Recode Studios

What Recode Studios does

Recode Studios Limited (formerly Recode Studios Private Limited) is an Indian direct-to-consumer beauty and personal care brand incorporated on June 16, 2021 in Ludhiana, Punjab, and listed on the BSE SME platform in May 2026. The company designs, markets, and distributes over 350 stock-keeping units spanning face makeup (foundations, concealers, powders, primers), eye makeup (eyeliners, kajal pencils, eyelashes), lip products (liquid lipsticks, lip crayons, tint balms), skincare (face washes, moisturizers, serums, exfoliators), body care, and professional brushes and accessories. Manufacturing is fully outsourced through contract partnerships with Schwan Cosmetics Germany (lip liners, kajal pencils), Cosmax Thailand (Ace of Base Matte Foundation), Taiwanese manufacturers, and Indian producers including AG Herbal, Maxima Solutions, and Cosmo Canvas Beaute, enabling an affordable-luxury positioning with retail prices ranging from ₹99 (entry-level lipsticks) to over ₹2,000 (premium palettes).

The business operates an omnichannel distribution model combining a Shopify-hosted e-commerce storefront (shop.recodestudios.com), a dedicated mobile app, and 24 company-owned physical retail stores across 14 Indian states, covering metros (Mumbai, Delhi, Bangalore, Chennai, Hyderabad, Kolkata) and Tier-2 cities (Ludhiana, Guwahati, Surat, Indore, Rajkot). Shipping is restricted to domestic India with no international fulfillment. The go-to-market motion is digital-first, leveraging Instagram, influencer collaborations, an in-house beauty blog, email newsletters, and earned media from a Shark Tank India Season 2 appearance (which did not result in a deal) alongside coverage in Business Insider, Economic Times, Financial Express, and Femina.

Recode is promoter-led by the Bansal family, with Dheeraj Bansal as Chairman and Managing Director, Karan Bansal as CEO and Whole-time Director, Shelly Bansal overseeing warehouse operations, and Shalini Trehan leading social media, supported by independent directors with company-secretarial and finance expertise. Standalone revenue grew 29.82% from ₹36.82 crore in FY2024 to ₹47.80 crore in FY2025, with the nine months ending December 2025 reaching ₹57.5 crore in revenue and ₹9.1 crore in net profit. The May 2026 IPO raised ₹44.6 crore at a post-issue market capitalization of ₹168 crore, with the issue subscribed 234.64 times.

Name

Recode Studios

Legal name

Recode Studios Limited (Formerly Known As Recode Studios Private Limited)

Website

https://shop.recodestudios.com

Company type

Public

Founded year

2021

Operating status

Ipo

Headcount range

51–100 employees

Short description

Recode Studios is an Indian D2C beauty and personal care brand selling 350+ makeup, skincare, and beauty accessory SKUs through its Shopify e-commerce platform, mobile app, and 24 owned retail stores across 14 states, targeting women seeking affordable luxury cosmetics.

Ownership category

akta.pro rank

Headquarters

HQ city

Ludhiana

HQ country

India

HQ region

Asia

Offices19 records

Markets served

GTM type

B2C

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Marketing or Sales, Personnel, Infrastructure, Others

Revenue model

1. Product Sales: Direct sales of beauty and personal care products including makeup, skincare, body care, and accessories through e-commerce and physical retail stores

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels6 records

Core offering

Recode Studios is an Indian direct-to-consumer beauty and personal care brand that designs, manufactures, and sells affordable-luxury cosmetics, skincare, body care, and beauty accessories through its own e-commerce platform and 24 physical retail stores across 14 Indian states. The company offers 350+ SKUs spanning face, eye, and lip makeup, skincare, body care, and beauty tools, with manufacturing partnerships in Germany, Taiwan, Thailand, and India.

Product overview

Recode Studios is an Indian direct-to-consumer beauty and personal care brand offering an omnichannel platform with over 350 SKUs across multiple product lines including face makeup (foundations, concealers, powders), eye makeup (eyeliners, kajals, eyelashes), lip products (lipsticks, lip balms, lip liners), skincare (face washes, moisturizers, serums), and beauty tools (brushes, sponges). The company operates 24 physical stores across 14 Indian states alongside its e-commerce platform, positioning itself as an 'affordable luxury' brand with products manufactured in partnership with facilities in Germany, Taiwan, Thailand, and India.

Differentiator

Problem solved

Functional benefit

Products and services

• Recode Lipsticks Diverse range of lipstick products including clay matte liquid lipsticks, silky matte mini liquid lipsticks, hydrating matte lipsticks, and glossy transfer-proof liquid lipsticks in multiple shades, designed for everyday wear with long-lasting, smudge-proof, and waterproof properties.
• Recode Foundations and Concealers Ace of Base Matte Foundation and Concealer products offering full coverage, long-lasting matte finish, available in multiple shades named after Indian cities.
• Recode Face Products Face makeup and skincare products including bio enzyme exfoliators, acne patches, spray serums, moisturizers, and cleansing balms.
• Recode Eye Makeup Products Eye makeup items including eyeliners, kajal pencils, holographic liquid eyeliners, and crayon gel eyeliners in multiple colors.
• Recode Powders Setting and finishing powders including translucent setting powders, matte setting powders, banana powders, and compact powders.
• Recode Palettes Multi-shade palettes including lip palettes, powder blusher palettes, and highlighter palettes with magnetic replaceable cartridges, as well as Beauty Concealer, Colour Corrector and Contour Palettes.
• Recode Brushes Collection Professional-grade makeup brushes and sponges including face and eye brush sets, trainee love brush sets (20 and 30 piece), and various sponge shapes.
• Recode Face Washes and Scrubs Skincare cleansers including rice water face wash, haldi chandan face wash, glow face wash with hyaluronic acid and niacinamide, and shower gels.
• Recode Lip Tint Balm Lip care products combining tint, balm, and color correction in various shades including Jojoba and Almond variants.
• Recode Eyelashes and Glitters Featherlight eyelashes with transparent bands in various styles (RE01 through RE10) and shimmer glitters for eye embellishment.
• Recode Super Saver Combos Bundled product combinations offering value pricing, including primer and spray combos, moisturizer combos, and multi-piece lipstick sets.

Quantifiable outcome

• 234.64x oversubscription of IPO indicating strong investor and market confidence
• +1 more outcomes

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Five partnerships are on record, tiered core.

• Germany ManufacturerscoreTechnology or Integration · 1 January 2021Partnership with top manufacturers in Germany for production of premium cosmetics including lip liners and kajal pencils. Products like Made in Germany Matte Lip Liner Smacker and Black Kohl Kajal Pencil are manufactured by Schwan Cosmetics Germany GmbH & Co. KG.
• Taiwan ManufacturerscoreTechnology or Integration · 1 January 2021Strategic manufacturing partnerships in Taiwan ensuring quality cosmetics production for Indian market
• Thailand ManufacturerscoreTechnology or Integration · 1 January 2021Partnership with Cosmax Thailand for foundation production. Recode Ace of Base Matte Foundation manufactured by Cosmax (Thailand) Co. Ltd.
• AG HERBALcoreTechnology or IntegrationIndian manufacturer producing skincare products including Silky Moisturizer-Cum-Primer, Water Cream, and Perfect Grip Primer. Located in Parwanoo, Solan, Himachal Pradesh.
• Maxima SolutionscoreTechnology or IntegrationIndian manufacturer producing contour sticks, lip liners, and makeup palettes. Facilities in Uttarakhand (Pantnagar) and Maharashtra (Asangaon).

Scale indicators8 records

Recent moves8 records

Expansion highlights4 records

Direct peers

• Nykaa (FSN E-Commerce): India's leading multi-brand beauty retailer with its own e-commerce platform and 100+ physical stores, plus owned brands (Nykaa Cosmetics, Kay Beauty). Directly comparable to Recode as a beauty marketplace and brand owner serving the same Indian consumer base.
• Mamaearth (Honasa Consumer): Indian D2C beauty and personal care brand with strong omnichannel distribution across baby care, skincare, hair care, and color cosmetics. Comparable to Recode on D2C-first model, Indian consumer focus, and product breadth, but at materially larger scale.
• MyGlamm: Indian D2C beauty brand with a wide color-cosmetics and skincare range sold via its own site, marketplaces, and retail. Comparable to Recode on product breadth, digital-led GTM, and affordable-premium positioning in the Indian market.
• Sugar Cosmetics: Indian D2C beauty brand selling affordable lipsticks, face, and eye makeup through an omnichannel model with its own website, marketplaces, and offline retail. Closely comparable to Recode on positioning (affordable premium), target consumer (Indian women), and category mix.
• WOW Skin Science: Indian D2C beauty and personal care brand with broad offerings across skincare, haircare, body care, and color cosmetics. Comparable to Recode on affordable mass-premium positioning, D2C-led GTM, and SKU breadth across categories.
• Faces Canada: Affordable Canadian-origin beauty brand with deep Indian retail presence across color cosmetics and skincare. Comparable to Recode on price-point strategy, omnichannel distribution, and Indian mass-premium consumer focus.
• Plum: Indian vegan and cruelty-free D2C beauty and personal care brand spanning skincare, haircare, and makeup. Comparable to Recode on omnichannel Indian D2C beauty positioning, vegan/cruelty-free stance, and millennial/Gen-Z target consumer.
• mCaffeine: Indian D2C beauty brand specializing in caffeinated skincare and body care products. Comparable to Recode on D2C-first model, direct digital marketing, and targeting India's young, urban beauty consumer.

Broad incumbents

• Lakme (Hindustan Unilever): India's largest legacy beauty brand owned by HUL, with extensive color cosmetics and skincare ranges distributed through general trade, modern retail, and lakmesalon.in. Comparable to Recode as the dominant incumbent in the same Indian beauty category.
• Lotus Herbals: Established Indian beauty and skincare brand with herbal-positioned ranges across face care, body care, and color cosmetics. Comparable to Recode as a broad incumbent Indian beauty brand competing for the same mass-premium consumer segment.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/loverecode
• Instagraminstagram.com/loverecode
• Facebookfacebook.com/Loverecode
• LinkedInlinkedin.com/company/recodestudios

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments2 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Recode Studios