Recode Studios

Rahul Sachdeva (Co-founder) is a B.Com graduate with hands-on experience in the professional cosmetics industry at Make Over. He identified that Indian consumers were paying premium prices for international brands when equivalent quality could be made in India at a fraction of the cost. Dheeraj Bansal (Co-founder & Director) comes from a manufacturing background — his transition from bicycle spare parts to cosmetics is a reminder that operational discipline and management capability transfer across industries. Together, they built a customer acquisition strategy so distinctive it became the most discussed business idea in Season 2: free makeup masterclasses.

Recode Studios is India's most aggressively accessible premium cosmetics brand — manufacturing and selling international-quality makeup products (lipsticks, foundations, eyeshadow palettes, nail paints, kajal, eyeliners, concealers, setting sprays) at prices accessible to India's middle-class consumer, while simultaneously running an online marketplace hosting 60+ cosmetics brands for consumers who want variety beyond Recode's own line. The brand's most distinctive commercial innovation is its offline makeup masterclass model: The brand offers a customer acquisition strategy by conducting offline makeup classes for women at five-star hotels. Attending an event in a five-star hotel is an attractive proposition for them. Also, they get free goodies and lunch.

Amount Asked: ₹1 crore Equity Offered: 1% Implied Pre-Money Valuation: ₹100 crore

Dheeraj and Rahul entered with confident energy — two founders from Ludhiana who had built a ₹15 crore revenue cosmetics brand in four years without any external funding, and who came to Shark Tank not for survival capital but for strategic growth partnership. They opened by positioning the brand explicitly against international premium cosmetics brands — not against SUGAR Cosmetics or other Indian D2C competitors. "When we started out, we were looking to replace international brands like Make Up For Ever, Anastasia Beverly Hills, etc., that were offering good quality products at a high price point. We entered the market to replace them and sell our products at a normal price point. We aren't looking to compete with Indian brands," Bansal said.

Aman Gupta criticised the packaging immediately — finding it inconsistent and insufficiently premium for the brand's aspirations. He advised the founders to unify the packaging design before seeking investment. He then exited, citing the friendship with Vineeta as a conflicting factor. Namita Thapar stated explicitly that she did not want to invest in a competitor to her friend Vineeta Singh's SUGAR Cosmetics. Namita Thapar and Aman Gupta refused to invest in the company as it was coming in the way of their friendship with Vineeta Singh, who also runs a cosmetics brand, Sugar. Vineeta Singh was in the most conflicted position — she was both the category expert who could add the most value and the competitor whose investment would create the most obvious conflict of interest. She recused herself from the deal. Peyush Bansal and Anupam Mittal praised the masterclass acquisition model but ultimately did not invest — reportedly making an offer of ₹30 lakhs for 55% equity .

Recode asked for ₹1 crore for 1% equity at ₹100 crore implied valuation. Sharks equipped them ₹30 lakhs for 55% equity however Dheeraj and Rahul denied it. No further negotiation occurred. The gap between ₹100 crore founder valuation and the implied ₹55 lakh Shark offer was so vast as to make negotiation impossible. All five Sharks exited without a deal.

Recode Studios walked out of Shark Tank India Season 2's premiere episode without a single rupee of investment. Peyush and Anupam's offer of ₹30 lakhs for 55% equity — valuing the company at approximately ₹55 lakh against Recode's ₹100 crore stated valuation — was declined by the founders as commercially unreasonable. Aman and Namita exited citing personal loyalty to Vineeta Singh, and Vineeta herself could not invest in a direct competitor. It was a unanimous no-deal, widely condemned on social media as one of the most unfair outcomes in Shark Tank India's history.