The Souled Store's revenue nears ₹500cr, but profits take a hit
The Souled Store, a favorite for quirky tees and merch, pulled in ₹492 crore in revenue for FY25—a solid 37% jump from last year.
But here's the catch: profits dropped by nearly 38%, landing at just ₹11 crore as costs kept climbing.
Sales are up, but so are expenses
Almost all of their operating revenue (98.5%) came from selling products both online and offline.
While sales rose to ₹485 crore, procurement costs shot up by 40.8% to ₹210 crore—eating into profits.
Employee benefit expenses and marketing spends also increased, pushing total expenses to ₹487 crore.
How they stack up against rivals
The Souled Store has raised close to $30 million so far, with big investments from Xponentia Capital and Elevation Capital in recent years.
In the competitive merch scene, Rare Rabbit leads with ₹636 crore in revenue, while Bewakoof and Wrogn trail behind The Souled Store at ₹173 crore and ₹223 crore respectively.