Believe Pte Ltd invests $8mn in Bangladesh based Beauty and Skincare e-Commerce Startup, OHSOGO
OHSOGO is an all-new e-commerce platform that aims to disrupt the online beauty and skincare space in Bangladesh
New Delhi ,
Singapore-based FMCG conglomerate, Believe Pte Ltd has invested $8mn in Beauty and Skincare e-commerce startup, OHSOGO, which was launched in Bangladesh by Zunaid Ahmed Palak, State Minister for Information and Communication Technology. OHSOGO caters to a curated assortment of international brands and authentic products. Earlier in May this year, the company had a soft launch in Bangladesh and is already ranked number 2 among beauty and skincare e-commerce players in the country.
With an aim to enrich the beauty and skincare industry while giving access to genuine brands, 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. 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.
Only a handful of players are currently present in the e-commerce, skincare, and beauty industries in the wide market in Bangladesh. The launch of OHSOGO, a one-stop online beauty, and skincare platform, has also opened doors for D2C businesses within the BPC industry to enter the market in Bangladesh. Seeing the success of OHSOGO, well-established D2C brands from neighboring countries might branch out into Bangladesh to capture the rapidly expanding BPC market. Investors and other D2C brands have already started to approach the newly launched platform.
Speaking at the launch, Shobhit Garg, Business Head, OHSOGO said, “We are extremely happy to onboard Believe on this journey with us. Our aim with OHSOGO is to revolutionize 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”
One of the investors of OHSOGO is Venturi Partners, a consumer-focused investment platform enabling entrepreneurs to build disruptive brands. Speaking on their investment in OHSOGO, Rishika Chandan, Managing Director, Venturi Partners said, “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. We are elated to support OHSOGO on this journey.