Results
The Souled Store turns profitable as FY24 revenue jumps 55%
By Startup Enthusiast ·
- Date
- Company
- The Souled Store
- What it does
- FY24 results
- Kind
- Results
- Amount
- Rs 360 crore revenue
- Based in
- Mumbai
- Founded
- 2013
What they do
Revenue from operations climbed about 55% to Rs 360 crore in FY24, from Rs 233 crore in FY23
What happened
The company moved into profit for the year, posting a net profit of about Rs 18 crore
Why it matters
Product sales made up nearly all income, and it ran 18 stores across India at the time
The details
- FY24 revenue: Rs 360 crore.
- FY23 revenue: Rs 233 crore.
- Growth: about 55%.
- Net profit: about Rs 18.2 crore.
- 18 stores in India.
The bigger picture
- Profit is rare among D2C apparel brands.
- It strengthened its case for an IPO.
- Lower marketing spend helped margins.
About the business
- The Souled Store makes and sells pop-culture clothing and merchandise under licences such as Marvel, Naruto and One Piece.
- Most sales come through its own website and app, with a growing chain of stores across India.
- It holds over 200 licences and also sells casual wear, footwear and accessories.
Founders
- Vedang Patel, Co-founder and CEO
- Rohin Samtaney, Co-founder
- Harsh Lal, Co-founder
- Aditya Sharma, Co-founder
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- The Souled Store plans up to Rs 2,000 crore IPO24 February 2025 · IPO · up to Rs 2,000 crore
- The Souled Store plans Middle East entry in 202513 January 2025 · Launch
- Hardik Pandya invests in The Souled Store26 October 2024 · Funding
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