Nykaa and L’Oréal’s BOLD Fund to Co-Invest in Indian Beauty Startups

The companies’ announcement says founders will retain operational and creative control, including their own teams and brand direction. It does not name initial investments, disclose a fund size or set out a timetable for the first deals.

BOLD, launched in 2018, invests across beauty and wellness brands as well as beauty technology. Nykaa contributes an omnichannel network and knowledge of Indian beauty shoppers. The arrangement gives startups potential access to capital, mentoring and retail distribution without an outright sale to either partner.

Anchit Nayar, executive director and CEO of Nykaa Beauty, said the partners’ experience has helped them understand ‘what it takes to build a promising brand into an enduring one.’ Jacques Lebel, managing director of L’Oréal India, emphasized that founders should remain free to build their businesses independently.

The move extends a commercial relationship that already spans more than a decade. Nykaa has taken a larger operating role with L’Oréal brands in India, including Kiehl’s; the new venture arrangement moves the partnership upstream into financing and scaling domestic beauty brands.