Cannabis-focused healthtech startup HempStreet has raised $1 Mn in its pre-Series A funding round led by existing investor Carl Waahlin of Waahlin Holdings.
The round also saw participation from Andre Rodrigues of TK 88 Holdings, HempStreet founder and CEO Abhishek Mohan, among others.
The startup plans to deploy the fresh capital to expand its product range, increase clinical trials for proprietary formulations and explore the global markets.
Founded in 2019 by Mohan and Aradhna Rai, HempStreet manufactures cannabis-based medications for digestive ailments, menstrual cramps, sexual health, hypertension, anxiety and others. It claims to be India’s first research-to-retail venture in the ayurvedic cannabis sector.
“We have witnessed unwavering support of our investors to further champion our endeavours in India. With no venture capital participation within the hemp/cannabis space in India, it’s the foresight of our investors that has propelled the sector forward,” said Mohan.
The startup targets to grow its revenue by 100% by FY24.
“As an early investor in HempStreet, it brings me great joy to witness the remarkable strides the company has made in India and found relevance overseas as the industry turns more towards functional use of cannabis to tackle specific ailments,” Waahlin said.
To expand its global footprint, HempStreet claims to have partnered with MGC Pharma (UK), Gynica (Israel), Amrita School of Ayurveda (India), UIDI (Brazil) and Cannabis 360 (Brazil).
Looking forward to 2024, the startup said it is planning to enter Latin America and North America to launch a line of clinically backed products, starting with its proprietary formulation to tackle primary and secondary dysmenorrhea.
The Delhi NCR-based startup has raised $3 Mn in total funding till date.
In the cannabis-focused product market, HempStreet competes with the likes of Medicann, BOHECO, and Cannabryl.
It is pertinent to note that India is experiencing a growing demand for cannabis due to legalisation of the cultivation of hemp for industrial and medicinal purposes and more patients are realising the plant’s proven medical benefits.
As per a report by Statista the medical cannabis market in India is expected to reach a projected revenue of $13.13 Mn by the year 2023 and witness an annual growth rate (CAGR 2023-2028) of 14.64%, leading to a market volume of $26 Mn by 2028.
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