D2C fashion brand The Souled Store has extended its profitability streak into FY25, reporting a net profit of Rs 11 crore, marking its second straight profitable year. While the bottom line remained in the black, profit declined 38 percent from Rs 17.7 crore in FY24, largely due to the absence of a tax credit that had boosted earnings in the previous year.
According to financial disclosures, the company recorded a tax outgo of Rs 1.8 crore in FY25, compared to a tax credit of Rs 7.6 crore in FY24. Despite this, profit before tax grew a healthy 26 percent year on year to Rs 12.8 crore from Rs 10.1 crore, pointing to improved operating performance at the core business level.
Revenue growth remained strong. Operating revenue rose 37 percent to Rs 492.4 crore in FY25, up from Rs 360.2 crore a year earlier. Including other income of Rs 7.9 crore, The Souled Store’s total income stood at Rs 500.1 crore, compared to Rs 368.5 crore in FY24. The growth reflects steady demand across online channels and expanding offline presence, along with higher average order values.
Founded in 2013 by Vedang Patel, Rohin Samtani, Aditya Sharma, and Harsh Lal, The Souled Store began as a licensed merchandise brand selling pop culture apparel. Over the years, it has evolved into a full fledged casual wear brand with a wide portfolio spanning t shirts, shirts, bottoms, and accessories.
The FY25 numbers suggest the brand is entering a more mature phase. Even as profitability dipped on paper due to tax adjustments, the underlying business continued to scale efficiently. In a D2C fashion market where many players are still struggling to break even, The Souled Store’s ability to grow revenue while staying profitable sets it apart and strengthens its position as one of India’s more disciplined consumer startups.
