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Nykaa partners with L'Oréal's BOLD fund to back Indian beauty entrepreneurs. Nykaa and L'Or'al's BOLD fund partner to invest in high-growth Indian beauty brands, offering capital, mentorship, and access to retail networks. By Srabastee Biswas September 24, 2026, 5:11:14 PM IST (Published) Nykaa, India's largest beauty retail company, and BOLD (Business Opportunities for L'Oréal Development), the corporate venture capital fund of L'Oréal, on Thursday announced a collaboration to jointly invest in the next generation of high-growth Indian beauty and personal care brands. Through the collaboration, BOLD and Nykaa will take minority stakes in emerging Indian beauty and wellness brands with strong consumer traction and distinctive propositions. Such investments will be purely financial and minority in nature, with founders retaining full ownership control and continuing to run their businesses independently, with their own teams, culture and creative direction. BOLD and Nykaa will act as long-term partners beyond capital to the brands they back, offering mentorship, guidance and the opportunity to benefit from L'Oréal's global beauty expertise, alongside Nykaa's deep omnichannel retail network and consumer ecosystem understanding. The intent is to help ambitious Indian beauty founders scale faster and build enduring brands for India and the world. Jacques Lebel, Managing Director, L'Oréal India, said India is one of the most exciting beauty markets in the world, with its energy coming both from an expanding base of demanding consumers with rapidly evolving needs and from its ecosystem of entrepreneurs. He said BOLD and the partnership with Nykaa aim to stand behind that talent by backing founders with capital, mentorship and L'Oréal's beauty expertise, while leaving them free to build their brands their own way, adding that the company's commitment to India is stronger than ever and this marks the next milestone in a partnership that began over three decades ago. Anchit Nayar, Executive Director and CEO, Nykaa Beauty, said Nykaa and L'Oréal have been partners in India for over a decade, working together on their shared vision of making India one of the world's largest and fastest-growing beauty markets. He said the experience gained along the way has helped the company understand what it takes to build a promising brand into an enduring one, and that combining Nykaa's consumer ecosystem, retail network and distribution with L'Oréal's global beauty expertise will be a valuable asset for the next generation of founders. Launched in 2018, BOLD is L'Oréal's corporate venture capital fund. It invests across the entire beauty value chain by taking minority stakes in innovative, high-growth start-ups, structured around two verticals: beauty and wellness brands, and science and tech for beauty. Besides financial support, BOLD offers portfolio companies access to L'Oréal's beauty expertise, global network and dedicated mentoring, while preserving their independence. L'Oréal, which has been in business for over 115 years, has a portfolio of 40 international brands and more than 95,000 employees. In 2025, the group generated sales of €44.05 billion. It operates 22 research centres across 7 regional hubs globally, with a research and innovation team of over 4,000 scientists and more than 8,000 digital, tech and data talents. Nykaa began in 2012 as a digital-first, consumer-tech beauty company and has since expanded into fashion and B2B through platforms such as Nykaa Fashion, Nykaa Man and Nykaa Superstore, besides entering the Middle East via its omnichannel offering, Nysaa. As of 30 June 2026, Nykaa has served over 60 million customers through its online platforms and 324 offline beauty destinations. Its house of brands includes Nykaa Cosmetics, Dot & Key, Kay Beauty, Nykaa Collections, Nykaa Wanderlust, Nykaa Perfumes and Earth Rhythm, alongside fashion labels such as Nykd by Nykaa, KICA, 20 Dresses, RSVP and Gajra Gang. Shares of FSN E-Commerce Ventures Limited, which operates Nykaa, closed at 1.63% at ₹335.30 on the NSE on 24 September 2026.