The Souled Store Eyes Major Valuation Jump
Mumbai-based fashion and pop-culture merchandise company The Souled Store could see its valuation climb to as much as ₹5,000 crore as discussions progress around a new transaction involving existing shares.
According to The Economic Times, people familiar with the discussions said the company is in talks to raise ₹400–500 crore in a deal expected to be led by 360 One Asset Management. The transaction would primarily involve secondary share sales and could value The Souled Store at approximately ₹4,000–5,000 crore.
Importantly, the reported valuation is not yet a completed valuation event. The transaction remains under discussion, so its size, participants and final valuation could change.
More Than Three Times Its Previous Valuation
The reported ₹4,000–5,000 crore range would be more than three times the company's previous valuation of around ₹1,500 crore, according to ET's report. Existing investor Xponentia Capital is expected to sell part of its holding as part of the proposed secondary transaction.
The structure matters because a secondary transaction generally involves existing shareholders selling their shares to new or other investors. As a result, the entire ₹400–500 crore under discussion should not automatically be interpreted as fresh capital going into The Souled Store.
Growth Beyond Online Retail
Founded in 2013, The Souled Store built its identity around licensed pop-culture merchandise before expanding its apparel and lifestyle portfolio. The company has also been developing its physical retail presence alongside its online business.
Its financial growth provides additional context for investor interest. Inc42 data shows revenue reached approximately ₹500.3 crore in FY25, up about 36.9% from the previous financial year.
The company has previously raised capital from investors including Elevation Capital, Xponentia Capital and RPSG Capital Ventures.
Why the Proposed Deal Matters
A valuation of ₹4,000–5,000 crore would represent a substantial re-rating for The Souled Store and could signal investor confidence in Indian consumer brands capable of combining online distribution with physical retail expansion.
However, the higher figure remains a reported potential valuation, rather than a confirmed final valuation. The ultimate terms will depend on whether the transaction is completed and at what price investors actually purchase the shares.
For readers and investors, that distinction is important: today's development shows that negotiations could place The Souled Store above the ₹4,000-crore mark, but it does not mean the company has already closed a funding round at that valuation.
