The Souled Store is a D2C fashion startup became profitable in the fiscal year ending March 2024 (FY24), owing to substantial top-line growth and margin improvement. The firm made a net profit of INR 18.2 crore during the fiscal year under review, compared to a loss of INR 16.5 crore in FY23.
Founded in 2013 by Vedang Patel, Rohin Samtaney, Aditya Sharma, and Harsh Lal, The Souled Store began as a branded product apparel firm before evolving into its present D2C casual wear brand form. It also sells backpacks, sneakers, shoes, and socks to consumers of all ages.
Operating revenue increased by 54.26% to INR 360.2 crore from INR 233.5 crore in FY23. It generated INR 5.2 crore from membership fees, with the remaining revenue coming from product sales.
The firm achieved an EBITDA profit of INR 18.6 crore in FY24, compared to an EBITDA loss of INR 8 crore the prior year. EBITDA margin rose to 5% from -3% the prior year.
Its cash and cash equivalents were INR 14.4 crore at the end of FY24, compared to INR 114.1 crore a year earlier.