Beauty and fashion brand Nykaa on Friday announced strategic investments in D2C brand incubator Onesto Labs, science-driven beauty brand Earth Rhythm and activewear brand Kica. Nykaa has acquired an 18.51% stake in Earth Rhythm for Rs 41.65 crores, Anchit Nayar, CEO, E-commerce Beauty, Nykaa told reporters.
The company has also partnered with Onesto Labs to enter the nutraceutical space by acquiring a 60% stake in the company with an investment of Rs 3.6 crore, he added.
The company has fully acquired sportswear brand Kica for Rs 4.51 crore, Nayar said.
“This partnership with Onesto Labs is unique as we are now entering the ‘edible beauty’ category. Consumers today are increasingly aware of the quality of their beauty products’ ingredients and their effectiveness. .
“Furthermore, in our spirit of promoting and mentoring early-stage D2C (direct-to-customer) start-ups, the partnership with Onesto Labs is set to disrupt an ever-changing beauty market in India,” Nayar said.
Speaking of Earth Rhythm, he said, the company is proud to partner with a promising start-up and will help them realize their potential by leveraging Nykaa’s expertise and ecosystem.
“We welcome Kica to the Nykaa Fashion family to meet the growing demand for high-quality, fashionable and functional sportswear,” said Adwaita Nayar, co-founder and CEO of Nykaa Fashion.