Bombay Hemp Company (Boheco), a Ratan Tata-backed startup, has raised $2 million (about Rs 15 crore) from the family offices of Achin Kochar of the Vi-John Group, Raghav Mohan Bakshi and Riteesh Mohan Bakshi.

The startup plans to use the raised capital to bolster manufacturing/production and improve quality control, build omnichannel distribution capabilities, build the brand and customer acquisition. Additionally, the startup will use the capital for the rapid expansion of Boheco Life, its direct-to-consumer health, wellness, and nutrition brand.

Bombay Hemp Company | BOHECO

Co-founded by Avnish Pandya, Delzaad Deolaliwala, Jahan Peston Jamas, Sumit Shah, Yash Kotak, and Chirag Tekchandaney, Bombay Hemp supplies premium hemp (cannabis/ marijuana) leaf extract and industrial hemp products and is India’s first startup studying the medical use of hemp.

It is an ethically, scientifically and legally driven company that does not promote the misuse of any psychotropic substance but instead works proactively with the government to develop, promote and use no/low THC Cannabis sativa plant varieties.

The seed round investors of Bombay Hemp included Ratan Tata, chairman of Tata Trusts and Chairman eEmeritus of Tata Sons, and Rajan Anandan (ex-Managing Director of Google India) and currently Managing Director of Sequoia Capital and Surge.

In 2017, Bombay Hemp Company was awarded a second runner-up position at the Tata Social Enterprise Challenge, a joint initiative by the TATA group and the Indian Institute of Management (IIM) as well as, The Social Innovation Leadership Award, at the Social Innovation Conference Awards, on World CSR Day.

Chirag Tekchandaney, Boheco Chief Executive, stated that Raghav Mohan Bakshi and Riteesh Mohan Bakshi would take up a key position in the company. They will also lend advocacy and regulatory support in certain states to work with government officials.

Chirag Tekchandaney also hopes that Achin Kochar’s expertise in the mass marketing of consumer goods will come in handy to expand Boheco’s reach.

Valued at USD 3.61 billion in 2020, the global industrial hemp market size is expected to expand at a compound annual growth rate (CAGR) of 16.2% from 2021 to 2028.

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