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BusinessWire India
Mumbai (Maharashtra) [India], September 30: L'Oreal announced the winners of the India regional finals of its Big Bang Beauty Tech Innovation Program. The biggest Beauty Tech open innovation competition of this geographical scale, the program intensifies L'Oreal's startup focus and investment in beauty innovation. Three startups from India emerged victorious and have secured their place at the Grand Finale in Singapore this November. After a rigorous evaluation process by a distinguished judging panel of industry experts from L'Oreal and Google, the India winners were selected for their bold, scalable and tech-driven solutions that address critical challenges in the beauty industry. Teams addressed one of five challenge themes: Consumer Experience, Content & Media, New Commerce, Tech for Good and Science for Beauty. These innovative startups represent some of the most promising talent from India, a nation distinguished by its fast-growing economy, significant digital penetration, and a large, young, and digital-savvy consumer base that fuels groundbreaking innovation. The winning teams from India are: 1) Infloso AI: Infloso AI is an ecosystem of AI tools at the convergence of technology, marketing, advertising and the creator economy, helping marketers build brands across platforms. 2) Sravathi AI: Sravathi AI is a silico chemistry AI platform that designs and develops advanced pharma using AI, molecular modelling, biochemistry and chemical engineering. 3) Without (by Ashaya): Without is a material science enterprise ethically transforming unrecyclable waste into high-quality, recyclable materials and products, creating a circular economy. During the Grand Finale on 7 November, these three India regional winners will compete against top innovators from across the South Asia Pacific, Middle East and North Africa (SAPMENA) region. They will compete for the opportunity to work with L'Oreal in a commercial pilot with one of the Group's 37 international brands, tap into potential exposure in 35 markets across the SAPMENA region, and embark on a year-long mentorship program with senior executives from L'Oreal and the program partners. To strengthen India's startup ecosystem and drive innovation in the beauty sector, Department for Promotion of Industry and Internal Trade (DPIIT) under the Ministry of Commerce and Industry signed a Memorandum of Understanding (MoU) with L'Oreal India. This partnership aligns with the Government of India's commitment to supporting startups and strengthening the national innovation ecosystem. Through L'Oreal's Big Bang Beauty Tech Innovation Program, selected startups will receive mentorship, opportunities for pilot deployments, and market-entry support in domains including sustainable packaging, beauty tech, and inclusive beauty. Shri Sanjiv Singh, Joint Secretary, DPIIT, said, "I am pleased to note the remarkable ingenuity showcased by Indian startups through the second edition of the L'Oreal Big Bang Beauty Tech Innovation Program. This is a good outcome of the MoU with L'Oreal India that reinforces our vision to strengthen a robust innovation and manufacturing-led ecosystem in India. Startup India, DPIIT remains committed to empowering entrepreneurs, and I am confident that the Indian finalists would achieve outstanding success on the global stage." Saloni Shah Javeri, Chief Digital and Marketing Officer, L'Oreal India, said, "India's rapidly evolving digital landscape continues to be a fertile ground for groundbreaking innovations in beauty tech. The pioneering spirit of the innovations we've witnessed this year are inspiring with an increased maturity and potential versus last year. We are proud of these trailblazers, whose bold ideas are set to redefine the future of beauty and eagerly await their journey to the finals this November, confident that they will make a significant and transformative impact on the international stage." Last year, two Indian startups - Neural Garage and Live2.ai - were among the three Grand Finale winners of the inaugural 2024 L'Oreal Big Bang Beauty Tech Innovation Program for the SAPMENA region. L'Oreal is dedicated to fostering a culture of innovation. Fast Company named L'Oreal in its Top 50 2024 Best Workplaces for Innovators list and winner of the Beauty and Fashion category, in recognition of its commitment to encourage and develop innovation at all levels. (ADVERTORIAL DISCLAIMER: The above press release has been provided by BusinessWire India. ANI will not be responsible in any way for the content of the same)
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