B2C E-commerce and 'Private Label' model. The Souled Store: The Souled Store earns almost all of its money from selling apparel and accessories.
Is Myntra bigger than The Souled Store?
By last reported revenue, Myntra (~$701M (FY2025)) is the larger company compared to The Souled Store (~$57.1M (FY2025)). 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 Myntra vs The Souled Store overview