Nykaa and L’Oréal’s venture fund BOLD join hands to invest in Indian beauty startups

Beauty and fashion retailer Nykaa has partnered with BOLD (Business Opportunities for L’Oréal Development), the corporate venture capital fund of global beauty giant L’Oréal, to jointly invest in emerging Indian beauty and personal care brands.

The collaboration will focus on high-growth beauty and wellness startups with strong consumer traction and differentiated offerings, according to Nykaa’s regulatory filing with the stock exchanges.

Under the partnership, Nykaa and BOLD will acquire minority stakes in emerging brands through financial investments. The founders will retain operational and creative control of their businesses and continue to operate independently with their existing teams and brand identities, the disclosure added.

Beyond capital, the two companies will provide strategic mentorship and guidance to help startups scale their businesses. The partnership will also combine L’Oréal’s global beauty expertise with Nykaa’s omnichannel retail network, distribution capabilities and understanding of Indian consumers.

Launched in 2018, BOLD invests in innovative, high-growth startups across the beauty value chain. Its investments span two verticals: beauty and wellness brands, and science and technology for beauty.

Nykaa, meanwhile, has been expanding its portfolio of owned and acquired brands, including Dot & Key, Kay Beauty, and Earth Rhythm. As of June 30, 2026, the company served over 60 million customers through its online platforms and operated 324 offline beauty stores.