Nykaa & Estée Lauder launched Incubation Programme to aid beauty entrepreneurs scale

• ByStartupStory     |    July 22, 2022

Nykaa, the beauty e-commerce site in collaboration with Estée Lauder Companies, has developed an incubator programme called Beauty&You India (ELC). The initiative was developed by ELC’s New Incubation Ventures and launched in collaboration with Nykaa to assist Indian beauty companies.

The Beauty&You platform will be managed by Shana Randhava, vice-president of ELC New Incubation Ventures, and Anchit Nayar, CEO of Beauty for Nykaa e-Commerce. A $500K prize pool has been amassed by the two cosmetic brands and will be given out to programme winners. Startups and entrepreneurs in the beauty industry with a focus on India are invited to apply for this initiative, and the successful candidates will receive non-equity grant funds. 

The goal of this initiative is not just to provide funding, but also to provide mentorship through Nykaa’s many divisions, such as technology and marketing. Furthermore, the businesses chosen for the initiative will have distribution access on the Nykaa platform. ELC and Nykaa also hope to assist entrepreneurs, innovators, and creators in growing their businesses holistically through the establishment of brand objectives, the attainment of scale objectives, and the curation of product portfolios.

Shana Randhava, VC of ELC New Incubation Ventures said, “We are seeking for businesses that want to reimagine how beauty is consumed in India, brands that are leading innovation across all touchpoints-packaging, products, customer experience.”

Nayar, CEO of Nykaa said, “We are both in the business of making investments (Nykaa, ELC), and if the occasion arises, there is something we could do. It is really synergistic cooperation since ELC understands the worldwide business and Nykaa understands how to establish a strong brand for the local market.”

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