Shark Tank fame Recode Studios raises funds in a pre-series A round
- Recode plans to deploy funds to hire for senior roles, develop its team, scale up R&D and launch new products.
- The beauty and personal care market is expected to reach $28 billion by 2025, says investor
Sanjay Katkar. Recode Studioswas instituted in 2018 by Dheeraj Bansaland Rahul Sachdevawith the aim to provide international quality cosmetics at affordable prices.
AdvertisementRecode Studios, which gained popularity for pitching its business on
The startup which manufactures and markets cosmetics, said that the latest funding values it at ₹100 crore .
"The beauty and personal care market is growing at an exponential rate and is expected to reach $28 billion by 2025. Along the way, Recode Studios has consistently portrayed growth with an uphill graph, and the financial figures have been promising. And lately, they've gained a lot of traction post-Shark Tank episode,” Katkar said.
Recode Studios plans to deploy funds to hire senior vertical leadership to develop its team, scale up R&D, and launch new products to expand its product range.
Recode Studios was instituted in 2018 by Dheeraj Bansal and Rahul Sachdeva with the aim to provide international quality cosmetics at affordable prices.
The startup also appeared on Shark Tank India season 2 where the founders claimed they provide free lunch and makeup classes in premium hotels to aspiring makeup artists. It said that its net sales for FY22 stood at ₹15 crore, with a net profit of ₹48 lakh. However, they did not secure funding on the business reality show.
"We highly appreciate the trust garnered on us by Sanjay Katkar. Our vision at Recode Studios is to create awareness among the masses pertaining to premium quality products with international standards at affordable prices. We look forward to using the fund to expand our retail presence with the launch of new stores and outlets across the nation. We even plan to step up our R&D to develop new innovative products under various categories for the Indian markets”, Bansal, co-founder Recode Studios said.
SEE ALSO: Startup founders focus on profitability, hope for higher valuations: InnoVen Capital report
Startup working to bring MSMEs into metaverse secures funds on Shark Tank India
Popular on BI
- Top ChatGPT 4 plugins: From math, physics and language tutor to vacation planner
- Most of India's statewide heat action plans are inadequate to deal with local risks, new CPR report says
- CIRP initiated in cases of DHFL, ABG Shipyard, Bhushan Power & Steel
- Oscar-winner Kartiki Gonsalves joins Nagesh Kukunoor, Mira Nair who made a splash on debut
- Alibaba founder Jack Ma spotted at a school in China after long absence