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The Indian beauty startup ecosystem is set to see a new investment push, with Nykaa joining forces with BOLD (Business Opportunities for L’Oréal Development), the corporate venture capital fund of global beauty major L’Oréal, to invest in emerging beauty and personal care brands.
The partnership will target high-growth beauty and wellness startups that have demonstrated strong consumer traction and offer differentiated products, according to Nykaa’s regulatory filing with the stock exchanges.
As part of the collaboration, Nykaa and BOLD will make financial investments in emerging brands in exchange for minority stakes. The founders will retain operational and creative control, with the businesses continuing to function independently under their existing teams and brand identities.
The partnership will extend beyond funding, with Nykaa and BOLD offering strategic mentorship and guidance to support the startups’ growth. The collaboration will bring together L’Oréal’s global beauty expertise and Nykaa’s omnichannel retail network, distribution capabilities and understanding of Indian consumers.
Established in 2018, BOLD invests in innovative, high-growth startups across the beauty value chain. Its investment focus spans two key areas: beauty and wellness brands, and science and technology for beauty.
Nykaa has also been expanding 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.
