Nykaa and BOLD, the corporate venture capital arm of L’Oréal, are joining hands to invest in emerging Indian beauty, personal care and wellness brands. The partnership brings together Nykaa retail and consumer reach with the global beauty expertise of L’Oréal.
Under this partnership, the two companies will take minority stakes in selected high-growth brands. The investments will be financial in nature, with founders retaining ownership and continuing to manage their businesses, teams, culture and creative direction independently.
The companies have not disclosed the amount they plan to invest, the size of the overall investment pool or the names of the first brands that could receive funding. A timeline for the first transactions has also not been announced.
Nykaa BOLD Partnership
The structure gives participating startups access to capital without requiring founders to give up operational control. Along with funding, selected brands will receive mentorship and guidance from both sides of the partnership.
BOLD will bring L’Oréal expertise in beauty, product development and global markets, while Nykaa will offer access to its retail network, consumer base and distribution capabilities. The partners aim to help Indian beauty brands expand their presence in the domestic market and explore international opportunities.
For early-stage and growing consumer brands, the combination could provide access to capabilities that are usually difficult to build independently. However, the financial scale and commercial terms of individual investments will become clearer only after specific transactions are announced.
BOLD Indian Portfolio
BOLD, which stands for Business Opportunities for L’Oréal Development, was launched in 2018 and invests across the beauty value chain. Its investment focus includes beauty and wellness startups as well as science and technology companies working on beauty-related innovation.
In India, BOLD has previously invested in brands including Deconstruct, Arata and Chosen. The latest partnership gives the fund a broader route to work with emerging Indian brands by combining its investment expertise with Nykaa retail and consumer capabilities.
The development also comes as the Indian beauty market sees more startups building direct-to-consumer brands across skincare, cosmetics, haircare, wellness and personal care. Digital platforms have made it easier for these companies to reach consumers, while offline retail remains important for wider distribution.
Nykaa Beauty Network
For Nykaa, the partnership adds another layer to its wider beauty business. The company has been expanding beyond its role as a beauty retailer by developing its own portfolio of brands and operating across online and offline channels.
Its House of Nykaa portfolio includes brands such as Nykaa Cosmetics, Kay Beauty, Dot & Key and Earth Rhythm. According to the L’Oréal announcement, Nykaa had more than 60 million customers and 324 offline beauty destinations as of June 30, 2026.
Anchit Nayar, Executive Director and CEO, Nykaa Beauty, said the two companies have worked together in India for more than a decade. He said the experience has given both sides an understanding of the factors involved in taking a promising beauty brand towards long-term growth.
Changing consumer needs and a growing base of entrepreneurs are shaping the Indian beauty market. We will provide founders with capital, mentorship, and L’Oréal’s beauty expertise while allowing them to build their brands independently.— Jacques Lebel, MD, L’Oréal India
The partnership therefore creates a funding route that combines financial investment with access to retail, distribution and industry knowledge. For the brands that eventually enter the portfolio, the key question will be how these resources translate into wider distribution, stronger consumer reach and expansion beyond India.
The first investments under the partnership will provide more clarity on the type and scale of brands Nykaa and BOLD intend to support, as well as the commercial role each partner will play after taking minority stakes.
About Nykaa
Nykaa was founded in 2012 by Falguni Nayar as a digital-first beauty and consumer technology platform. Nayar, who previously spent nearly two decades in investment banking, built the business around curated beauty products and an online retail model. Nykaa has since expanded into an omnichannel business with online platforms, physical beauty stores, fashion and B2B operations.
The company also operates a portfolio of owned beauty and lifestyle brands and has expanded its presence beyond India through its Middle East platform, Nysaa. Its business model combines e-commerce, physical retail, private brands, content and consumer engagement, giving it multiple channels through which beauty products can reach customers.
