FUNDING
Nykaa and L’Oréal Join Forces to Fund India’s Rising Beauty Startups
India’s beauty scene just got a major boost. On September 24, 2026, Nykaa, the country’s largest beauty retailer, and BOLD (Business Opportunities for L’Oréal Development), L’Oréal’s corporate venture capital fund, announced that they will jointly invest in high-growth Indian beauty and personal care brands.
Emerging founders benefit from funding, mentorship, and authentic retail strength through this partnership without giving up control of their companies.
What Is the Nykaa and L’Oréal BOLD Partnership?
Nykaa and BOLD will take minority stakes in promising Indian beauty, personal care, and wellness brands that already show strong consumer traction and unique product ideas.
The investments are purely financial. Founders keep full ownership and continue running their businesses independently, including their teams, company culture, and creative decisions.
Beyond money, the partners offer long-term support. Brands gain access to L’Oréal’s global beauty knowledge and Nykaa’s deep understanding of Indian shoppers, plus its large retail network.
Jacques Lebel, Managing Director of L’Oréal India, said India is one of the most exciting beauty markets because of its growing base of demanding consumers and talented entrepreneurs. He added that the partnership aims to back founders with capital, mentorship, and expertise while letting them build brands their own way.
Anchit Nayar, Executive Director and CEO of Nykaa Beauty, noted that Nykaa and L’Oréal have partnered in India for over a decade. Their shared goal is to help turn promising brands into lasting ones.
How Will the Investments Work?
Minority Stakes with Full Founder Control
The structure is founder-friendly. Selected brands receive investment in exchange for a minority share. Founders stay in charge of day-to-day operations and long-term vision. No one is forcing a change in team, culture, or product direction.
The companies have not shared the total investment amount, typical cheque sizes, or a timeline for the first deals. They also have not named specific brands yet.
More Than Just Money: Mentorship and Expertise
The offer includes more than just capital. Portfolio brands can get:
Mentorship and strategic guidance from both sides
L’Oréal’s global experience in product development, science, and international markets
Nykaa’s retail distribution, consumer insights, and omnichannel reach
This combination helps brands scale faster in India and potentially expand beyond it.
Why This Matters for Indian Beauty Startups
Many beauty startups struggle with the same challenges: raising growth capital, reaching more customers, and competing with bigger players. This partnership addresses those pain points directly.
Founders get patient capital that does not demand control. They also gain a powerful distribution partner in Nykaa, which already serves tens of millions of customers through online platforms and hundreds of offline stores. At the same time, L’Oréal brings decades of global beauty know-how.
The timing fits the current market. India’s beauty and personal care sector is expanding quickly, driven by younger shoppers, digital discovery, and rising interest in science-backed and specialized products.
India’s Growing Beauty Market Opportunity
India’s beauty and personal care market is on a strong growth path. Reports project it could nearly double from around $23 billion in FY26 to about $42 billion by FY31, with annual growth near 12%. This would position India as one of the world’s top four beauty markets by 2030.
Key drivers include:
A larger base of active beauty shoppers (expected to rise significantly)
Gen Z and younger consumers taking a bigger share of spending
Growth in online and organised offline retail
Demand for effective, ingredient-focused, and personalised products
Digital-first brands have lower barriers to reach customers, while platforms like Nykaa help with discovery and education. This creates a great opportunity for new brands with clear propositions.
What This Means for Founders Looking for Funding
If you run a beauty, personal care, or wellness brand in India, this partnership is worth watching. Brands that already have consumer traction and a distinctive offering stand the best chance.
To position yourself well:
Show clear evidence of product-market fit and repeat demand
Highlight what makes your brand different
Be ready to scale with support from retail and global expertise
Keep strong operational and creative control as a priority
The deal does not replace traditional venture capital. It adds another option that combines money with distribution and industry knowledge.
Previous Investments by BOLD in India
BOLD, which was launched by L’Oréal in 2018, already has experience in the Indian market. It has taken minority stakes in brands such as Deconstruct and Arata, among others.
These earlier investments focused on innovative, high-growth startups across beauty brands and beauty-related science and technology. The new partnership with Nykaa expands that approach by adding local retail strength.
What's Next for Nykaa and BOLD Partnership?
The Nykaa-BOLD collaboration is a clear signal of confidence in India’s next generation of beauty entrepreneurs. It combines global expertise, local retail power, and founder-friendly capital at a time when the market is expanding fast.
For founders, it offers a practical path to scale without losing independence. For the broader industry, it should help more strong Indian brands grow into lasting names both at home and abroad.
As details of the first investments emerge, this partnership is likely to become an important part of the funding landscape for beauty startups in India.
Also Read
ONYA Secures ₹12.5 Crore Pre-Series A Funding to Expand Lab-Grown Diamond Jewellery
Physioplus Raises Seed Funding at $800K Valuation to Scale Digital Physiotherapy in India