Recode Studio From Shark Tank India S2 E1 Gets No Deal
Recode Studio is an Indian cosmetics business that provides customers with premium quality cosmetics from around the world at Indian prices. They have their own online store where products from multiple brands are listed. The company is connected to leading manufacturers in Germany and Taiwan.
Recode Studio aims to become the world‘s largest platform for beauty and lifestyle brands. It was founded in 2018 by Dheeraj Bansal and Rahul Sachdeva in Punjab. In 2021 they launched their Cosmetic Brands Marketplace and by January 2023, they had over 60 brands available. Dheeraj and Rahul recently appeared on Shark Tank India Season 1 Episode 2.
They asked for ₹1 Crore (1% Equity) at a ₹100 Crores Valuation from the Sharks but was given no deal.
|Founder||Rahul Sachdeva and Dheeraj Bansal|
|Business||Cosmetic brand + marketplace|
|Actual Ask||₹1,00,00,000 Against 1% Equity|
|Final Deal||No Deal|
|Episode||Shark Tank India S2 E1|
|Headquarter||Ludhiana, Punjab, India|
|Air Date||2nd January, 2023|
What are the sales of Recode Studios?
Although Recode Studios did not receive investment in Shark Tank India, the company‘s sales stats shared on Shark Tank surprised many netizens.
The brand has 236k+ followers on Instagram.
By 2022, their annual sales had reached ₹11.5 crores, and from 2021 to January 2023, they had earned a total of ₹26.5 crores.
Last year their profit after tax was 6% with around ₹65 lakhs.
They are expected to have an annual sales of ₹30 crores by the end of 2023.
We are keeping an eye on Dheeraj Bansal and Rahul Sachdeva and their company for updates.
Revenue Source of Recode Studios
Half of their income is from the marketplace. The founder shared that they decided to do the marketplace out of necessity, as the COVID19 Pandemic caused their business to suffer losses. They began offering expired products in discounted sales for only Rs 1.
Recode Studios Shark Tank Pitch
Dheeraj and Rahul both went to Shark Tank India and asked the Shark for ₹1 crore in exchange for 1% of their company. They informed the Shark about the product they have created and how they began their business.
The products of their brand can be found in 250 stores all around India, as well as on their website and app.
They have also opened three franchise stores in Faridabad, Delhi and Raipur. In 2021, they created a cosmetic marketplace that has over 60 other brands apart from their own.
Aman Gupta said that he wouldn‘t invest in his friend‘s competitor, so he was out.
Peyush Bansal said that he couldn‘t add value to the brand, so he was out.
Namita Thappar said she did not like the packaging of the product.
Vineeta Singh mentioned that she is already in this business, so she will not be able to join forces with Recode.
Anupam Mittal said that he didn‘t want to take part due to the valuation and the connection.
Netizens Reacts on Recode Studios Not bagging a deal on Shark Tank
@amangupta0303 sir @namitathapar maim aapka criteria hai ki apne friends ke competition me invest nhi karenge to aaplog pahle hi Bata do publicly.
Aap ek taraf kahte ho ki ham entrepreneur ko support karne aaye hai to kya #recode wala koi neta tha kya ? #ye_sab_doglapan_hai pic.twitter.com/FZNSoKpVX0
— Aman Kumar (@Aman03kumar) January 5, 2023
Saw the full episode of #SharkTankIndiaSeason2 and pretty much disappointed to see the way #Recode founders were stereotyped from calling them from “small town” & “jugaad” repeatedly and yes, the occasional smirk from sharks while they were presenting in their own way.
— Kumar Manish (@kumarmanish9) January 4, 2023
Sugar Cosmetics vs Recode Studios
126 cr revenue
Net profit: -21.1Cr#Recode
15 cr revenue (FY22)
Net profit : 48 lakh
With this arrogance, sugar sales will go down & recode will gain alot! pic.twitter.com/d2nmYWvNWG
— Pruthvin Reddy (@Pruthvinreddy) January 4, 2023
What is the net worth of Recode Studios?
Recode Net Worth is estimated to be around ₹100 Crores, as they sought investment in Shark Tank India at that valuation. The company has created their own strategies to attract customers, resulting in annual sales of crores. India’s cosmetic industry is expected to be worth $6.27 billion in 2023 and is still growing.
Who are the founders of Recode Studios Pvt Ltd?
Rahul Sachdeva and Dheeraj Bansal
What is the current valuation of Recode Studio?
As per the valuation asked in the Shark Tank India, Recode Studio’s current valuation is 100Crores.
Is Recode Studios a profitable venture?
Recode Studios is a profitable venture.