After the gigantic success of season one, Shark Tank India’s season two has not quite been able to hit the mark with its content yet. While on one hand there are constant comparisons with the first season, on the other the sharks’ tendency to try and make it more entertaining than keep it enriching is not being received well by the audiences.
Social media or Twitter users in specific seem to be having major issues with the show in the last few days, and the reason for it is the treatment of a particular brand by the sharks and the eventual results.
If you look for the Recode Studios episode on the Sony Liv app or YouTube, you will not come across anything. The reason is the fact that Sony deleted the episode which landed it in trouble with the audiences.
A skin and hair care product service Recode Studios pitched their business in the show, where they offered a percentage of their company’s equity for Rs. 1 cr. Although contestants with such prices aren’t entertained for longer, Recode was a different case altogether.
The brand was formed in 2018, to try and capitalise on the growing skin care product market in the country. Recode was aiming to set its foundations right in the first couple of years, but they were hit badly by the COVID-19 lockdown. To tackle the same, the brand came up with a unique marketing style. They started to sell their products for one rupee. This did not gain them any tangible profits but it spread the word about their brand in public.
As a result of such techniques, they were able to keep their customer retention value high. In a short period, even after competing in a tough industry, Recode was able to increase its profit by over 100%. With a revenue of over 15 crores already, the company is aiming to double it in the coming months.
126 cr revenue
Net profit: -21.1Cr#Recode
15 cr revenue (FY22)
Net profit : 48 lakh
With this arrogance, sugar sales will go down & recode will gain alot! pic.twitter.com/d2nmYWvNWG
— Pruthvin Reddy (@Pruthvinreddy) January 4, 2023
With Ashneer Grover on Shark Tank S2, Recode would have secured a funding or acquisition right away.
— Samarth Srivastava (@SamarthSri_) January 5, 2023
Watched Shark Tank IndiaS2 S2.
Felt like Vineeta and Namita were a bit hasty in making decision/coming to a conclusion.
Miss ashneer grover!
The brand 'Recode' can be a potential competition to Sugar and a game changer after this episode.
Surprised that it did not get any funding
— Khushal Mundra 🇮🇳 (@khushalmundra) January 2, 2023
The Shark Tank Controversy
The founders of Recode presented a decent pitch in front of the sharks and backed it up with numbers that are rare to find with a start-up that is just five years old. People did not have a problem with the pitch being denied, that’s a part of the show anyways, but what hurt most people was the treatment of the pitchers.
Following the ongoing trend in season two, their comments passed on the way the founders spoke, which was seen as completely uncalled for. More importantly, though, two sharks, Namita Thapar, and Aman Gupta refused to invest in the brand because their fellow shark Vineeta Singh’s Sugar Cosmetics is a direct competitor to Recode. The reasoning was not very received at all.
While the other two sharks seemed to give far more constructive criticism of the presentation and packaging, the damage had already been done as far as the public furor was concerned.
1/1. I have seen Shark Tank US, AUS and UK's Dragon's den, if there is a conflict of interest, the shark gets out or rather than investing, they pitch to buy the company fully.
What is happening in Shark Tank India regarding 'Recode Cosmetics' is shameful and horrible.
— Pramit (@pramitbasnyat) January 17, 2023