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Bombay Hemp Company Pvt. Ltd. (BOHECO) has taken a major stride in solidifying its position as India’s premium supplier of full-spectrum Hemp Leaf extract and other Industrial Hemp Products. The Company has completed a strategic round of fundraising that will build upon its ‘first-mover advantage’ as the provider of holistic wellness products empowered by Ayurveda.
“However, the real story is not just the quantum of funds that we have raised but the calibre of Investors that we have attracted”, stated Company CEO Chirag Tekchandaney.
Bombay Hemp Company (BOHECO) is India’s first start-up studying the medical use of hemp. Its seed round of investors included the Chairman Emeritus of Tata Sons, Mr. Ratan Tata, and Google India’s former managing director and currently Managing Director, Sequoia Capital and Surge, Mr. Rajan Anandan, amongst others. Before this round of funding, Bombay Hemp Company concluded a pre-Series-A offering of USD 750,000 (Seven Hundred Fifty Thousand Dollars) with the participation of Arphi Electronics Pvt. Ltd., AngelList Trust – Syndicate led by IIM-K Alumni Fund, and Prakhar Agarwal of Adept Ventures, and several other foreign HNIs.
Bombay Hemp Company launches the largest fundraiser in Indian Hemp Industry
Today we are pleased to announce that Mr. Achin Kochar, of the Vi-John Group of Companies, is one of two lead investors. The Vi-John Group is one of India’s largest providers of Beauty, Skin Care, and Cosmetic Products in India. “We believe that Mr. Kochar’s expertise in the mass marketing of consumer goods will be of tremendous assistance in expanding BOHECO’s reach” added Mr. Tekchandaney.
“We are equally pleased to announce Mr. Riteesh Mohan Bakshi and Mr. Raghav Mohan Bakshi of the renowned Mohan Bakshi family have taken up a key position in BOHECO as well. Both gentlemen will lend advocacy and regulatory support in certain States where they have previous experience working with Government Officials.”, stated Mr. Tekchandaney (overview of Mohan Bakshi family attached).
With this new round of capital, the Company will bolster its manufacturing, production, and quality control assets, omnichannel distribution capabilities, e-commerce platforms, brand building, customer acquisition, and sales operations. The Company plans a rapid expansion of its direct-to-consumer Health, Wellness, and Nutrition brand, BOHECO Life to meet surging consumer demand. BOHECO has witnessed an increase of revenue spanning 250-300% and is expecting twice the growth in light of these investments. The global industrial hemp market is expected to grow at a compounded annual growth rate of 15.8% from 2020-2027 to reach $15.26 billion in 2027 whereas the size of the global medical hemp market is forecasted to be worth $46.18 billion by 2026, with a compounded annual growth rate of 22.9%. This investment will not only strengthen the organization but stands to offer employment to people in the agriculture, health, and operations industries.
“We intend to become a leading global player in the health and wellness marketplace. Throughout the world, consumer, and regulatory attitudes about the medical uses of hemp are shifting and we see that shift daily as consumers purchase our Arthritis, Stress, and Pain Management Products”.
“We are currently in discussions with various Canadian Companies and Entrepreneurs with regards to strategic investments and expect to make further announcements in the weeks ahead.”, concluded Mr. Tekchandaney.
This current round of financing was arranged through the efforts of Mr. Kanav Parwal, of SPA Capital.