Nykaa, India's largest beauty retail company, and BOLD, the corporate venture capital fund of L'Oréal, have announced a collaboration to jointly invest in emerging Indian beauty and personal care brands. The announcement was made on September 24, 2026, in Mumbai and signals growing global interest in India's startup ecosystem. The partnership is designed to combine global beauty expertise with deep local retail knowledge to support the next generation of founders.
Investment Structure and Founder Control
Under the arrangement, BOLD and Nykaa will take minority stakes in beauty and wellness brands that demonstrate strong consumer traction and distinctive propositions. The investments will be purely financial and minority in nature, ensuring founders retain full ownership control. Founders will continue to run their businesses independently with their own teams, culture, and creative direction.
Mentorship and Long-Term Support
Beyond capital, the two partners intend to act as long-term allies to the brands they back. They will provide mentorship, guidance, and access to L'Oréal's global beauty expertise alongside Nykaa's omnichannel retail network and consumer ecosystem understanding. The objective is to help ambitious Indian beauty founders scale faster and create enduring brands for India and global markets.
Views from Leadership
Jacques Lebel, Managing Director of L'Oréal India, called India one of the most exciting beauty markets in the world, energized by demanding consumers and a strong community of entrepreneurs. He said the partnership through BOLD is intended to support this talent with capital, mentorship, and L'Oréal's beauty expertise while leaving founders free to build their brands their way. Lebel added that the collaboration marks the next major milestone in a journey that began more than three decades ago.
Anchit Nayar, Executive Director and CEO of Nykaa Beauty, highlighted that Nykaa and L'Oréal have been partners in India for over a decade. He noted that their shared experience has shown what it takes to transform a promising brand into an enduring one. Nayar said combining Nykaa's consumer ecosystem, retail network, and distribution with L'Oréal's global beauty expertise will be a valuable asset for founders building brands India can be proud of.
Market Opportunity in India
India has become one of the most dynamic beauty markets globally, supported by an expanding base of consumers with rapidly evolving needs. The beauty and personal care startup ecosystem is drawing attention from global investors seeking local innovation and distinctive brand propositions. This collaboration reflects confidence in India's entrepreneurial talent and its potential to produce world-class consumer brands.
About the Partners
BOLD, launched in 2018, is the corporate venture capital fund of L'Oréal and invests across the entire beauty value chain. It takes minority stakes in innovative, high-growth startups in beauty and wellness brands as well as science and technology for beauty. Beyond financial support, BOLD offers portfolio companies access to L'Oréal's beauty expertise, global network, and dedicated mentoring while preserving independence.
L'Oréal, the world's leading beauty player, generated sales of 44.05 billion euros in 2025 and operates 40 international brands across all major distribution channels. The company has 22 research centers around the world and more than 4,000 scientists dedicated to research and innovation. In 2025, L'Oréal was named the most innovative company in Europe by Fortune magazine.
Nykaa began in 2012 as a digital-first, consumer-tech beauty company and has grown into an omnichannel retailer serving more than 60 million customers through online platforms and 324 offline beauty destinations as of June 30, 2026. Its portfolio spans beauty, fashion, and B2B platforms, along with a house of brands that includes Nykaa Cosmetics, Kay Beauty, and Dot & Key. The company has also expanded internationally through its omnichannel beauty offering Nysaa in the Middle East.
By aligning Nykaa's strong local retail and consumer ecosystem with L'Oréal's global beauty knowledge, the partnership seeks to accelerate the growth of emerging Indian brands. Founders will gain strategic support without sacrificing independence, creating a model that respects entrepreneurial vision while offering meaningful resources. The collaboration is expected to strengthen India's position as a key source of beauty innovation and enduring consumer brands.