Despite rising expenses, apparel and accessories brand, The Souled Store reported a net profit of approximately US $ 2.16 million (Rs. 18 crore) for the 2024 financial year.
The company also experienced significant revenue growth, with a 54.5 per cent year-on-year increase to approximately US $ 43.2 million (Rs. 360 crore), up from approximately US $ 27.96 million (Rs. 233 crore) in FY ’23. An additional approximately US $ 600,000 (Rs. 5 crore) in revenue came from investments and interest.
The Souled Store’s total expenditure rose by 40.3 per cent to approximately US $ 42.6 million (Rs. 355 crore) in FY ’24, compared to approximately US $ 30.36 million (Rs. 253 crore) the previous year. Advertising spending reached approximately US $ 8.16 million (Rs. 68 crore) as the company continued to prioritise customer base expansion. Procurement costs increased substantially by 68.5 per cent to approximately US $ 18 million (Rs. 150 crore). Rent costs also rose significantly by 77.8 per cent, and employee benefits increased by 34.5 per cent.
The Souled Store’s total assets were valued at approximately US $ 27 million (Rs. 225 crore) at the end of the financial year on 31st March 2024.
Founded in 2014, The Souled Store operates 18 brick-and-mortar stores across India in addition to its e-commerce platform. The company is backed by Elevation Capital and Xponentia Capital.
