Rejected on Shark Tank, Recode Studios Is Now Worth ₹350 Cr

From a rejected Shark Tank pitch to a ₹350+ crore cosmetics empire, Recode Studios has come a long way. When founders Dheeraj Bansal and Rahul Sachdeva appeared on Shark Tank India Season 2 in January 2023, they asked for ₹1 crore for 1% equity, valuing their cosmetics business at ₹100 crore. The pitch ended without a deal. All the Sharks passed on the opportunity. But @loverecode did not stop. Founded in 2018 in Ludhiana, the company continued expanding its cosmetics and beauty business, growing its product portfolio, retail network, franchise presence and online marketplace. Its marketplace also expanded to include more than 60 beauty brands. The results have been significant. Recode’s revenue grew from ₹22.5 crore in FY23 to ₹37.2 crore in FY24, ₹47.9 crore in FY25 and ₹80.1 crore in FY26. Its net profit also climbed to around ₹11.2 crore in FY26. Then came the biggest milestone. In May 2026, Recode Studios launched its SME IPO at a price band of ₹150 to ₹158 per share. The ₹44.59-crore issue received a massive response from investors and was subscribed more than 200 times. The company listed on the BSE SME platform on May 12, 2026. Since then, the stock has traded significantly above its IPO price. At around ₹336 per share on September 4, Recode Studios was valued at roughly ₹350 crore in market capitalisation. Recent market data puts its market cap at around ₹358 crore. That is a remarkable jump from the ₹100-crore valuation the founders were seeking when they walked into the Shark Tank set. Today, Recode Studios is no longer just a startup that appeared on a reality TV show. It is a publicly listed cosmetics and beauty company with a growing retail footprint, rising revenue, improving profitability and a market value of more than ₹350 crore. The company has also continued its expansion after going public, including plans to acquire a 51% stake in beauty brand Aflairza Professionals and further strengthen its physical retail presence. The biggest takeaway from Recode’s journey is simple: the Sharks said no, but the founders kept building. #RecodeStudios #SharkTankIndia #IPO #StockMarket #BusinessNews #IndianStartups #StartupSuccess #D2C