Written By: Khushboo Verma  

The Souled Store franchise is a physical retail store you open under their brand. You sell their products. They control the store design and supply. You handle location, staff, and operations.

Process, costs, and a few things to know – all below.

What Is The Souled Store?

Four guys in Mumbai, 2013 – Vedang Patel, Aditya Sharma, Harsh Lal, Rohin Samtaney, pooled Rs 5.5 lakh and started selling licensed fan t-shirts on a website. At that time in India, decent fan merchandise was either overpriced or a cheap knockoff. That was the gap they went after.

FY25 figures: Rs 492 crore revenue. 150+ licensing deals active. 55+ stores up and running.

IP licenses: Marvel, DC, Disney, Warner Bros., IPL teams, Harry Potter, Friends, The Office, among others. Products go well beyond clothing. Mugs, badges, socks, notebooks, phone covers, backpacks – none of it is clothing, but all of it sells.

Key facts:

• Got $16 million in Series C from Xponentia Capital in 2023
• Also backed by Elevation Capital
• Bought Redwolf, another pop culture brand, in May 2025
• Revenue went up 37% in FY25
• EBITDA at 9.7% in FY25
• Net profit dropped 38% in FY25 to Rs 11 crore, mainly expansion costs
• Co-founder Harsh Lal has stated 200 stores as the target by end of 2026

Sales come in via website/app, physical stores, and platforms like Myntra and Amazon. Online dominates. Offline stores? About 25% of the pie.

Is There a Franchise Program?

Yes. They were against franchising in 2019, said so publicly. That changed after they raised Series C in 2023 and started pushing offline harder.

Store count went from 36 at the start of 2025 to 55+ by December. That kind of growth needs more than company-owned stores.

The brand runs stores in three different ways. EBOs are standalone outlets, SIS is a section inside a bigger store, and then there are franchise stores. The franchise route mainly means EBOs. If you're evaluating The Souled Store franchise specifically, the EBO format is what most new partners go with.

What Does It Cost?

Before anything else, here's what the money side looks like:

• Putting in somewhere between Rs 50 lakh and Rs 1 crore total
• Rs 6 lakh goes to the franchise fee, one time only
• Space-wise, 1,000 sq. ft. works for high street, malls need closer to 2,500
• Margin? Around 40%, give or take depending on location
• 12 to 18 months is when most people start seeing their money back

Tier II high streets cost less to set up than metro malls. Rental deposits, fit-out costs, and mall-specific construction rules are what push the number up in bigger cities.

Rs 6 lakh is what you pay as the franchise fee, and that's it. Brand name, support systems – all covered in that one payment.

Product prices mostly sit between Rs 500 and Rs 1,500. Customers do not need a sale to buy. That helps with steady walk-in sales.

What Does a Souled Store Franchise Sell?

Here is what stores carry right now (April 2026):

What's licensed:

• Marvel, DC, Disney, Warner Bros., Harry Potter, Friends, IPL – t-shirts and hoodies make up most of this
• Phone covers, cases, accessories
• Caps, tote bags, backpacks
• Pins, badges, mugs, coasters, socks, notebooks, posters – the smaller gifting stuff

Originals range:

• In-house designs with no IP licensing

Post-Redwolf acquisition:

• Redwolf's catalog is now part of the brand's portfolio, so stores get more product options

New stock comes in through the year tied to film releases, cricket season, general seasonal demand. The range does not stay static.

The customer mix is broad. Rs 349 badge for a school kid. Rs 799 t-shirt for a college student. Rs 1,499 hoodie as a gift. Different price points, different buyers. That spread is what keeps daily footfall going.

How the Application Works

Step 1: Start With the Inquiry Form

Their website has a franchise inquiry section. Find it, fill the form. They'll want:

• Name and contact details
• City or location where you want to open
• Investment capacity
• Any business or retail background

Head office address: Tantia Jogani Industrial Premises, 224, Sitaram Mill Compound, J.R. Boricha Marg, Lower Parel East, Mumbai – 400011

City and locality matter here. They map it against their online order data before responding.

Step 2: Screening Call

Someone from the franchise team calls you. They will ask about your city, investment range, and background. Ask about contract length, territory terms, margin split, and what you pay versus what the brand covers.

Do not skip this step passively. Use it to understand what you are getting into. Questions worth asking: Is my territory exclusive? What happens if I want to exit early? Who pays for store repairs or refits down the line?

Step 3: Location Evaluation

They pull delivery data from their own e-commerce platform. Pin-code level. They check if your area already orders from the brand.

If 500 orders go out monthly to a pin code with no store there, that is a positive sign. A store already nearby and they will flag it.

Location is checked on:

• Youth and college population in the area
• Walk-in potential (mall vs. high street)
• Proximity to existing stores
• Whether rent makes sense against expected revenue

This step is more data-driven than most franchise brands. Not guesswork. Real order history from real customers in your area.

Step 4: Agreement and Fee

Location approved? Next is the franchise agreement. Read it before signing. Check:

• Franchise term and renewal terms
• Royalty or revenue-sharing structure
• Territory exclusivity
• Exit terms
• Brand compliance and audit requirements

Rs 6 lakh goes in after you sign. That's when the agreement kicks in.

Not sure about a clause? Get someone else to go through it before you sign. These are multi-year contracts.

Step 5: Store Setup

The brand sends a store design guide. It covers layout, fixtures, display formats, signage, and lighting. Vendors can be from the brand's approved list or your own choice.

Setup involves:

• Interior work per brand guidelines
• Signage and branding installation
• POS and billing system setup
• Initial inventory

A few weeks from space handover to store-ready is the usual timeline.

Step 6: Staff Training

Training runs before opening. The brand's team covers product knowledge, billing, stock handling, customer service, and store operations. Mandatory before launch.

Good staff matters more than most people expect in this format. The products are niche. Customers ask questions. Someone who knows the catalog sells more. Simple as that.

Step 7: Opening

New store openings go up on The Souled Store's social media. Your store gets that coverage too. After opening, you get seasonal campaign materials and new collection assets as they come.

Opening week footfall tends to be high. The brand's online following drives curiosity visits. After that, it settles into regular traffic. Location and repeat customers are what sustain it from month two onwards.

What Support Does the Brand Provide?

• Training: Pre-launch training for staff and owner
• Store Design: Detailed layout and fixture guidelines
• Marketing: Social media promotion of your store
• Product Supply: Regular inventory and seasonal drops
• Location Help: Data-based guidance using online demand signals

One thing to be clear on: the brand keeps selling online in your city after your store opens. You get walk-in customers only. Online territory is not yours. Work that assumption into your numbers from day one.

A Few Things Worth Knowing First

• Revenue is up. Profit is down. Net profit dropped 38% in FY25 to Rs 11 crore even as revenue grew 37%. Most of that gap is expansion costs. If you join now, you are joining a brand mid-expansion.
• Smaller cities are next. Tier II and III are where the brand is headed for FY27. If your city gets regular deliveries but has no store yet, that puts you in a decent spot.
• Redwolf adds to the product range. Redwolf was in the same category. Its catalog now sits with The Souled Store. Franchise stores will see more products as the merger settles.
• There are competitors. Bewakoof, Macmerise, and Chumbak are in the same space. What The Souled Store has that they do not: official licensing from Marvel, Disney, and Warner Bros. That is not easy to copy.
• The omnichannel angle is a double-edged thing. Having an online brand presence does pull people into the physical store. Someone who ordered from the website three times is curious to see the actual store. But that same person will still order online from their couch. You will not own them exclusively.

The Numbers, Summarised

Brand at a glance:

• Four guys started this in Mumbai back in 2013
• Last financial year revenue hit Rs 492 crore
• 55+ stores were running as of December 2025
• They're pushing for 200 stores before 2026 ends
• Three formats in use: EBO, SIS, Franchise

What going in looks like, money-wise:

Expect to put in anywhere from Rs 50 lakh to Rs 1 crore, depending on where you're setting up. Metro malls push it toward the higher end. The franchise fee alone is Rs 6 lakh, paid upfront, and that's the only time you pay it. Store size is another thing to sort early – high street locations get by with around 1,000 sq. ft., mall setups need more room, sometimes close to 2,500.

• Margins are around 40%
• Most partners get their money back in 12 to 18 months

FAQs

Q1: The Souled Store franchise cost – what should I budget for? Depends on the city and the kind of location. Rs 50 lakh on the lower end, up to Rs 1 crore if you're going into a metro mall. Rs 6 lakh of that is the franchise fee. You pay it before opening, just once. The rest covers fit-out, rent deposit, inventory, billing setup. Metro malls cost more than a Tier II high street location.

Q2: Space requirement for a Souled Store franchise – how much do you need? Depends on the format. High street stores can work in 1,000 sq. ft. Mall setups usually go up to 2,500 sq. ft.

Q3: Can I open a franchise in a Tier II city? Yes, and that's honestly where most of the new openings are headed. Tier II and III is their stated push for the next phase. 200 stores is the target, and smaller cities are where a lot of that is going.

Q4: Margin and ROI – what are the actual numbers? Margin sits at roughly 40%. Getting your investment back usually takes 12 to 18 months. Your city and footfall numbers are what decide where in that range you land.

Q5: Do I need retail experience? Not officially. That said, running a store without any retail background has a learning curve – stock management, peak hour handling, staff issues. You'll figure it out, just slower.

Q6: Is prior retail experience required for a Souled Store franchise? No. But knowing how a retail store runs day to day will help. Inventory management, staff handling, and peak hour operations are things you figure out faster with some background.

Ready to Apply?

The Souled Store franchise network is targeting 200 stores this year. At 55+ right now, most of that gap still needs filling. Cities with strong online order volume but no store yet are where franchise partners fit in.

Your city getting regular brand deliveries already? That's a decent sign. Worth putting in an inquiry.

Steps to get going:

• Visit the official The Souled Store website
• Go to the franchise section and fill out the inquiry form
• Mention your city clearly – they check delivery data before shortlisting locations

The earlier you apply, the more time you have to go through location evaluation, agreement review, and store setup before the good spots get locked in.

Disclaimer: The brands mentioned in this blog are the recommendations provided by the author. FranchiseBAZAR does not claim to work with these brands / represent them / or are associated with them in any manner. Investors and prospective franchisees are to do their own due diligence before investing in any franchise business at their own risk and discretion. FranchiseBAZAR or its Directors disclaim any liability or risks arising out of any transactions that may take place due to the information provided in this blog.