Recode Studios IPO

Recode Studios, a beauty and personal care (BPC) manufacturer in India, develops and sells branded makeup, skincare, and cosmetics products through multiple channels including company-operated (COCO), franchisee-operated (FOFO) and online sales. Their product range features more than 350 different SKUs that fall into five main categories: face makeup; eye makeup; lip makeup; face and body care; and accessory items. Pricing for these products is very accessible by offering prices ranging from ₹99 for body-care items to ₹6,999 for premium accessory items. The company follows an asset-light business model with no in-house manufacturing.

A unified multi-channel distribution approach combines online and offline sales channels across one network. In 9MFY26, online (₹24.8 crore) generated 44.75% of total net sales, while FOFO stores (₹13.2 crore) generated 23.90% of total net sales. B2B sales generated 30.43% (₹16.8 crore), and COCO stores accounted for 0.92% (₹0.5 crore) of total net sales. The website and mobile application generated 72.83% of online revenue, while Amazon, Flipkart and Myntra generated 27.17% in 9MFY26.

As of RHP date, Recode Studios has 22 retail stores in 12 states in India: 3 COCO stores and 19 FOFO stores. Their first franchise opened in April 2022 in Raipur, Chhattisgarh. Gujarat has the highest concentration of FOFO stores (4), followed by Delhi and Maharashtra (3 each). COCO stores are company owned stores, while FOFO stores are franchisee locations with a minimum 3-year term.

The company’s main direct-to-consumer digital platform is its website and mobile app. The website had total engagement metrics totaling an estimated 7,540,000 sessions for FY26 with a 95.79% engagement rate overall. The official Instagram account at the date of this RHP had approximately 457,000 followers. Marketing is done via Meta Ads, Google Ads, influencer collaboration, and digital campaigns. All products are sourced from 11 domestic third-party contract manufacturers as well as from six overseas manufacturing partners.

The company has six warehouses in India operating in all zones. Traditionally, revenue generated from the North zone was the largest contributor to overall revenues, however it has decreased from 59.02% of total revenue in FY23 to 33.50% of total revenues during 9MFY26 as the company has expanded to additional geographical regions. The East zone has had the most increased rate of growth, increasing its revenue segment from 5.69% of total revenues in FY23 to 26.59% of total revenues during 9MFY26.