Believe Pte Ltd invests USD eight mln in Bangladesh's D2C brand OHSOGO
Dhaka/IBNS: Singapore's FMCG conglomerate Believe Pte Ltd has invested USD 8 mln in the beauty and skincare e-commerce startup OHSOGO.
It was launched by the State Minister for Information and Communication Technology Zunaid Ahmed Palak.
The D2C brand caters to a curated assortment of international brands and authentic products, the company statement said.
Earlier in May, the beauty & skincare startup had a soft launch in Bangladesh.
Since then amongst its competitors, it ranks number two in the beauty & skincare category in the South Asian nation, it said.
In the burgeoning online market expected to grow at a CAGR of 55 percent by 2030, OHSOGO aims to create a mark by providing access to quality brands made across the world.
Speaking on their investment in OHSOGO, MD at Venturi Partners Rishika Chandan 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."
Business Head at OHSOGO Shobhit Garg said, "With the growing customer awareness and changes in their purchase behavior, the beauty and skincare market has undergone a revolution."