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<ul><li>Recode plans to deploy funds to hire for senior roles, develop its team, scale up R&amp;D and launch new products. </li><li>The beauty and personal care market is expected to reach $28 billion by 2025, says investor <keyword id="246619" type="General" weightage="50" keywordseo="sanjay-katkar" source="Orion">Sanjay Katkar</keyword>. </li><li><keyword id="15975000" type="General" weightage="100" keywordseo="recode-studios" source="Orion">Recode Studios</keyword> was instituted in 2018 by <keyword id="15975001" type="General" weightage="50" keywordseo="dheeraj-bansal" source="Orion">Dheeraj Bansal</keyword> and <keyword id="3160595" type="General" weightage="50" keywordseo="rahul-sachdeva" source="Orion">Rahul Sachdeva</keyword> with the aim to provide international quality cosmetics at affordable prices. </li></ul>Recode Studios, which gained popularity for pitching its business on <keyword id="1417364" type="General" weightage="80" keywordseo="shark-tank" source="Orion">Shark Tank</keyword> Season 2, said on Thursday that it raised an undisclosed amount as part of a pre-series A round. The investor in this round is Sanjay Katkar, joint managing director and chief technology officer of cybersecurity company <keyword id="352084" type="General" weightage="50" keywordseo="quick-heal-technologies" source="Orion">Quick Heal Technologies</keyword>. 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&amp;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 <a href="https://www.businessinsider.in/business/news/recode-studios-free-lunch-with-make-up-classes-wins-over-shark-tank-judges-but-gets-no-money/articleshow/96759968.cms">Shark Tank India</a> 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&amp;D to develop new innovative products under various categories for the Indian markets”, Bansal, co-founder Recode Studios said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/startup-founders-focus-on-profitability-hope-for-higher-valuations-innoven-capital-report/articleshow/97769944.cms">Startup founders focus on profitability, hope for higher valuations: InnoVen Capital report</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/startup-working-to-bring-msmes-into-metaverse-secures-funds-on-shark-tank-india/articleshow/97768137.cms">Startup working to bring MSMEs into metaverse secures funds on Shark Tank India</a>

Shark Tank fame Recode Studios raises funds in a pre-series A round

<ul><li><keyword id="15975000" type="General" weightage="80" keywordseo="recode-studios" source="Orion">Recode Studios</keyword> is a makeup brand and online marketplace based in Ludhiana. </li><li>It clocked net sales of ₹15 crore with a net profit of ₹48 lakh for FY22. </li><li><keyword id="2174783" type="General" weightage="100" keywordseo="recode" source="Orion">Recode</keyword> Studios, founded by <keyword id="15975001" type="General" weightage="20" keywordseo="Dheeraj-Bansal" source="Orion">Dheeraj Bansal</keyword> and <keyword id="3160595" type="General" weightage="20" keywordseo="Rahul-Sachdeva" source="Orion">Rahul Sachdeva</keyword>, pitched on <keyword id="11924074" type="General" weightage="80" keywordseo="shark-tank-india" source="Orion">Shark Tank India</keyword> S2 but none of the sharks invested.</li></ul>The few episodes of Shark Tank India season 2 aired, are already trending on social media. And, the company that dominated discussions online is one that received no funding — Recode Studios, an online marketplace and makeup brand. Punjab-based acquaintances Dheeraj Bansal and Rahul Sachdeva started Recode Studios as a makeup brand in 2018. Later, in 2021, it grew into an online marketplace selling cosmetics across 60 brands. Sachdeva was already in this line, working with a cosmetic brand, Make Over, and had gained the necessary expertise in the industry. Bansal however worked as a manufacturer of bicycle spare parts before starting Recode. "When Rahul approached me with the proposal, I recognised the chance to advance in this field and went from the bicycle to the cosmetic industry. Rahul's marketing expertise in the cosmetics industry and mine in management and operations helped us kick-start our venture,” Bansal told <a href="https://yourstory.com/2022/11/cosmetics-startup-recode-studios-afforability-beauty-products-ludhiana">YourStory</a>. Started in 2018, Recode Studios launched its brand with products like nail paint, lipsticks, eyeliner and kajal — which are make-up kit must-haves. The founders saw that affordability was always an issue for buyers, and that struck a chord with them. The decision to shift from a pure cosmetic brand to an online marketplace came when the company suffered severe losses during the pandemic. Consequently, the founders shared on Shark Tank India that they decided to sell-off their products, which were going to expire in 8-10 months, in a ₹1 flash sale. “This allowed us to get consumer feedback on the quality of our products while also being economically lucrative. Since everyone we sold to spread the word to their friends and family, we also increased our customer base,” Bansal further added. They built a strong customer base among middle-class households who find international brands too expensive. Other than its own make-up products, the platform also offers products of brands like WOW Skin Science, Colorbar, Mirabela and others. The company imports products from countries like Germany, Thailand and Taiwan. It has a tie-up with over 300 offline stores and has three franchise stores in Delhi, Faridabad and Raipur. It also has a presence on Amazon, and sells pan-India through its own website as well. <cmsannotation type="cmsannotation" annotationid="Unique customer acquisition strategy" comment="subhead" text="Unique customer acquisition strategy">Unique customer acquisition strategy</cmsannotation> The cosmetic brand pitched on the premiere episode of Shark Tank India season 2 to raise ₹1 crore in exchange for 1% equity. While pitching, both Bansal and Sachdeva explained their customer acquisition strategy. The startup organises offline makeup classes for girls in five-star properties that last 3-4 hours, at ₹1,500 per class. Famous makeup artists teach them different make-up techniques, and they receive products worth ₹1,500 along with a free lunch at the venue. “This is a no profit no loss move and actually a cost to the company,” said Rahul in the show. “The students then come to buy those products again and that’s how we build our customer base,” he added. This unique customer acquisition strategy impressed the sharks in the show, especially Lenskart founder Peyush Bansal, who quipped that even he would try to offer free lunch at eye-testing camps. Recode didn’t get any funding on the show, allegedly because it was a direct competitor of Sugar Cosmetics - the venture founded by shark Vineeta Singh. Nevertheless, since the episode aired, Recode and its acquisition model has gained a lot of traction on social media. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/skippi-ice-pops-what-this-hyderabad-popsicle-brand-is-doing-after-raising-rs-1-crore-from-shark-tank-india-season-1/articleshow/96759786.cms">Skippi Ice Pops – how the Hyderabad-based popsicle brand fared after bagging a ₹1 crore deal on Shark Tank India S1</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/how-wittyfeed-founders-lost-a-company-overnight-and-launched-a-300-crore-startup-in-a-year/slidelist/96758805.cms">How WittyFeed founders lost a company overnight and launched a ₹300 crore startup in a year</a>

Recode Studio's free lunch with make-up classes wins over Shark Tank judges, but gets no money

New Delhi, The Central Bureau of Investigation (<keyword id="6354572" type="General" weightage="80" keywordseo="cbi" source="Orion">CBI</keyword>) in its charge sheet lodged in the Rs 34,615 crore <keyword id="127124" type="General" weightage="100" keywordseo="dhfl" source="Orion">DHFL</keyword> loan fraud case has said that the accused created 87 shell companies and 2,60,000 fake borrowers to launder money. The charge sheet was filed in the second week of October. The federal probe agency has also said in its charge sheet that the accused set up a virtual branch to launder money. The CBI had on October 15 filed the charge sheet against 75 accused, including private companies before the Rouse Avenue court in Delhi. It has been alleged that <keyword id="2693" type="General" weightage="80" keywordseo="kapil" source="Orion">Kapil</keyword> and Dheeraj <keyword id="695125" type="General" weightage="80" keywordseo="wadhawan" source="Orion">Wadhawan</keyword> laundered money and purchased 24 paintings worth Rs 63 crore. The charge sheet said that the laundered money was spent on credit cards, foreign trips and renting chartered planes. The CBI has alleged that Wadhwas were using a special designed software which was generating dummy data. The software was also showing various fake entries of home loan takers. The accused also created a virtual branch in the name of Bandra branch with a code 001 whereas in reality this branch does not exist. From this virtual branch, loans were given to shell companies. <cmsannotation type="cmsannotation" annotationid="Case history" comment="subhead" text="Case history">Case history</cmsannotation> The charge sheet has been filed against Kapil Wadhawan, Dheeraj Wadhawan, both the then CMD, DHFL; Harshil Mehta, its ex CEO, Ajay Vazirani; Advocate, Jayesh Khona; the then Vice President (Accounting), DHFL, Dinesh Bansal; Director of D K Realty (India) Pvt. Ltd, Sunny Bathija; Director of Sunblink Real Estate Pvt. Ltd, Ajay Navandar; Jignesh Mehta, CA of Chaturvedi &amp; Shah LLP, Amit Chaturvedi, Partner of Chaturvedi &amp; Shah LLP and others. In July the CBI had seized a helicopter parked in a hangar at the premises of Avinash Bhosale, one of the accused, at Baner Road in Pune. "It came to light that RKW Developers Pvt. Ltd (a company owned by Wadhawan family) allegedly has stakes in Varva Aviation (an Association of Persons) which owns an AW109SP Grand New Helicopter (AgustaWestland Helicopter) which was allegedly purchased in 2011. RKW Developers Pvt. Ltd joined the Association of Persons in 2017 contributing towards cost price and maintenance of said helicopter. "ABIL Infraprojects Ltd, a company owned by Avinash Bhosale allegedly has a stake in the said helicopter. As it was allegedly apprehended that the funds used for making payment towards the stake in Association of Persons were sourced from loan funds sanctioned by different banks, therefore, we have seized the helicopter which was parked in a hangar at the premises of Bhosale at Baner Road, Pune," the CBI had said. Earlier the federal probe agency had seized two paintings made by F.N. Souza (1964) and another by S.H. Raza (1956) worth Rs 5.50 crore; two watches of Jacob &amp; Co &amp; Frank Muller Geneve make worth Rs 5 crore and Jewellery including worth Rs 2 crore. The CBI had said that the promoters had acquired expensive items using the diverted funds. DHFL Directors Kapil and Dheeraj Wadhwan, who were arrested by the agency, were brought to Delhi from Lucknow. Earlier on July 8, the CBI had recovered paintings and sculptures worth Rs 40 crore. A case was registered on June 20, 2022. Vipin Kumar Shukla, DGM and Branch head of Union Bank of India, Nariman Point, Mumbai lodged an FIR in this connection. It was alleged in the complaint Dewan Housing Finance Corporation Ltd (DHFL), Kapil Wadhawan it's former CMD, Dheeraj Wadhawan, the ex-Directors, Sudhakar Shetty and other accused entered into a criminal conspiracy to cheat the Consortium of 17 banks led by Union Bank of India. "Wadhawan and others induced the consortium banks to sanction huge loans aggregating to Rs 42,871.42 crore and siphoned off and misappropriated a significant portion of the said funds by falsifying the books of the DHFL and dishonestly defaulted on repayment of the legitimate dues of the said consortium banks. That caused a wrongful loss of Rs 34,615.00 crore to the consortium lenders," said the CBI. The CBI after conducting an inquiry lodged the case under sections 120-B read with 409, 420, 477-A of IPC and Section 13(2) read with sections 13(1)(d) of Prevention of Corruption Act. The FIR was lodged against DHFL, its former CMD Wadhwan, MD Dheeraj Rajeshkurrar Wadhwan, present Director <keyword id="4946125" type="General" weightage="50" keywordseo="sudhkar-shetty" source="Orion">Sudhkar Shetty</keyword>, Amaryllis Realtors LLP (ARLLP), Gulmarg Realtors LLP (GRLLP), Skylark Buildcon Pvt. Ltd, Darshan Developers Pvt. Ltd, Sigtia Constructions Pvt. Ltd, Creator Builders Pvt. Ltd, Township Developers Pvt. Ltd, Shishir Reality Pvt. Ltd, Sunblink Real Estate PM. Ltd and other unknown persons including public servants. The official said that it was found that the promoters had allegedly diverted the funds and made investments in various entities. It was also alleged that the promoters had acquired expensive paintings and sculptures worth about Rs 55 crore using the diverted funds. Earlier, searches were conducted on June 22 at 12 locations in Mumbai at the premises of the accused which led to recovery of incriminating documents. Further investigation in the matter was on.

DHFL loan fraud case: Money laundered via 87 shell firms, 2.6 lakh fake borrowers

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Shark Tank fame Recode Studios raises funds in a pre-series A round

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Recode Studio's free lunch with make-up classes wins over Shark Tank judges, but gets no money

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DHFL loan fraud case: Money laundered via 87 shell firms, 2.6 lakh fake borrowers

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