Beauty and fashion retailer Nykaa has partnered 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.
The partnership will focus on high-growth beauty and wellness startups that have demonstrated consumer traction and offer differentiated products, according to Nykaa’s regulatory filing with the stock exchanges.
Joint Investments in Emerging Brands
Under the partnership, Nykaa and BOLD will make financial investments in emerging brands and acquire minority stakes in selected companies.
The founders of these businesses will retain operational and creative control, while continuing to run their companies independently with their existing teams and brand identities.
The collaboration is also expected to extend beyond funding. Nykaa and BOLD will provide strategic mentorship and guidance to the startups as they work toward scaling their businesses.
The partnership combines L’Oréal’s global beauty industry expertise with Nykaa’s understanding of Indian consumers, omnichannel retail presence and distribution capabilities.
BOLD’s Focus on Beauty Innovation
Founded in 2018, BOLD invests in innovative and high-growth startups across the beauty value chain.
Its investment activities are divided across two broad areas: beauty and wellness brands, and science and technology for beauty.
Through the partnership with Nykaa, BOLD will gain access to an investment approach that is closely connected to India’s growing beauty and personal care ecosystem, while Nykaa will be able to leverage L’Oréal’s global expertise in the sector.
Nykaa Continues to Expand Beauty Portfolio
The partnership comes as Nykaa continues to expand its portfolio of owned and acquired beauty brands.
Its portfolio includes brands such as Dot & Key, Kay Beauty and Earth Rhythm, alongside its broader beauty and fashion retail operations.
As of June 30, 2026, Nykaa served more than 60 million customers through its online platforms and operated 324 offline beauty stores, according to the company.
The latest collaboration adds an investment component to Nykaa’s broader participation in India’s beauty ecosystem, potentially creating another avenue for emerging brands to access capital, retail distribution and industry expertise while maintaining their independent operations.
By: Arushi Agarwal
