The two beauty brands have accumulated a $500K (INR 4 Cr) prize pool
Shana Randhava, vice president, ELC New Incubation Ventures, and Anchit Nayar, CEO of Beauty for Nykaa e-Commerce, will manage the Beauty&You platform
With this programme, ELC and Nykaa aim to help founders, innovators and creators grow their businesses holistically
Beauty ecommerce platform Nykaa
has launched an incubation programme, called Beauty&You India, in partnership with`Estée Lauder Companies (ELC). The programme has been created by ELC’s New Incubation Ventures, launched in partnership with Nykaa to support beauty entrepreneurs in India.
The two beauty brands have accumulated a $500K (INR 4 Cr) prize pool that will be distributed to winners of the programme. Under this programme, India-focused beauty startups and entrepreneurs can apply and the winning applicants will be awarded a non-equity grant money. The winning company will be selected through an application process.
Shana Randhava, vice president, ELC New Incubation Ventures, and Anchit Nayar, CEO of Beauty for Nykaa e-Commerce, will manage the Beauty&You platform. The jury will include Nicola Kilner, cofounder and CEO of skincare umbrella brand Deciem, Deepica Mutyala, founder of US-based beauty brand Live Tinted, among others.
With this programme, ELC and Nykaa aim to help founders, innovators and creators grow their businesses holistically by identifying brand goals, achieving scale ambitions, and curating product portfolios.
“We are looking for brands who are looking to reinvent how beauty is being consumed in India, who are leading innovation across all touchpoints-packaging, products, consumer experience,” Randhava said during an event.
Brands that are at ideation stage, as well as the brands which have already launched, can apply for the prorgramme. The programme is looking for entrepreneurs that are full of passion, Nyar said while asked about criteria.
As shared by Nayar, the focus of this programme is not only to provide capital, but also to offer mentorship through Nykaa’s different teams including technology, marketing. Moreover, the brands that will be selected under the programme will also get the distribution access on Nykaa platform, he added.
According to him, it is a very synergistic partnership as ELC has global understanding and Nykaa knows how to build a successful brand for the local market.
“This grant is being given without taking any equity. We are both (Nykaa, ELC) in the business of making investments and if the opportunity arises, there is something we could possibly do,” Nayar said while asked about whether they will explore an opportunity of acquiring stakes in the selected brands later.
