Dheeraj Bansal and Rahul Sachdeva established the Indian cosmetics company Recode Studios in 2018 with the goal of providing premium beauty products at reasonable costs. The business has made high-end beauty affordable for the general public by opening more than 250 retail locations and franchise stores in Delhi, Raipur, and Faridabad. Due to conflicts of interest, their 2023 Shark Tank India proposal for ₹1 crore at a ₹100 crore valuation was turned down; nonetheless, the publicity increased their brand awareness, sales, and collaborations. Sanjay Katkar, CTO of Quick Heal Technologies, provided them with pre-Series A capital in February 2023 so they could extend their workforce, improve R&D, and introduce new products, solidifying their position as a major force in the Indian beauty industry.
Company Name: Recode Studios
Founder: Dheeraj Bansal and Rahul Sachdeva
Idea: Beauty Products
Product: Indian cosmetics, makeup products at affordable prices.
Highlights
- Affordable: Recode Studios strives to make high-end beauty accessible to a larger audience by providing cosmetics items of the highest calibre at reasonable costs.
- Broad Product Offering: The company offers a range of cosmetics, such as eyeliners, foundations, lipsticks, and skincare items.
- Cruelty-Free and Vegan: A large number of their products are cruelty-free and vegan, which fits in with consumers’ increasing desire for sustainable and ethical beauty goods.
- Broad Shade Selection: Recode Studios prioritizes inclusivity by providing a large selection of hues to accommodate different skin tones.
- Long-Lasting and Smudge-Proof: Their makeup is made to last, using formulations that are smudge-proof and suitable for a range of climates.
- Packaging: The brand makes use of elegant, contemporary packaging that is both consumer-friendly and useful for daily usage.
Pitch Details
Ask: ₹1 crore for 1% equity.
Deal: After negotiations, sharks rejected the offer, due to conflict of interest with vineeta singh.
Investors: No deal.
Conclusion
The conclusion of Recode Studios’ Shark Tank India presentation is that, despite not landing a deal, the rejection was really a boon for them. The brand’s visibility and reputation were greatly enhanced by the show’s exposure, which resulted in new brand collaborations, more sales, and overall company growth.
They further strengthened their position in the industry by successfully raising money from Sanjay Katkar, CTO of Quick Heal Technologies, in a pre-Series A round in February 2023. The brand’s continued success shows that branding and awareness may occasionally be more beneficial than a direct investment transaction.
Therefore, even they were not able to get the deal, the publicity and momentum generated by the presentation were important in propelling their growth trajectory.
Key Takeaways from the EpisodeInnovation:
Products that were distinct and unique stood out.
- Passion: The dedication and tenacity of entrepreneurs were important.
- Financial Clarity: It’s critical to have a thorough awareness of finances.
- Scalability: Companies with room to develop are preferred by sharks.
- Strong Team: Credibility is increased by a competent team.
- Customer Focus: It’s crucial to address actual issues for clients.
- Valuation: There must be a strong basis for both equity and valuation
