PARIS — Nykaa, the biggest beauty retail company in India, and L’Oréal’s corporate venture fund BOLD will jointly invest in the next generation of high-growth Indian beauty and personal care brands, the groups revealed together.

BOLD, which stands for Business Opportunities for L’Oréal Development, and Nykaa will take minority shares in brands considered to have strong consumer traction and distinct propositions. The investments will be only financial in nature; therefore, founders maintain total ownership and run their businesses independently.

BOLD and Nykaa are acting as long-term partners, offering mentorship, guidance and the possibility to tap into L’Oréal’s expertise, as well as Nykaa’s omnichannel retail network and understanding of the consumer ecosystem.

“The intent is to help ambitious Indian beauty founders scale faster and build enduring brands for India and the world,” the companies said in the statement.

“India is one of the most exciting beauty markets in the world, and its energy comes both from an expanding base of demanding consumers with rapidly evolving needs and from its ecosystem of tremendous entrepreneurs,” said Jacques Lebel, managing director of L’Oréal India. “Our commitment to India is stronger than ever, and this is the next major milestone in a journey of partnership and growth that we began over three decades ago.”

“Nykaa and L’Oréal have been partners in India for over a decade, working together on our shared vision of making India into one of the world’s largest and fastest-growing beauty markets,” said Anchit Nayar, executive director and chief executive officer of Nykaa Beauty.

“The experience and lessons we have learned along the way have allowed us to understand what it takes to build a promising brand into an enduring one,” he continued. “Combining our strong consumer ecosystem, deep retail network and wide distribution, along with L’Oréal’s global beauty expertise will be an incredibly valuable asset to the next generation of founders as they look to build consumer brands that India can be proud of.”

L’Oréal launched BOLD in 2018. In the recent past, it has invested in Indian beauty brands including Deconstruct and Arata.