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

Nykaa and L'Oréal’s corporate venture arm BOLD have formed a strategic partnership to invest in high-growth Indian beauty, personal care and wellness startups, taking minority stakes while ensuring founders retain operational control. The collaboration will pair Nykaa’s omnichannel retail network and consumer insights with L'Oréal’s global beauty expertise, although neither company disclosed the size of investments or the corpus to be deployed under the arrangement.

“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,” said Jacques Lebel, managing director, L’Oréal India. “Through BOLD and our partnership with Nykaa, we want to stand behind that talent, backing founders with capital, mentorship, and L’Oréal’s beauty expertise, while leaving them free to build their brands their way.”

Partnership mechanics and strategic rationale

The partnership will focus on minority investments in emerging brands, structured to allow founders to retain ownership and operational control. Beyond capital, both partners have committed to provide mentorship, guidance and access to their respective networks. The accord leverages Nykaa’s reach in India and L’Oréal’s global product and R&D capabilities to accelerate the growth trajectory of selected portfolio companies.

• Nykaa reported more than 60 million customers across its online platforms and 324 offline beauty destinations as of June 30, 2026.
• BOLD — Business Opportunities for L’Oréal Development — was launched in 2018 as L’Oréal’s corporate venture capital fund targeting investments across the beauty value chain.
• L’Oréal has more than 95,000 employees globally and reported sales of €44.05 billion in 2025.

Anchit Nayar, executive director and CEO, Nykaa Beauty, emphasised the long-standing relationship between the two firms and the complementary strengths they bring: “Nykaa and L’Oréal 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. 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.”

Context and market implications

The move comes as Nykaa expands beyond retail into building a wider portfolio of owned and in-house brands — including Nykaa Cosmetics, Dot & Key, Kay Beauty and Nykaa Collections — and as the Indian beauty market draws increasing attention from global players. For L’Oréal, BOLD has been a vehicle since 2018 to invest in innovative, high-growth startups while providing financial support, mentoring and access to its global network without subsuming founder independence.

Neither Nykaa nor L’Oréal revealed the names of startups being considered for investment or a timeline for initial deals under the partnership. The structure — minority stakes plus non-dilutive operational support — is designed to attract founders who seek capital and scaling expertise while preserving strategic control.

Outlook

The partnership is positioned to offer strategic capital and know-how to the next generation of Indian beauty entrepreneurs, combining Nykaa’s consumer ecosystem and distribution muscle with L’Oréal’s product development and international market access. With both partners signalling a long-term commitment but keeping flexibility around deal size and selection, the initiative could accelerate brand-building activity in the personal care and wellness segments, provided founders find the minority-investment, mentorship-led model attractive.