Nykaa, L’Oreal’s venture capital arm BOLD to invest in Indian beauty startups

Beauty and personal care brands in India are set to get another source of strategic capital, with Nykaa and L’Oreal’s corporate venture capital arm BOLD joining hands to invest in emerging companies in the segment.

Under the partnership, the two companies will take minority stakes in high-growth Indian beauty, personal care and wellness brands. The investments will be structured so that founders retain ownership and operational control of their businesses.

The companies did not disclose the size of the investments or the corpus that will be deployed under the partnership.

Beyond capital, BOLD and Nykaa will provide portfolio companies with mentorship, guidance and access to their respective networks and expertise. The partnership will combine Nykaa’s omnichannel retail network and understanding of Indian consumers with L’Oreal’s global beauty expertise.

“India is one of the most exciting beauty markets in the world, and its energy comes both from an expanding base of demanding consumers with rapidly evolving needs and from its ecosystem of tremendous entrepreneurs,” Jacques Lebel, managing director, L’Oreal India, said.

“Through BOLD and our partnership with Nykaa, we want to stand behind that talent, backing founders with capital, mentorship, and L’Oreal’s beauty expertise, while leaving them free to build their brands their way,” he added.

BOLD, or Business Opportunities for L’Oreal Development, was launched in 2018 as L’Oreal’s corporate venture capital fund. The fund invests across the beauty value chain, including in innovative, high-growth startups.

The fund provides financial support as well as access to L’Oreal’s beauty expertise, global network and mentoring, while allowing founders to retain their independence.

For Nykaa, the partnership comes as the company continues to expand its presence beyond its core beauty retail business and build its own portfolio of brands.

“Nykaa and L’Oreal have been large partners in India for over a decade, working together on our shared vision of making India one of the world’s largest and fastest growing beauty markets,” Anchit Nayar, executive director and CEO, Nykaa Beauty, said.

“The experience and lessons we have learned along the way have allowed us to understand what it takes to build a promising brand into an enduring one,” he added.

Nayar said Nykaa’s consumer ecosystem, retail network and distribution, combined with L’Oreal’s global beauty expertise, could support the next generation of consumer brands.

Nykaa said it has more than 60 million customers across its online platforms and 324 offline beauty destinations as of June 30, 2026.

The company has also built a portfolio of in-house and owned brands, including Nykaa Cosmetics, Dot & Key, Kay Beauty and Nykaa Collections, while expanding into categories such as fashion and men’s grooming.

The partnership gives L’Oreal access to Indian beauty entrepreneurs through Nykaa’s consumer and retail ecosystem, while potentially giving emerging brands access to the French beauty major’s global expertise.

L’Oreal said it had more than 95,000 employees globally and generated sales of 44.05 billion euros in 2025.

Neither Nykaa nor L’Oreal disclosed the names of the startups being considered for investment or the timeline for the first investments under the partnership.

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