Bangladesh e-commerce platform Shajgoj has announced $2.15 million in funding led by Surge, Sequoia Capital India’s rapid scale-up program for startups in India and Southeast Asia. SBK Tech Venture, a tech-focused venture capital in Bangladesh, also participated in the round.
The market for beauty, health, personal and household care in Bangladesh has been growing exponentially, fueled by higher internet penetration rates, and the growing popularity of international cosmetics brands with consumers. The market is expected to reach an annual growth rate of 19.23% from 2022 to 2025. However, availability of authentic beauty products is limited and it is not uncommon for stores in the country to sell counterfeit and substandard cosmetic products – posing a serious health risk to unwitting customers. A 2018 study found that over 50% skin whitening creams purchased online in Bangladesh contained higher levels of mercury than the level permissible.
Shajgoj was launched to inspire women to build and celebrate self-confidence, by providing access to authentic personal care products at reasonable prices from renowned brands and local distributors. Customers can purchase over 10,000 products from over 400 brands from Shajgoj’s online and physical stores, and the company also features informative videos and articles on their website to guide customers through the latest trends in beauty and personal care.
Shajgoj is rapidly expanding its portfolio of world-class local and international brands across makeup, skincare, hair care and wellness. Most recently, the company was announced as Revlon’s exclusive partner to distribute its products in Bangladesh.
“The team at Shajgoj is just getting started – demand for authentic and carefully sourced beauty and personal care products has skyrocketed in Bangladesh over the past few years, and consumers are hungry for more. We want to inspire women in Bangladesh to feel beautiful, confident and empowered by the convenient options they have now to try out cosmetics and skincare. We’ll be concentrating on growing our customer base, opening more outlets across the country and expanding our portfolio of international brands that our customers can trust,” said Nazmul Sheik, co-founder and CEO of Shajgoj.
The avid shopper base that Shajgoj has cultivated is testament to the company’s focus on creating a high quality customer experience. Today, Shajgoj has over 400,000 customers and counting, of which 70% are returning customers.
Shajgoj was founded in May 2013 by Nazmul Sheik, Sinthia Islam and Milky Mahmud in Bangladesh. Nazmul worked as a senior executive at GrameenPhone and as a Technology Consultant at MTN, a major telecom operator in Nigeria. Sinthia is a Content Specialist in the beauty industry and is currently Chief Content Officer of Shajgoj. Her previous experience was with MedPlus, a pharmacy and beauty supply chain in Nigeria. Milky previously worked at Ericsson Global as a Telecom Consultant and has experience in other telcos across Africa.
Shajgoj is part of Surge's sixth cohort of 20 companies that build fresher, smarter solutions to help consumers and businesses adapt to a changing world.