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 his Zunaid Ahmed Palak, Minister of State for Information and Communication Technology.
“We are taking Believe on this journey. Our goal at OHSOGO is to revolutionize the beauty and skincare segment in the country and upgrade the beauty and skincare market here. The beauty and skincare market is undergoing transformation due to rising skincare and changing purchasing behavior.This category is a tough crack, but we aim to make things simpler for consumers through technology and innovation.” Shobhit Garg, Business Director of OHSOGO, said.
OHSOGO claims to cater to an assortment of carefully selected international brands and authentic products. Earlier in May of this year, the company had a soft launch in Bangladesh. Aiming to enrich the beauty and skincare industry, OHSOGO is poised to make a mark in the fast-growing online market, which is expected to grow at his CAGR of 55% by 2030. The company said in an official statement. “The Bangladesh market has great potential in this segment and OHSOGO’s entry will simplify the customer experience and provide easy access to quality brands from all over the world. It is a favorable choice for OHSOGO as the IMF ranks the country as the second largest economy in South Asia, surpassing India in GDP per capita,” he added.
One of OHSOGO’s investors is Venturi Partners. “The current boom in the Bangladesh economy, especially in the beauty and skincare industry, presents a great investment opportunity for us. Also, the recent interest of the government in expanding and developing the beauty and skincare market has led to an increase in the number of beauty and skincare brands in Bangladesh. It is only a matter of time before the avenue opens to explore the market potential,” said Venturi Partners.
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