Recode is a brand that sells makeup products and cosmetics and has a pan-India presence across more than 250 shops in India. The brand sells its products online through its website and mobile app. Moreover, in 2021 Recode started selling the products of other brands as well on their platform, having launched three franchisee stores in Faridabad, Delhi, and Raipur.
Recode Studios has always kept up with the momentum of a significant rise in revenue year-on-year in FY22. Supported by the two pillars of quality and affordability, the brand is carving its impact in the Indian beauty and cosmetic market.
The brand's yearly sales climbed from Rs 25 lakh in 2018 to Rs 2 crore in 2019 and 2020, which is 8X the growth. The brand registered an increase of 2.5 percent in 2021 with Rs 5 crore in sales; and a magnificent growth rate of 300 percent with Rs 15 crore by the end of 2022.
Recently, Recode made an appearance in Shark Tank India Season 2 recently, wherein it was unable to gain funding. While Peyush Bansal, CEO, Lenskart and Anupam Mittal, Founder and CEO, People Group weren’t convinced about the brand, Namita Thapar, Executive Director, Emcure Pharmaceuticals and Aman Gupta, Co-founder and CMO, boAt refused to invest in a company as it was coming in the way of their friendship with Vineeta Singh who also runs a cosmetics brand, Sugar.
Although the Shark Tank India judges have received criticism for being unfair, post the episode Recode has been doing good business.
The brand recently received funding from Velocity for growth capital needs, along with a brand campaign with Swara Bhaskar. Hammer Audio, the company which Aman Gupta offered to acquire in Shark Tank Season 1, got listed on Recode’s marketplace, website and app.
Moreover, the brand also launched a ‘Shark Tank Sale’ on its website offering up to 75 percent sales on its products gaining massive traction.
The brand has achieved sales of Rs 15 crore with a 6 percent net profit in FY22 and has forecasted sales of Rs 30 crore in FY23, out of which it has already clocked in Rs 11 crore.