Nykaa, L’Oréal venture fund BOLD partner to invest in Indian beauty startups

Beauty and fashion retailer Nykaa has entered into a partnership with BOLD (Business Opportunities for L’Oréal Development), the corporate venture capital arm of global beauty major L’Oréal, to jointly invest in emerging Indian beauty and personal care brands.

According to a regulatory filing by Nykaa with the stock exchanges, the partnership will target high-growth beauty and wellness startups that have demonstrated strong consumer traction and offer differentiated products.

As part of the collaboration, Nykaa and BOLD will make financial investments in emerging brands in exchange for minority stakes. The founders of these companies will continue to retain operational and creative control, while their businesses will function independently with their existing teams and brand identities.

The partnership will extend beyond funding, with Nykaa and BOLD offering strategic mentorship and guidance to help the startups scale. The collaboration will also bring together L’Oréal’s global expertise in the beauty industry and Nykaa’s knowledge of Indian consumers, along with its omnichannel retail and distribution network.

BOLD, which was launched in 2018, invests in innovative and high-growth companies across the beauty value chain. Its investment strategy covers two key areas: beauty and wellness brands, as well as science and technology focused on the beauty sector.

Meanwhile, Nykaa has continued to expand its portfolio of owned and acquired brands, including Dot & Key, Kay Beauty and Earth Rhythm. As of June 30, 2026, the company had more than 60 million customers across its online platforms and operated 324 offline beauty stores.