The Souled Store stands out in India’s D2C scene for FY25, proving its strength and growth. The pop culture apparel brand reported ₹492 crore in operating revenue, a solid 37% increase from ₹360 crore in FY24, showing strong consumer interest in design-focused, brand-name goods.
Since 2014, The Souled Store has controlled its entire process—design, manufacturing, distribution, and sales—to build a special D2C business in India. Starting with graphic tees and licensed apparel, the brand has grown into footwear, accessories, stationery, collectibles, and lifestyle items, solidifying its place in D2C fashion. Now, they sell products on their own site, major marketplaces, and a growing number of physical stores, showing a mature D2C strategy.
In FY25, online and in-store sales made up 98.5% of the company’s income, rising 36.8% to ₹485 crore. Membership fees covered the rest, showing the brand’s ability to earn from loyalty along with merchandise. This makes The Souled Store one of the fastest-growing D2C brands in India’s pop culture and youth fashion, even with increasing competition.
Investors see The Souled Store as a well-known name in D2C startups. The brand has raised almost $30 million, including a $10 million round led by Elevation Capital in 2021 and a $16 million round led by Xponentia Capital in 2023. Elevation Capital remains the largest external shareholder, followed by Xponentia, showing long-term confidence in the company’s brand and execution.
In FY25, costs increased with growth. Procurement costs, the largest expense, rose 40.8% to ₹210 crore as volumes increased. Employee costs were ₹54 crore, while marketing and brand expenses reached ₹57 crore, showing a focus on visibility and customer acquisition in India’s competitive D2C market. Other operating costs, like logistics and rent, brought total spending to ₹487 crore in FY25, up 36% from ₹358 crore in FY24.
Despite higher costs, The Souled Store stayed profitable, with a net profit of ₹11 crore in FY25 and good operating metrics, including a 7% ROCE and 9.7% EBITDA margin. The company spent ₹0.99 to earn each rupee of operating revenue, a good sign of efficiency for investors watching D2C revenue growth and sustainability.
The Souled Store competes with brands like Rare Rabbit, Bewakoof, and Wrogn, each with different strategies. The Souled Store’s consistent growth, profitability, and expanding product range confirm its position as a successful brand-led D2C business.
As the D2C market in 2025 favors companies that balance growth with good unit economics, The Souled Store’s FY25 results show a brand that is scaling responsibly. With strong consumer appeal, varied products, and continued investor support, the company is set to strengthen its leadership in India’s pop culture and lifestyle D2C market.
