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Total Issue Size
Fresh Issue + Offer For Sale
Fresh Issue (FI)
Proceeds go to the company
Offer For Sale (OFS)
Proceeds go to the existing investors
Warehouse Capital Expenditure
Funding the establishment of a new centralized warehouse facility in Ludhiana, Punjab.
Marketing and Brand Promotion
Allocating funds toward national brand marketing campaigns and digital visibility initiatives.
Working Capital Requirements
Supporting ongoing inventory buildup and operational liquidity needs.
General Corporate Purposes
Meeting general operational and corporate strategic requirements.
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(₹ in Crore)
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Recode Studios Limited is a beauty, cosmetics, and personal care brand incorporated in 2021. The company operates an asset-light business model focusing on the branding, procurement, and omnichannel distribution of beauty products under its proprietary brand Recode, while outsourcing product manufacturing to specialized third-party vendors. The firm offers a wide range of cosmetics and skincare SKUs, including makeup, body care, and beauty accessories. Its distribution network spans company-owned company-operated (COCO) retail outlets, franchise stores, its direct-to-consumer website and mobile application, alongside major third-party e-commerce marketplaces across India. Originally founded as a private entity and later converted into a public limited company in September 2025, the company expanded its warehousing and logistics infrastructure, including a main facility in Ludhiana, Punjab. The brand leverages digital marketing and strategic retail locations to drive consumer reach and market visibility.
Recode Studios raised Rs 12.66 crore from 5 anchor investors on May 4, 2026, allocating 8,01,600 equity shares at Rs 158 per share, with key participants including Sanshi Fund and Mint Focussed Growth Fund.
Source: RHP • Analysis provided for informational purposes
Last Updated: 24 August 2026, 5:30 PM
Asset-Light Business Model
Outsourcing manufacturing allows the company to minimize capital expenditure and adapt swiftly to evolving consumer trends.
Omnichannel Distribution Network
Direct retail outlets combined with online marketplaces and proprietary digital platforms ensure broad consumer access.
Diverse SKU Portfolio
Offering over 350 beauty and skincare items enables strong product cross-selling and brand retention.
Third-Party Supplier Reliance
Dependence on contract manufacturers creates vulnerability to supply chain disruptions and quality variations.
Competitive Sector Dynamics
The Indian cosmetics and personal care market features intense competition from established domestic and global brands.
Brand Image Sensitivity
Revenue growth relies heavily on consumer perception, making marketing efficacy and brand reputation critical.
Mudra RTA Ventures Private Limited
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