While many entrepreneurs have turned their fortunes around after appearing on Shark Tank India, there are also those who walked away without a deal. Cosmetics brand Recode is one of them; It attracted great attention at the fair and caused its price to rise. Co-founders Rahul and Dheeraj appeared in the second season seeking Rs 1 billion for 1% equity, valuing the company at an impressive Rs 100 crore.
The Sharks were surprised by this request, and Recode’s revenue was even more surprised. The founders stunned the sharks by announcing revenues of R15 million in the last financial year. Surprisingly, they even shared some of their business strategy, which included offering free beauty classes and lunch to college women.
Arman Gupta criticized the packaging and walked out of the deal due to his friendship with Vinita Singh. I run a cosmetics company. Namita Thapar also left for the same reason. While Peyush Bansal decided not to continue as he believed the brand could be developed, Anupam Mittal said he was “disappointed” with the breadth of reach the creators got organically from their business ideas. Despite their good intentions, all the sharks refuse to invest.
Recode’s head of product development, Ishani Trehan, discussed Shark Tank’s impact on business, telling India Today: “As seen in the show, ‘Shark’ does not touch on numbers. Generally, the conversation is more informal and It’s more like a casual conversation than a job interview. The reason for the rejection quickly went viral and eventually brought major publicity to the brand. ”
According to ‘India Today’, Recode is currently valued at 2.4 billion rupees, which is 1.4 billion rupees higher than Shark Tank’s valuation. The series is currently in its third season.
