D2C brand Recode Studios raises undisclosed pre-series A round
- ByStartupStory | February 10, 2023
Recode Studios, which garnered notoriety after presenting its company on Shark Tank Season 2, announced on Thursday that it had completed a pre-series A round in which it had secured an undisclosed sum. Sanjay Katkar, co-managing director and CTO of cybersecurity firm Quick Heal Technologies, participated in this round as an investor.
The cosmetics manufacturing and marketing startup said that its most recent fundraising valued it at $100 crore.
By 2025, it’s anticipated that the personal care and cosmetics industry will have grown significantly to a $28 billion industry. Recode Studios has continuously depicted growth along the road with an upward slope, and the financial results have been encouraging. And now, since the Shark Tank show, they have really taken off,” Katkar remarked.
Recode Studios intends to use this money to expand its product line by introducing new ones and hiring senior vertical leadership.
Dheeraj Bansal and Rahul Sachdeva founded Recode Studios in 2018 with the goal of offering cosmetics of high international calibre at reasonable pricing.
The firm also made an appearance on Shark Tank India season 2, where the founders promised to give aspiring cosmetic artists complimentary lunches and makeup lessons in upscale hotels. According to the statement, the company’s net sales for FY22 totaled 15 crore with a net profit of 48 lakh. They failed to obtain finance on the business reality show, though.
“We sincerely appreciate Sanjay Katkar’s confidence in us. Recode Studios’ mission is to raise public knowledge of high-end goods that meet worldwide standards and can be purchased for reasonable rates. With the opening of new stores and outlets across the country, we look forward to utilising the investment to increase our retail footprint. According to Bansal, co-founder of Recode Studios, “We even want to increase our R&D to develop new unique goods under several categories for the Indian markets.
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