French personal care and beauty products major L’Oreal has made investment in a local early stage venture capital fund of Fireside Ventures.
Fireside Ventures was launched in 2017 to nurture local consumer brands and the undisclosed amount of investment has been made into Fireside fund II, an official statement said Thursday.
“India is an important market for us and a great place for innovation,” L’Oreal India managing director Amit Jain said, adding with this investment it aims to co-create beauty trends of the future.
The investment has been made through the French company’s corporate venture capital fund ‘Bold business
opportunities for LOral development’ launched last December.
“Together with L’Oreal we intend to scout and co-create a new generation of innovative beauty products, built in India for global consumption and in faster timeframes,” Fireside managing partner Kanwaljit Singh said.
He said the fund is aiming to build Rs 100 crore consumer brands from the country in the next few years.
L’Oreal has been present here for the past 25 years as a wholly-owned unit of the French parent and sells a portfolio consisting of 14 brands. It employs 1,600 and runs two manufacturing units in Maharashtra and Himachal. PTI AA