The Souled Store sells T-shirts with other people’s characters printed on them — Marvel, Friends, Naruto, Liverpool, Chennai Super Kings. What a shopper is paying for, on top of cotton and a print, is permission. Someone has agreed to let this Mumbai company put that face on that chest.
So the fair question for a buyer is not whether the print looks official. It is which permissions are actually on the public record, who granted them, and for how long. That last part turns out to be the hardest to answer.
Every figure below carries a date and the place it was read. Prices and label declarations come from the brand’s Myntra listings and its own product pages, read on 11 September 2026.
The Souled Store is an Indian company that owns its own brand and licenses the characters it prints. Five licences are documented in named publications or a licensor’s own statement — Friends, Liverpool, Chennai Super Kings, Arsenal and Disney’s Spider-Man range — and the company has said it holds over 150. No term, renewal date or expiry is published for any of them. On Myntra it charged 90.1 per cent of MRP across a 200-listing sample on 11 September 2026, the second-firmest price of the ten men’s brands read that day, at a median of ₹1,799.
- Brand dated to
- 2013, by Business Today, 7 November 2023
- Company
- The Souled Store Private Limited, incorporated 25 February 2014
- CIN
- U52100MH2014PTC253583, status Active
- Registered office
- Tantia Jogani Industrial Premises, Lower Parel East, Mumbai
- Ownership
- Founder-led; venture investors named, no shareholding percentage published
- Median price charged
- ₹1,799 on Myntra, 200-listing sample, 11 September 2026
- Listings on Myntra
- 5,300 on the brand page, read 11 September 2026
- Stores
- 55-plus at the end of 2025, per Indian Retailer, 13 January 2026
Who owns The Souled Store
The company is The Souled Store Private Limited, CIN U52100MH2014PTC253583, incorporated on 25 February 2014 and shown as active. That identifier is the same on all three register mirrors checked — ZaubaCorp, Tofler and TheCompanyCheck — each of which mirrors the Ministry of Corporate Affairs register rather than the filing itself.
The mirrors give the registered office three different unit numbers — 224, 23 and 24 — in the same building in Lower Parel East, Mumbai. They also differ on the board: ZaubaCorp and Tofler list seven directors, TheCompanyCheck lists six and omits Rohin Rajan Samtaney. Authorised capital is ₹12.5 crore and paid-up capital ₹11,00,10,054.
The business is older than the company. Business Today dated it to 2013 on 7 November 2023, quoting a founder saying they were “slightly early to the market”, and named four founders — Vedang Patel, Aditya Sharma, Rohin Samtaney and Harsh Lal. The brand’s own About page says only that it was “started by 4 people, with a cupboard full of clothes”, and names none of them.
Three funding rounds are on the record. RP-SG Ventures, of the Sanjiv Goenka Group, put in $3 million — about ₹21 crore at the time — in November 2018. Elevation Capital led a ₹75 crore Series B in August 2021. Xponentia Capital led a ₹135 crore Series C in March 2023, with Elevation and RPSG Capital increasing their holdings.
What no source publishes is how much of the company any of them holds. No percentage for Xponentia, Elevation, RPSG or the founders appears in any filing, rating rationale or report found. Rounds are documented; stakes are not. That is the same wall a reader hits on most D2C names — the Snitch audit ran into it too — and it means the honest description of this company is founder-led with venture money in it, not owned by a fund.
The licence question, and what is actually on the record
This is a licensed-print business, so the licences are the asset. A T-shirt with Spider-Man on it is not, by itself, proof of an agreement. What follows is only what a named publication or a licensor’s own statement puts on the record, with its date.
Co-founder and director Harsh Lal told Indian Retailer’s Brand License desk on 11 November 2020 that the company held “over 150 national and international licenses”, and that “we have always met the Minimum guarantee on all the 150 licenses till date”. The same interview names Friends as the first licence, taken in 2014.
- 2014Friends, named by the company as its first licence
- Feb 2021Liverpool FC, through agent Dream Theatre
- Apr 2021Chennai Super Kings, IPL merchandise partner
- Dec 2021Arsenal FC official licensed range
- Aug 2026Disney India names it for Spider-Man merchandise
Five licences named in print. No term or expiry published for any of them.
Indian Retailer / Brand License, 11 November 2020, 1 April 2021 and 4 August 2026; FashionNetwork India, 8 February 2021 and 7 December 2021.
The Disney entry is the firmest of the five, because it comes from the licensor’s side: on 4 August 2026 Disney Consumer Products India named 26 partner brands for its Spider-Man: Brand New Day range, and The Souled Store was one of them. The Liverpool entry names the intermediary too — FashionNetwork India reported on 8 February 2021 that Dream Theatre is “the official licensing agent of LFC in India”.
Everything else is a list. Funding coverage in YourStory, in November 2018 and again in August 2021, and Forbes India’s Series B piece, carry property lists attributed to the company — Marvel, DC, Warner Bros, Star Wars, Harry Potter, Game of Thrones, WWE and Viacom18 among them. Anime News Network reported a Naruto collection in January 2023 and a Naruto fragrance line in November 2024. None of those reports names a counterparty, an agreement date or a term. They record what the brand says it works with, which is a different thing from a licence on the record.
And the detail a shopper would most want is published nowhere at all. Not one source found gives the duration, renewal date or expiry of a single Souled Store licence. The closest thing to a term on the record is that 2020 statement about minimum guarantees having been met to date — a payment obligation, not a length.
No licence on the record carries a term or an expiry. Treat a character range as permission that runs for now rather than for ever, and judge the T-shirt on its cloth, not on the badge.
What The Souled Store costs in India
Across a 200-listing sample of its Myntra catalogue read on 11 September 2026, 117 listings were reduced and the brand charged 90.1 per cent of MRP in aggregate. The median price actually charged was ₹1,799. The sample threw up 22 distinct MRPs and 24 discount rungs, so this is a real price ladder rather than a single flat markdown.
A sounding of 200 is not the catalogue — the brand page carried 5,300 listings the same day — but it is enough to place the brand. Of ten men’s brands read that afternoon on the same measure, only one held its price harder.
| Brand | Share of MRP actually charged | Read on |
|---|---|---|
| Snitch | 95.5% | 11 September 2026 |
| The Souled Store | 90.1% | 11 September 2026 |
| Wrogn | 45.3% | 11 September 2026 |
Each figure is an aggregate across a 200-listing Myntra sample for that brand, not a comparison of one garment against another. What it tells you is how much of the printed MRP each brand expects to collect. At 90.1 per cent, The Souled Store’s printed price is close to its real price — the opposite of the pattern at Wrogn, where under half the MRP was being charged, and closer to the value chains covered in the Zudio audit, where the shelf price is the price.
No reading was taken of prices on thesouledstore.com, so nothing here says whether the brand’s own shop is dearer or cheaper than the marketplace. The company told Indian Retailer on 26 September 2024 that roughly 60 per cent of sales came through its own website, 25 per cent from stores and 15 per cent from marketplaces, across about 50 categories and over 3,000 SKUs.
Who is answerable for the garment
Forty Myntra records were read in full on 11 September 2026 for the block Legal Metrology requires — manufacturer or packer, country of origin, net quantity. That declaration names who is legally answerable for the goods, not who sewed them.
Two distinct manufacturer strings appeared across the forty records, and both were The Souled Store Pvt. Ltd. The seller of record was THE SOULED STORE PVT. LTD. on 40 of 40. Country of origin was India on 40 of 40 and net quantity was declared on 40 of 40. There is no third-party seller layer between the brand and the buyer on the records read.
That matters more than it sounds. Across the same shelf, other D2C names put a different company in the declaration from the one on the marketing — the Bummer audit found one company named on most records and the brand’s bare name with an address on the rest, with a third company selling. Here, the name you buy from, the name declared as manufacturer and the company on the register are the same name.
The brand’s own styling advice tells shoppers to look for fabric under 160 GSM. Its own T-shirt pages print no GSM at all.
Fabric: what is printed, and what is not
Composition is where the brand’s own shop beats the marketplace, which is unusual. Three T-shirt product pages on thesouledstore.com read on 11 September 2026 all stated “100% Cotton”, gave country of origin as India — one phrases it “India (and proud)” — and gave wash care. On Myntra, percentage composition appeared on only 20 of the 40 records read in full, exactly half.
Set that against another brand on the same shelf and the gap is stark: Bummer’s own product pages print no composition, no origin and no net quantity at all. Three pages is a small read, so treat it as an indication rather than a catalogue-wide guarantee, but on those three the brand’s own site told a shopper more about the cloth than the marketplace did.
Fabric weight is the other story. The brand sells oversized T-shirts hard, and oversized T-shirts live or die on grams per square metre — the figure that separates a tee that hangs from one that clings after two washes. No GSM figure appears on any of the three product pages read. They describe the cloth as “Premium Heavy Gauge Fabric”, which is a phrase, not a measurement. Across 100 Myntra listings scanned the same day, GSM appeared on none.
The one GSM number the brand does publish is about other people’s clothes. A post on its own blog, advising readers how to style oversized T-shirts for summer, tells them to “look for lightweight fabrics under 160 GSM (grams per square meter)”, and then describes the brand’s own offering as “Premium fabric blends optimised for Indian summer conditions” with no figure attached.
This is not one brand’s quirk. Nineteen clothing brands read on this site published no fabric-weight figure a shopper could check; XYXX is the first that does, and even there it appears in prose in a minority of descriptions rather than in a specification field. Until that changes, the only honest advice is to feel the cloth in a store or buy one piece before buying five.
The money
All three years below are as reported by named publications from the company’s filings. The register mirrors are behind — ZaubaCorp’s last filed balance sheet is dated 31 March 2023 — so the press figures are the current ones.
| Year to 31 March | Operating revenue | Result | Reported by |
|---|---|---|---|
| FY23 | ₹233 crore | Net loss ₹16.5 crore | Entrackr, 20 February 2025 |
| FY24 | ₹360 crore | Net profit ₹18 crore; ₹17.67 crore | Entrackr, 20 February 2025; Indian Retailer, 30 December 2025 |
| FY25 | ₹492 crore | Net profit ₹11 crore | Entrackr, 29 December 2025; Indian Retailer, 30 December 2025 |
The two FY24 profit figures are printed as published and are not reconciled here. For FY25 there is a second revenue number as well: TheCompanyCheck’s register mirror reports ₹500.29 crore, which is total revenue rather than operating revenue — a different measure, not a contradiction. Indian Retailer notes that operating revenue was 98.5 per cent of total income, the rest being membership fees.
The FY25 cost lines say where the money went: procurement ₹210 crore, marketing ₹57 crore, employee benefits ₹54 crore, against total expenditure of ₹487 crore. Revenue more than doubled across three years while profit went from a ₹16.5 crore loss to ₹18 crore and then back down to ₹11 crore. This is a company growing fast and earning thinly.
Stores, and the numbers that do not line up
The store count is the least settled figure about this brand. Vedang Patel told Indian Retailer on 26 September 2024 that there were 32 company-owned stores, with 40 planned by that December. Entrackr, on 20 February 2025, cited 18 stores across India as stated on the company’s own website. Indian Retailer reported 55-plus outlets at the end of 2025, up from about 36 at the start of that year. All three are printed here; the differences are not resolved.
Two targets sit alongside them. Harsh Lal told IndiaRetailing on 19 December 2024 that the brand expected about 200 stores by December 2026, a figure Indian Retailer repeated in January 2026 alongside a first international store planned for the Middle East. Those are ambitions, and worth what ambitions usually are.
The company’s About page claims “Over 6 Million Happy Customers” and a team of over 150 people. That is a company claim, undated and unaudited, and it should be read as one.
Who The Souled Store is actually for
At a median charged price of ₹1,799, this is not cheap merchandise, and a good part of that money is the licence rather than the cloth. If the character is the point — you want the Liverpool crest or the Marvel print, and you want the licensed one — the price makes sense, and the shallow discounting means you are unlikely to see it half-price a fortnight later.
If the character is not the point, the case thins fast. You are buying a 100 per cent cotton T-shirt with no published fabric weight, at a price where weight is what separates good from ordinary. A plain tee from a brand that prints the figure, or one from a value chain at a third of the money, is the better-informed buy.
Common questions
Is The Souled Store an Indian brand?
Yes. It is run by The Souled Store Private Limited, a Mumbai company incorporated on 25 February 2014 with CIN U52100MH2014PTC253583. Business Today dates the business itself to 2013. Every one of the 40 Myntra records read on 11 September 2026 declared country of origin as India.
Are the character prints officially licensed?
Five licences are documented by name with dates: Friends from 2014, Liverpool FC in February 2021 through agent Dream Theatre, Chennai Super Kings in April 2021, Arsenal in December 2021, and Disney India naming the brand for Spider-Man merchandise in August 2026. The company said in November 2020 it held over 150 licences. Other properties appear only as lists in press coverage, without a named counterparty or agreement.
How long do those licences run?
No source publishes the term, renewal date or expiry of any Souled Store licence. The only term-like disclosure on the record is a 2020 statement that minimum guarantees had been met on all licences to that date. A range being on sale today says nothing about next season.
Who is answerable if a Souled Store T-shirt goes wrong?
The same company you bought from. Across 40 Myntra records read on 11 September 2026, the declared manufacturer was The Souled Store Pvt. Ltd. on every one, and the seller of record was the same company on 40 of 40. Net quantity and country of origin were declared on all 40.
Does The Souled Store discount heavily?
No. Across a 200-listing Myntra sample read on 11 September 2026, 117 listings were reduced but the brand still charged 90.1 per cent of MRP in aggregate, at a median of ₹1,799. Of ten men’s brands read that day on the same measure, only Snitch held its price harder.
What GSM are the T-shirts?
The brand does not say. No grams-per-square-metre figure appeared on the three product pages read on 11 September 2026 or on any of 100 Myntra listings scanned the same day. The product pages describe the cloth as “Premium Heavy Gauge Fabric”, which is a description rather than a measurement.
References
- ZaubaCorp, a mirror of the MCA register — CIN, incorporation date, directors, capital, last filed balance sheet
- Tofler, a mirror of the MCA register — status, registered office, director list
- TheCompanyCheck, a mirror of the MCA register — registered office, six-director list, FY25 total revenue of ₹500.29 crore
- Business Today, 7 November 2023 — the business dated to 2013 and the four founders
- The Souled Store, About page — “started by 4 people”, six million customers, over 150 people
- Indian Retailer / Brand License, 11 November 2020 — Harsh Lal on over 150 licences, minimum guarantees, Friends as the first licence in 2014
- FashionNetwork India, 8 February 2021 — Liverpool FC licensed apparel and Dream Theatre as LFC’s licensing agent in India
- Indian Retailer / Brand License, 1 April 2021 — Chennai Super Kings and other IPL merchandise partnerships
- FashionNetwork India, 7 December 2021 — Arsenal FC official licensed merchandise
- Indian Retailer / Brand License, 4 August 2026 — Disney Consumer Products India names 26 Spider-Man partner brands including The Souled Store
- Anime News Network, 18 November 2024 — the Naruto line, reported with no licensor or term named
- YourStory, 28 November 2018 — $3 million seed from RP-SG Ventures and the property list of that date
- YourStory, 4 August 2021 — ₹75 crore Series B led by Elevation Capital
- Entrackr, 29 March 2023 — ₹135 crore Series C led by Xponentia Capital
- Entrackr, 20 February 2025 — FY23 and FY24 revenue and result, and the 18-store figure
- Entrackr, 29 December 2025 — FY25 revenue, profit and cost lines
- Indian Retailer, 30 December 2025 — FY25 figures and the FY24 profit of ₹17.67 crore
- Indian Retailer, 26 September 2024 — 32 stores, channel mix, SKU count and the IPO remark
- IndiaRetailing, 19 December 2024 — the 200-store target
- Indian Retailer / FranchiseTV, 13 January 2026 — 55-plus outlets at the end of 2025 and the Middle East plan
- The Souled Store product page — “100% Cotton”, origin India, no fabric weight, read 11 September 2026
- The Souled Store blog — the “under 160 GSM” advice and “Premium fabric blends”
On the two things this site checks hardest, The Souled Store comes out better than most of its neighbours. The declaration is clean — one company as manufacturer and seller on 40 of 40 records read on 11 September 2026, origin and net quantity on every one — so there is no ambiguity about who answers for the garment. Its own product pages print fibre composition where several rivals print nothing. And at 90.1 per cent of MRP charged, it is not running the permanent-sale theatre that makes an MRP meaningless elsewhere.
The weak spot is the thing the brand is built on. Five licences are documented with dates; the company claims over 150; and not one published source gives a term or an expiry for any of them. Nor will the brand tell you what its cloth weighs, at a median ₹1,799 for T-shirts whose whole appeal is how they hang — while its own blog tells shoppers to shop by GSM. “Premium Heavy Gauge Fabric” is a phrase you cannot check in a shop or a courtroom.
Buy it for the licensed print, which is real and mostly documented, and not for the fabric, which nobody will put a number on.
