Medicinal Cannabis Startup Cannarma Raises Funding To Diversify Product Line The capital was raised from Zero to One Fund at pre-money Valuation of $2.04 million
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Medicinal Cannabis startup Cannarma, incubated in Amity Innovation Incubator (Amity University), and recognized by the Startup India, has announced that it has raised an undisclosed amount from Zero to One Fund at pre-money valuation of ₹ 17 crore ($2.04 million).
The startup plans to use the funds for several growth initiatives including deeper engagement with existing customers, expansion into new geographies, building technology, expand presence in over 10,000+ Medical Stores, Clinics, and Hospitals across India. The company is also preparing itself to be ready for entering the global market by the next financial year, and is working on new product development for effective targeted therapeutics.
Founded by Rohit Chauhan and Keshav Agarwal in August 2022, Cannarma works towards providinge therapeutic values of medicinal properties of cannabis which were neglected in world since long. India is one of the most recognized and highly regarded Medical Cannabis/Hemp brands, operating in a market with a total addressable size of over $146.4 Billion, it says.
Thus, the company is taking the prime mover advantage when the whole world, including India, is shifting to Alternate Medicine and Natural Products. Speaking on the fundraise, Chauhan, founder, Cannarma said, "We are delighted to receive this funding from Zero to One Fund which will enable us to expand our net level of growth in the country and prepare ourselves for global expansion next year."
Praveen Kaushik, Director of Zero To One Fund, said, "The investment in Cannarma shows our commitment to back ideas which are not only disruptive but also with sustainable future profits. As the world gears up towards alternative medicines, returning to human knowledge that has been ignored by science for centuries, the horizon of treatment using cannabis phytocannabinoids is growing wider and wider. The Cannabis plant, one among the five sacred plants in Ayurveda known as "Vijaya", is having deep therapeutic values and had been used in healing chronic illness in olden times. The time is not far when Cannabis will attain its past glory and will be healing the world again, thanks to startups like Cannarma."