Recode Studios entered Shark Tank India Season 2 as a Ludhiana-based cosmetics business founded by Dheeraj Bansal and Rahul Sachdeva. The company presented colour cosmetics and a distribution model that combined direct online sales, marketplaces and training-led outreach in smaller cities.
The founders asked for ₹1 crore for 1% equity, implying a ₹100 crore valuation. The sharks did not make a final investment offer, and Recode Studios left the programme without a deal. The no-deal outcome is a documented television result rather than evidence that the underlying business stopped growing.
At the pitch stage, the founders reported approximately ₹15 crore in annual revenue. Their presentation focused on building a domestic cosmetics brand and reaching customers outside the largest metropolitan markets. The company continued operating after the episode and later changed its corporate status from a private company to Recode Studios Limited.
Financial reporting for FY2026 states that Recode Studios recorded ₹79.95 crore in revenue from operations, compared with ₹47.80 crore in FY2025 and ₹36.82 crore in FY2024. The FY2026 figure represents growth of about 67% from the preceding year, rather than an exact doubling, despite some published headlines describing it that way.
The company also reported FY2026 net profit of approximately ₹11.21 crore. These figures provide a stronger current benchmark than informal valuation claims because they relate to a defined financial period and published company results.
Recode Studios’ journey therefore differs from the assumption that a Shark Tank rejection marks commercial failure. From roughly ₹15 crore in revenue discussed around the pitch, the company progressed to ₹79.95 crore of revenue from operations in FY2026 while remaining outside the televised shark portfolio.
The company continues to market cosmetics through its own channels and distribution network. Revenue growth does not automatically establish future performance, consumer satisfaction or market share, and this report does not infer those measures from the financial results.
As of August 25, 2026, Recode Studios is an active cosmetics company with published FY2026 revenue of ₹79.95 crore and net profit of about ₹11.21 crore. Its measurable growth occurred after a no-deal Shark Tank appearance.
Sources: Recode Studios official website; Recode Studios offer document; FY2026 results report; Season 2 pitch record.