[Funding alert] Cannabis startup Hemp Horizons raises Rs 2 Cr led by Mumbai Angels with participation from AngelList
Cannabis startup Hemp Horizons, a GMP certified and USFDA registered hemp seed processing company, has raised Rs 2 crore as part of its seed funding round led by Mumbai Angels Network with participation from AngelList. The round also saw participation from renowned national and international angel investors like TradeIndia CEO Bikky Khosla.
According to a release shared by the company, the funding will be used to launch and market cannabis extracts second-gen hemp seed products, which will further help solidify the company's position in the market. Hemp Horizons said it makes use of resources and produces zero waste, which makes it a carbon negative company.
Speaking on the announcement, Rohit Shah, CEO and Co-founder, Hemp Horizons, said,
“We are happy to see more and more individuals understanding the benefits of cannabis and investment funds looking at companies like ours as a potential game-changer in the health and wellness space."
"Cannabis/hemp can be a category in itself. In the next five years, no industry will be left untouched by cannabis/hemp and its derivatives. 2021 is an exciting year for cannabis/hemp in India and the world," he added.
Founded by Rohit Shah, Kartikey Dadoo, and Kanishk Yadav in 2017, from a B2B to a B2B2C company, Hemp Horizons has escalated the use of natural products over western medicine. It said hemp is one of the most beneficial and multi-purpose usage ingredients available in the market. Its availability and easy usage makes it the ideal solution for various health troubles, especially during menses.
A hemp manufacturing to retail brand, Hemp Horizons plans to add two new hemp seed-based products in its product range shortly.
Lead investor Nandini Mansinghka, Co-promoter and CEO, Mumbai Angels Network, said,
“We are so excited to add a startup like Hemp Horizon to our portfolio, which is bringing change in the way people see hemp and its uses. We are confident that Hemp Horizons will amaze everyone with its products in the health and wellness space in the coming time.”
The company statement added, due to its various health benefits and its use as an active ingredient in the Ayurvedic, Siddha, and Unani medicines, the growth of the cannabis market is attributed to growing drastically. However, the complex regulatory structure of industrial hemp and its usage in different countries has created ambiguity upon its legality.
Bikky Khosla, CEO of TradeIndia.com, said, “From taking on taboos around the benefits of cannabis and building proprietary machinery for hemp seed processing, to providing contract manufacturing to other businesses across the country - Hemp Horizons has powered through incredible challenges to come out as one of India's leading hemp startups. Proud to be associated with them & excited to see what lies ahead!”
Today, increasing demand for hemp seeds over traditional herbal seeds is driving the growth of the market. There are over two crore legal cannabis users in India and the growing demand for personal care products, protein supplements, cosmetics, and several other hemp products will boost the market in the forecast period.