India’s Bombay Hemp Company Pvt. Ltd (BOHECO) said this week it has raised $2 million it will use to expand production and marketing.
BOHECO said it will boost manufacturing, improve quality control, enhance distribution and customer acquisition, and rapidly expand its BOHECO Life wellness and nutrition brand, a direct-to-consumer line of hemp-based health and nutrition products.
The funding is from Achin Kochar of the beauty products maker Vi-John Group, Gurugram; and Riteesh Mohan Bakshi and Raghav Mohan Bakshi of RRB Energy Ltd., New Delhi, a maker of wind and solar power generation technology.
Boheco CEO Chirag Tekchandaney said the company secured commitments for $2.5 million, but only $2 million of that is considered “firm.”
BOHECO makes extracts and hempseed-based foods, and personal care products such as body oils, shampoos and soap. The company sells its products through its e-retail website and a network of resellers. BOHECO launched its first retail outlet carrying hemp-derived nutritional, wellness and prescription-only products earlier this year in Bangalore.
Kochar, is a director at VI-John Group, a family-owned business that makes shaving products, toiletries, perfumes, deodorants, powders, and skin care and hair products.
Raghav Mohan Bakshi is General Manager/Corporate and Riteesh Mohan Bakshi is Chief Business Development Officer at RRB Energy. Tekchandaney said the Bakshis will assume positions in BOHECO and lend advocacy and regulatory support in some Indian states.
BOHECO previously put together a pre-Series-A round that raised $750,000 from other Indian investors including Arphi Electronics, AngelList Trust, a syndicate led by IIM-Kozhikode alumni fund, and Prakhar Agarwal of Adept Ventures. BOHECO said earlier fundraising brought the company $2.33 million.
That included a seed round in 2017 in which industrialist Ratan Tata, chairman of Tata Trusts and chairman emeritus of Tata Sons, and Rajan Anandan, ex-managing director of Google India and currently managing director of Sequoia Capital and Surge’ backed BOHECO with a $1 million investment.