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Keen to support Indian start-ups in the consumer brands space, French beauty major L’Oreal will invest in Fireside Ventures, an early-stage investment fund focused on Indian consumer brands.
The cosmetic giant announced an undisclosed investment in Fireside Fund-II. A L’Oreal spokesperson told BusinessLine that the company’s “open innovation strategy includes both direct collaborations with start-ups as well as partnerships with funds and incubators.”
The investment was done through corporate VC fund Bold Business Opportunities for L’Oreal Development. Amit Jain, Managing Director, L’Oreal India said, “L’Oreal will further connect to the dynamic ecosystem of Indian startups and work with them on emerging consumer needs to co-create tomorrow’s beauty trends.”
Kanwaljit Singh, Managing Partner at Fireside Ventures said the duo would “scout and co-create a new generation of innovative beauty products, built in India for global consumption and in faster time-frames.”
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