Biography of Dheeraj Bansal: Founder and CEO of Recode Studios- Entrepreneur
Biography of Dheeraj Bansal:
Beginning of Recode Studios
Dheeraj Bansal, co-founders of Recode Studios, started their
entrepreneurial journey in Ludhiana in 2018. Initially, Dheeraj, who had
dropped out of college to join his brother’s bicycle parts business, had no
formal background in cosmetics. But after meeting Rahul, who had experience in
the beauty industry, they decided to launch a cosmetics brand. With an
investment of Rs. 1 crore, they registered their company and began their
venture with a small team of seven people.
The First Steps: From Concept to Reality
The duo's journey began with a basic product range,
including items like nail paints and eyeliners. They focused on providing
affordable yet high-quality cosmetics, targeting the mass market. They had high
hopes for their business, but they faced challenges in the competitive market.
They realized that in order to stand out, they would need a unique approach to
both product offerings and marketing strategies.
The Pandemic Crisis
In 2020, as the world went into lockdown due to the COVID-19
pandemic, the business faced a massive setback. With stores closed and
marketing opportunities limited, Recode Studios’ products remained unsold. The
founders, uncertain about their future, even considered shutting down the
business. Their stocks were nearing expiration, and the situation seemed dire.
The Re. 1 Sale Strategy
Amid this crisis, an idea sparked in Dheeraj’s mind: to sell
their products at just Re. 1 to clear out the inventory before it went bad.
Although this meant a loss, they were determined to use the opportunity to
promote their brand and reach new customers. They turned to social media and
bloggers to spread the word. The sale, held in June 2020, turned out to be a
game-changer for them.
Unexpected Success
The Re. 1 sale was a huge success. On the very first day of
the sale, they sold 20,000 products, generating significant interest from a
broader audience. Even though they incurred a loss of Rs. 70-80 lakh, they
gained a massive customer base. This sale proved that once people tried their
products, they were more likely to return as paying customers. The sale also
helped spread brand awareness across India.
Expansion to Online Platforms
With the success of their Re. 1 sale, Dheeraj and Rahul realized the importance of online platforms. They launched their own website and started selling directly to customers. This move significantly boosted their sales, with around 40% of their revenue now coming from online channels. They also expanded their reach to major e-commerce platforms like Amazon, Flipkart, and Nykaa, further increasing their visibility.
Biography of Dheeraj Bansal: Founder & CEO of Recode Studios- Entrepreneur/age/net worth/investor/startup/nail paints and eyeliners/Recode Studios
Innovative Customer Engagement
Understanding the value of direct customer engagement,
Dheeraj and Rahul began offering unique experiences to their customers. They
started hosting training sessions in 5-star hotels where customers could learn
how to use Recode’s beauty products effectively. These sessions included free
products, meals, and guidance on makeup techniques. This strategy helped them
build a loyal customer base, as many attendees became enthusiastic brand
ambassadors.
Marketing Beyond the Cities
Their marketing approach wasn’t limited to major cities
alone. Dheeraj and Rahul made efforts to expand into Tier-2 and Tier-3 cities
like Siliguri, Indore, and Aligarh. They saw this as an untapped market that
big brands often overlooked. They organized similar training sessions and
product demonstrations in these regions to establish a deeper connection with
potential customers.
Financial Growth
The marketing strategies and customer engagement initiatives
started yielding positive results. In just three years, Recode Studios saw a
tremendous growth in its revenue. The company’s turnover skyrocketed from Rs. 2
crore in 2019-2020 to Rs. 26 crore in the following years. This growth allowed
them to expand their product offerings, increase their workforce, and
strengthen their presence in both online and offline markets.
Manufacturing and Sourcing Strategy
While Recode Studios' initial products were sourced from
countries like China, Germany, and Taiwan, they soon began producing 40% of
their items locally in India. This move helped them ensure better control over
product quality and supply chains. Their product line expanded to include a
wide range of beauty products such as lipstick, concealers, kajal, and
foundation, catering to a diverse set of customers.
Retail Expansion
As Recode Studios continued to grow, they began to expand
their retail presence. Their products were sold in over 500 cosmetics stores
across India, and they even set up five exclusive franchise outlets. This
expansion allowed them to reach more customers and create greater brand
awareness in physical stores, complementing their online success.
International Recognition
Recode Studios gained significant attention in the industry,
thanks to their innovative approach. Their appearance on Shark Tank India in
season 2 helped boost their profile. Although they did not secure funding on
the show, their valuation increased significantly from Rs. 100 crore to Rs. 240
crore. This exposure helped them secure new funding from investors like Sanjay
Katkar, the joint managing director of Quick Heal Technologies.
The Beauty Market Boom
The beauty and personal care market in India was growing
rapidly, and Recode Studios was well-positioned to capitalize on this boom. The
market was expected to reach $28 billion by 2025, and Dheeraj and Rahul saw a
huge opportunity to further scale their business. With the new funds raised,
they planned to scale up their research and development efforts, launch new
products, and hire senior leadership to help manage their growing operations.
Customer-Centric Approach
One of the key reasons for Recode Studios’ success was their
customer-centric approach. They focused on providing high-quality products at
affordable prices and went above and beyond to engage with their customers.
Whether through free product giveaways, training sessions, or exceptional
customer service, they worked hard to ensure that their customers remained
loyal to the brand
Vision for the Future
Looking ahead, Dheeraj and Rahul were focused on continuing
their brand’s growth trajectory. They planned to open new stores, develop a
wider range of products, and further strengthen their online presence. Their
vision was to create a globally recognized beauty brand that would offer
premium products at affordable prices to people across India and beyond. With
their passion and innovative strategies, they were ready to take on the future
of the beauty industry.
A timeline of Recode Studios:
2018 – Dheeraj Bansal and Rahul co-founded Recode Studios in
Ludhiana, with an investment of Rs. 1 crore.
2018 – Launched their first products, including nail paints
and eyeliners, targeting the mass market.
2020 – Faced setbacks during the COVID-19 pandemic as stores
closed, and sales dropped.
June 2020 – Launched a Re. 1 sale to clear inventory,
selling 20,000 products and gaining significant brand awareness.
2020 – Expanded to online platforms like their own website,
Amazon, Flipkart, and Nykaa, increasing sales.
2020-2021 – Started hosting training sessions for customers
in 5-star hotels to build loyalty and brand ambassadorship.
2021 – Expanded marketing efforts to Tier-2 and Tier-3
cities, connecting with overlooked markets.
2022 – Revenue surged from Rs. 2 crore in 2019-2020 to Rs.
26 crore in the following years.
2022 – Began local manufacturing of 40% of products in
India, improving quality control and supply chains.
2022 – Expanded retail presence to over 500 stores and
opened five exclusive franchise outlets.
2022 (Season 2) – Appeared on Shark Tank India, increasing
their valuation from Rs. 100 crore to Rs. 240 crore.
2023 – Gained new funding from investors like Sanjay Katkar,
positioning for further growth in the beauty market.
2023-2024 – Planned further product expansion, opening new
stores, and increasing online presence to capture the beauty market boom.
Future – Aimed to become a globally recognized beauty brand,
offering premium products at affordable prices.
