Singapore-based FMCG conglomerate Believe Pte Ltd has invested $8 million in beauty and skincare e-commerce startup, OHSOGO. The startup was launched in Bangladesh by Zunaid Ahmed Palak, State Minister for Information and Communication Technology.
“We have onboard Believe on this journey with us. Our aim with OHSOGO is to revolutionise the beauty and skincare segment of the country and upgrade the beauty and skincare market here. With the growing customer awareness and changes in their purchase behavior, the beauty and skincare market has undergone a revolution. The category is a tough crack but we aim at making things simpler for the consumer, with technology and innovation,” Shobhit Garg, business head, OHSOGO said.
OHSOGO claims to cater to a curated assortment of international brands and authentic products. Earlier in May this year, the company had a soft launch in Bangladesh. With an aim to enrich the beauty and skincare industry, OHSOGO is all set to create a mark in the burgeoning online market which is expected to grow at a CAGR of 55% by 2030, the company said in an official statement. “Bangladesh’s market has a huge potential for the segment and hence OHSOGO coming into the picture will simplify the customer experience while they get easy access to quality brands from across the world. Bangladesh is an opportune choice for OHSOGO as the IMF has ranked the country as the 2nd largest economy in South Asia with a per capita GDP more than India,” it added.
One of the investors of OHSOGO is Venturi Partners. “The current boom in Bangladesh’s economy, especially in the beauty and the skincare industry, is a great investment opportunity for us. Also with the Government’s latest interest in the expansion and development of the beauty and skincare market, it is just a matter of time before the market flourishes paving way for beauty and skincare brands to explore the market potential in Bangladesh,” Rishika Chandan, managing director, Venturi Partners stated.