About Recode Studios
Recode Studios is a publicly listed company based in Delhi (India) founded in 2018 by Dheeraj Bansal and Rahul Sachdeva. Multi-category makeup care products are sold online by Recode Studios. It operates in the Consumer and Healthcare sectors. Recode Studios has raised $493.4 thousand across 1 funding round from investors including Sanjay Katkar, Vs Park Investment and Ashok Bahadur. The company has 27 employees. Recode Studios was last valued at $12.09 million in February 2023. Its chief executive, as recorded, is Dheeraj Bansal. Its website recodestudios.com draws about 28 thousand monthly visits. Its Indian entity Recode Studios Limited reported revenue of ₹80.06 Cr. Recode Studios offers products and services including Lipsticks, Eyeliner, Primers, and Face Washes. Its focus areas include Consumer Goods, Beauty & Personal Care Products, Makeup and Multi-Category. Its competitors include Mamaearth, MyGlamm and Minimalist; 3 of its 3 listed competitors have raised funding.
Company details
Recode Studios was established in 2018 in Delhi, India, as an internet-first brand within the beauty sector. Multi-category makeup care products are developed and distributed primarily through online channels. Operations are centered in India, with a focus on direct-to-consumer sales. The company is led by co-founders Dheeraj Bansal as CEO and Rahul Sachdeva. Expansion efforts target broader accessibility in the cosmetics market.
- Headquarters Delhi, India
- Employees 27
- Founders Dheeraj Bansal, Rahul Sachdeva
- Stage Public
- SectorsConsumerHealthcare
- Email••••••••
- Phone•••• ••••
- Website shop.recodestudios.com
- Social LinkedIn X Facebook Instagram YouTube
- Legal Name Recode Studios Private Limited
- Date of Incorporation 16 Jun, 2021
- Jurisdiction Ludhiana, Punjab, India
- Market Cap₹446 Cr
RECODE · BSE
- Share Price₹435.90
+4.03% today
- Revenue₹79.95 Cr
FY 2025-26 · +58.8% YoY
- EBITDA₹16.54 Cr
Margin 20.7%
- Net Profit₹11.22 Cr
FY 2025-26 · +239.0% YoY
- Total Equity Funding$493.4K (USD)
in 1 rounds
- Latest Funding Round$493.4K (USD), Seed
Feb 2023
- Employee Count27
Associated legal entities of Recode Studios
Recode Studios is associated with 2 registered companies on The Company Check; the primary company is Recode Studios Limited, a listed company. Each company page carries the filings, financials, charges and directors of that entity.
| Legal entity | Status | Incorporated | Registered in | Revenue (FY 2026) | Employees | Directors | Company page |
|---|---|---|---|---|---|---|---|
| Recode Studios Limited Listed CIN L74999PB2021PLC053619 | Active | 16 Jun 2021 | Ludhiana, Punjab | ₹80.1 Cr | 27 | 9 | View details |
| Recode Studios Private Limited CIN U74999PB2021PTC053619 | 16 Jun 2021 | Ludhiana, Punjab, India | View details |
Products & Services of Recode Studios
Recode Studios offers a comprehensive portfolio of products and services, including Lipsticks, Eyeliner, Primers, and Face Washes.
Lip color products for vibrant, long-lasting everyday wear
Liquid eyeliners for enhancing eye style and definition
Base products for smooth, long-lasting makeup application
Cleansing products for daily skin care and glow
Apps and channels of Recode Studios
its YouTube channel Recode Studios has 25.1K subscribers and 30 videos.
Videos from Recode Studios
The most watched videos on Recode Studios's YouTube channel, Recode Studios (25.1K subscribers). Click a video to play it here.
More on Recode Studios.
Funding Insights of Recode Studios
Recode Studios has successfully raised a total of $493.4K through 1 strategic funding round. The most recent funding activity was a Seed round of $493.4 thousand completed in February 2023. This substantial capital infusion reflects strong investor confidence in the company's business model, growth potential, and market opportunities. The funding enables strategic expansion, product development, market penetration, and operational scaling to drive long-term value creation and competitive advantage.
- Total Funding $493,400
- Total Rounds 1
- Last Round Seed — $493,400
- First Round $493,400
(Feb 2023)
- Investors Count 15
All 1 funding rounds of Recode Studios with amounts and investors; the two latest post-money valuations are shown, the rest are part of the premium plan.
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Feb 2023 | $493,400 | Seed | $12.09M | Sanjay Katkar |
| Date | Valuation | Stage |
|---|---|---|
| Feb 2023 | $12.09M | •••••••• |
Last known valuation $12.09M (Feb 2023). 15 investors in total: 1 institutional and 14 angel.
Investors in Recode Studios
Recode Studios has secured backing from 15 investors, including angel and institutional investors. Prominent investors backing the company include Sanjay Katkar, Vs Park Investment and Ashok Bahadur.
| Investor | Description | Founded Year | Domain | Location |
|---|---|---|---|---|
SK Sanjay Katkar | Co-founder of Quick Heal Technologies, prominent Indian angel investor | unknown_685a253c48294472a | ||
AB Ashok Bahadur | unknown_74324eb204784fa98 | |||
DK Dinesh Kumar Dua | unknown_0e243ff141254f87b | |||
JK Jyoti Khandelwal | unknown_471b37443dd34adaa | |||
RN Rahul Nanjibhai Patel | unknown_bacc6b222adf44b49 | |||
PG Prashant Gutala | unknown_bf90ca572a634bbaa | |||
RB Ritu Bhansali | unknown_77b45140580d4a9f8 | |||
RS Rahul Sridhar | unknown_e9d8e7931b7643e6b | |||
YK Yajnanarayana Kammaje | unknown_60e24d4ee6f44ea28 |
Investor details for Recode Studios
The complete investor list, round-by-round participation and investor portfolios require an active premium plan.
- Complete investor list
- Round participation
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Verified entity values are shown only after access is granted.
Board of directors of Recode Studios Limited (Recode Studios)
Recode Studios Limited is the primary company behind Recode Studios. The board of Recode Studios Limited currently have 6 directors; the longest-serving is Dheeraj Bansal, appointed in 2021. 8 earlier directors have ceased.
| Director | Designation | Appointed | Tenure | Entity |
|---|---|---|---|---|
| Dheeraj Bansal DIN 09205916 | Managing Director | 16 Jun 2021 | 5 yrs 4 mo | Recode Studios Limited |
| Karan Bansal DIN 10574287 | Whole-time director | 02 Apr 2024 | 2 yrs 7 mo | Recode Studios Limited |
| Shelly Bansal DIN 11208316 | Whole-time director | 23 Jul 2025 | 1 yr 3 mo | Recode Studios Limited |
| Shalini Trehan DIN 11257254 | Director | 25 Aug 2025 | 1 yr 2 mo | Recode Studios Limited |
| Shailja DIN 11875143 | Director | 24 Aug 2026 | 2 mo | Recode Studios Limited |
| Palak Chugh DIN 11875363 | Director | 24 Aug 2026 | 2 mo | Recode Studios Limited |
People of Recode Studios
2 people are tracked at Recode Studios (2 in leadership); the tracked headcount is 27.
| Name | Role | Group |
|---|---|---|
| Co-Founder & CEO | Leadership | |
Rahul Sachdeva | Co-Founder | Leadership |
Complete people profiles for Recode Studios
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IPO & Listings of Recode Studios
Recode Studios is a publicly listed company on the BSE with ticker symbol RECODE in India. As a publicly traded entity, the company provides investors with opportunities to participate in its growth story through equity ownership. The listing enables access to capital markets, enhances corporate visibility, and provides liquidity for shareholders while maintaining transparency through regulatory compliance and regular financial disclosures.
- Listed onBSE: RECODE
- Listed entityRecode Studios Limited
Financials of Recode Studios
Exchange-reported figures of Recode Studios Limited, the listed company behind Recode Studios (BSE: RECODE).
Financial Highlights
FY 2025-26 · StandaloneRevenue vs Net Profit ₹ Cr
Margin trends
Financial summary ₹ Cr
| Metrics | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 |
|---|---|---|---|---|
| Income statement | ||||
| Revenue | 79.95 | 50.36 | 38.20 | 22.38 |
| Revenue growth | +58.8% | +31.8% | +70.7% | - |
| EBITDA | 16.54 | 6.19 | 1.72 | 1.46 |
| EBITDA margin | +20.7% | +12.3% | +4.5% | +6.5% |
| Profit before tax | 15.01 | 4.44 | 0.40 | 0.94 |
| Net profit | 11.22 | 3.31 | 0.30 | 0.70 |
| Net profit margin | +14.0% | +6.6% | +0.8% | +3.1% |
| EPS (₹) | 13.79 | 3,175.77 | 263.85 | 666.15 |
| Balance sheet | ||||
| Total assets | 26.53 | 16.63 | 13.54 | 9.08 |
| Net worth | 20.00 | 8.72 | 5.47 | 5.20 |
| Total debt | 6.19 | 7.56 | 7.85 | 3.79 |
| Cash & bank | 1.32 | 0.82 | 0.16 | 0.45 |
| Net working capital | 22.68 | 13.79 | 11.18 | 8.19 |
| Cash flow | ||||
| Cash from operations | 4.34 | 3.02 | (1.64) | (5.27) |
| Cash from investing | (1.80) | (1.00) | (1.84) | (0.81) |
| Cash from financing | (2.04) | (1.38) | 3.19 | 6.12 |
| Particulars | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 |
|---|---|---|---|---|
| Revenue | 22.56 | 20.45 | 17.15 | 19.79 |
| Other income | 0.05 | 0.04 | 0.01 | 0.01 |
| Total expenses | 19.36 | 13.04 | 14.74 | 16.27 |
| EBITDA | 3.20 | 7.41 | 2.41 | 3.52 |
| EBITDA margin | +14.2% | +36.2% | +14.1% | +17.8% |
| Depreciation | 0.27 | 0.26 | 0.24 | 0.17 |
| Interest | 0.13 | 0.21 | 0.14 | 0.22 |
| Profit before tax | 2.85 | 6.98 | 2.04 | 3.14 |
| Tax | 0.69 | 1.79 | 0.50 | 0.80 |
Financial Statements
| Particulars | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 |
|---|---|---|---|---|
| Revenue | 22.56 | 20.45 | 17.15 | 19.79 |
| Other income | 0.05 | 0.04 | 0.01 | 0.01 |
| Total expenses | 19.36 | 13.04 | 14.74 | 16.27 |
| EBITDA | 3.20 | 7.41 | 2.41 | 3.52 |
| EBITDA margin | +14.2% | +36.2% | +14.1% | +17.8% |
| Depreciation | 0.27 | 0.26 | 0.24 | 0.17 |
| Interest | 0.13 | 0.21 | 0.14 | 0.22 |
| Profit before tax | 2.85 | 6.98 | 2.04 | 3.14 |
| Tax | 0.69 | 1.79 | 0.50 | 0.80 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 |
|---|---|---|---|---|
| Revenue | 79.95 | 50.36 | 38.20 | 22.38 |
| Revenue growth | +58.8% | +31.8% | +70.7% | - |
| Other income | 0.11 | 0.14 | 0.12 | 0.06 |
| Total expenses | 63.41 | 44.17 | 36.48 | 20.92 |
| Employee cost | 0.00 | 4.33 | 5.13 | 2.96 |
| EBITDA | 16.54 | 6.19 | 1.72 | 1.46 |
| EBITDA margin | +20.7% | +12.3% | +4.5% | +6.5% |
| Depreciation | 0.94 | 0.64 | 0.53 | 0.21 |
| Interest | 0.70 | 1.25 | 0.91 | 0.37 |
| Profit before tax | 15.01 | 4.44 | 0.40 | 0.94 |
| Tax | 3.79 | 1.13 | 0.10 | 0.24 |
| Net profit | 11.22 | 3.31 | 0.30 | 0.70 |
| Net profit margin | +14.0% | +6.6% | +0.8% | +3.1% |
| EPS (₹) | 13.79 | 3,175.77 | 263.85 | 666.15 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 |
|---|---|---|---|---|
| Equity & liabilities | ||||
| Share capital | 8.14 | 0.01 | 0.01 | 0.01 |
| Reserves & surplus | 11.86 | 8.71 | 5.46 | 5.19 |
| Shareholders' funds (net worth) | 20.00 | 8.72 | 5.47 | 5.20 |
| Secured loans | 4.16 | 3.31 | 3.72 | 1.11 |
| Unsecured loans | 2.03 | 4.25 | 4.13 | 2.68 |
| Total debt | 6.19 | 7.56 | 7.85 | 3.79 |
| Total liabilities | 26.53 | 16.63 | 13.54 | 9.08 |
| Assets | ||||
| Gross block | 5.44 | 3.87 | 2.81 | 0.74 |
| Net block | 3.09 | 2.46 | 2.04 | 0.50 |
| Capital work in progress | 0.00 | 0.00 | 0.00 | 0.29 |
| Investments | 0.00 | 0.00 | 0.00 | 0.00 |
| Inventories | 10.73 | 9.08 | 6.71 | 5.62 |
| Sundry debtors | 15.38 | 8.09 | 5.94 | 3.33 |
| Cash & bank balances | 1.32 | 0.82 | 0.16 | 0.45 |
| Loans & advances | 4.20 | 2.35 | 1.57 | 2.23 |
| Total current assets | 31.63 | 20.34 | 14.38 | 11.63 |
| Total current liabilities | 8.95 | 6.55 | 3.20 | 3.44 |
| Net working capital | 22.68 | 13.79 | 11.18 | 8.19 |
| Total assets | 26.53 | 16.63 | 13.54 | 9.08 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 |
|---|---|---|---|---|
| Opening cash | 0.82 | 0.18 | 0.45 | 0.41 |
| Net cash from operating activities | 4.34 | 3.02 | (1.64) | (5.27) |
| Net cash from investing activities | (1.80) | (1.00) | (1.84) | (0.81) |
| Net cash from financing activities | (2.04) | (1.38) | 3.19 | 6.12 |
| Net change in cash | 0.50 | 0.64 | (0.28) | 0.04 |
| Closing cash | 1.32 | 0.82 | 0.16 | 0.45 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 |
|---|---|---|---|---|
| Growth | ||||
| Sales growth | +58.8% | +31.8% | +70.7% | - |
| EBITDA growth | +167.2% | +259.9% | +17.8% | - |
| PBT growth | +238.1% | +1010.0% | -57.5% | +9997.0% |
| Net income growth | +239.0% | +1003.3% | -57.1% | - |
| Revenue CAGR (3Y) | +52.9% | - | - | - |
| EBITDA CAGR (3Y) | +124.6% | - | - | - |
| Profitability & leverage | ||||
| Net income margin | +14.0% | +6.6% | +0.8% | +3.1% |
| Return on capital employed | - | +37.6% | +11.4% | +14.3% |
| Return on net worth | - | +46.4% | +5.1% | +13.3% |
| Debt / equity | - | 1.08 | 1.09 | 0.73 |
| Long-term debt / equity | - | 0.36 | 0.43 | 0.35 |
| Interest cover | 4.49 | 22.52 | 76.47 | 29.60 |
| Efficiency & per share | ||||
| Fixed asset turnover | - | 15.08 | 21.52 | 30.24 |
| Inventory turnover | - | 6.38 | 6.20 | 3.98 |
| Debtors turnover | - | 7.18 | 8.24 | 6.72 |
| EPS (₹) | 13.79 | 3,175.77 | 263.85 | 666.15 |
| Dividend per share (₹) | 0.25 | 0.00 | 0.00 | 0.00 |
| Book value per share (₹) | 0.00 | 8,437.21 | 5,261.35 | 4,997.60 |
Timeline of Recode Studios
3 dated milestones of Recode Studios across 5 years, from founding to its latest funding, stage changes and deals.
- Founded Recode Studios is founded.
- Funding First funding round of $493K.
- Milestone Reaches Minicorn status.
Competitors of Recode Studios
Recode Studios has 3 listed competitors in our database, 3 of them funded. They include Mamaearth, MyGlamm and Minimalist.
| Company Name | Domain | Founded | HQ Location | Total funding | Employees | Description |
|---|---|---|---|---|---|---|
| mamaearth.in | 2016 | Gurugram, India | $89.36M | 1,900 | Online brand offering multi-category natural skin care and makeup products | |
| myglamm.com | 2015 | Mumbai, India | $105.68M | 411 | Online platform selling beauty products, makeup, skincare, and cosmetics in India. | |
| beminimalist.co | 2018 | Jaipur, India | $17.02M | 545 | Manufacturer of skincare, haircare, and baby care products addressing various skin and hair concerns |
Detailed competitors of Recode Studios
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Web traffic of Recode Studios
The website of Recode Studios (recodestudios.com) receives about 27.9K visits a month.
- Monthly visits27.9K
▲ 48.6% vs previous month
Websites whose visitors overlap most with Recode Studios. Affinity shows how closely the audiences match.
| Website | Domain | Audience affinity | Monthly visits | Global rank | Profile |
|---|---|---|---|---|---|
| facescanada.com | 100% | 109.6K | #357,235 | View details | |
| reneecosmetics.in | 99% | 1.2M | #45,546 | View details | |
lfactorcosmetics.com | lfactorcosmetics.com | 97% | #2,055,532 | – | |
maybelline.co.in | maybelline.co.in | 96% | #275,994 | – | |
swissbeauty.in | swissbeauty.in | 96% | #43,354 | – | |
| •••••••••• | ••••••.com | ••% | •.•M | #••••• | – |
| •••••••••• | ••••••.com | ••% | •.•M | #••••• | – |
| •••••••••• | ••••••.com | ••% | •.•M | #••••• | – |
All 40 similar websites and full traffic analytics for Recode Studios
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- 40 similar websites
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Top companies in Beauty & Personal Care Products
3 companies that operate in the same segment as Recode Studios (Beauty & Personal Care Products) in India, ranked by their profile score on The Company Check.
| Company | Description | Founded | Location | Total funding | Revenue | Employees |
|---|---|---|---|---|---|---|
Online platform offering a wide range of baby, kids, and maternity products | 2010 | Pune, Maharashtra, India | USD 513.39 M | USD 911.07 M | 3,752 | |
Online brand offering mens grooming products | 2015 | Gurugram, Haryana, India | USD 52.66 M | |||
Retailer of perfumes, cosmetics, skincare, and related gift set items | 2012 | Gurugram, Haryana, India | USD 60.63 M |
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Related news about Recode Studios
Complete news archive for Recode Studios
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Frequently Asked Questions about Recode Studios
Recode Studios was founded in 2018 and raised its 1st funding round 5 years after it was founded.
Recode Studios is headquartered in Delhi, India. It is registered at Delhi, Delhi, India.
Dheeraj Bansal is the CEO of Recode Studios, as recorded in our data. They have also founded this company.
Recode Studios is a funded company, having raised a total of $493.4K across 1 funding round to date. The company's 1st funding round was a Seed of $493.4K, raised on Feb 2023.
Recode Studios has 27 employees.
The primary company behind Recode Studios, Recode Studios Limited, reported revenue of ₹80.06 Cr for FY 2026, up 59% year on year.
Recode Studios was established in 2018 in Delhi, India, as an internet-first brand within the beauty sector. Multi-category makeup care products are developed and distributed primarily through online channels. Operations are centered in India, with a focus on direct-to-consumer sales. The company is led by co-founders Dheeraj Bansal as CEO and Rahul Sachdeva. Expansion efforts target broader accessibility in the cosmetics market.
Recode Studios's top competitors include MyGlamm, Mamaearth and Minimalist.
Recode Studios offers Lipsticks, Eyeliner, Primers, and Face Washes.
Yes, Recode Studios is publicly traded on BSE under the ticker symbol RECODE.
Recode Studios has 15 investors. Key investors include Sanjay Katkar, Vs Park Investment, Ashok Bahadur, Dinesh Kumar Dua, and Jyoti Khandelwal.
The valuation of Recode Studios is $12.09M as of Feb 2023.