- Founders/Owners: Kartik Sharma, Sukrit Goel and Arzoo Puri
- Business: Pharma
- Ask: ₹1.5 Crores for 5% Equity
- Valuation/ Networth: ₹30 Crores
- Funding: No Deal
- Sharks: No Deal
- Episode: Season 3 Episode 20
CannazoIndia Shark Tank India Pitch:
CannazoIndia is a company that combines ancient Ayurveda with modern research. They use an Ayurvedic cannabis plant leaf extract to produce health and wellness products. These products provide relief from cancer pain, insomnia, anxiety, depression, and other neurological problems. Currently, they have 30+ formulations approved by the Ministry of AYUSH. These products are available in oral, tincture, tablet, cream, and other formats, and are divided into two categories: doctor prescription only and over-the-counter.
CannazoIndia Financials & Revenue during Shark Tank India:
In FY22-23, CannazoIndia had sales of ₹50 lakhs. In FY23-24 (till November), their sales reached ₹1 crore. They have 60% offline sales, with 30% coming from wellness centers and doctors, and the remaining 30% from direct sales. Additionally, they have 40% online sales, with 10% from the CannazoIndia website and 30% from ecommerce platforms. Their retention rate is 70%.
Who are the Owner of CannazoIndia?
CannazoIndia was founded by Kartik Sharma, Sukrit Goel, and Arzoo Puri. Sukrit serves as the CEO of the company and holds a degree in commerce from HR College. Kartik is the COO of CannazoIndia and has a background in Bio-Chemistry. Arzoo has a master’s degree in Bio-medical sciences and leads the R&D department at CannazoIndia.
Sukrit holds a 62.5% equity stake in the company, while Kartik holds 27.5%, and the remaining 10% is held by Arzoo. Additionally, Sukrit has another manufacturing company, where he holds a 50% equity stake. His mother holds 35%, Kartik holds 10%, and the remaining 5% is held by others.
CannazoIndia Shark Tank India Negotiations & Funding:
Aman was the first shark to choose to opt out due to a conflict of interest. Azhar also sidelined himself from negotiations because he found the claims made by CannazoIndia to be too big, and he has limited knowledge about the industry. Anupam believes that CannazoIndia lacks a significant differentiator that would propel the company to success, so he chose to opt out as well.
Peyush and Vineeta made a combined offer of ₹50 lakhs for a 10% equity stake, plus 1 crore debt at 12% interest for 2 years. The founders countered with an offer of ₹75 lakhs for a 5% equity stake in CannazoIndia, plus ₹75 lakhs for a 5% equity stake in the manufacturing company. Peyush chose to exit from negotiations.
Vineeta made a final offer of ₹25 lakhs for a 5% equity stake in CannazoIndia, plus ₹25 lakhs for a 5% equity stake in the manufacturing company, along with ₹1 crore debt at 10% interest for 2 years. However, the founders respectfully declined the offer.
How is CannazoIndia doing after Shark Tank India?
Our research on CannazoIndia revealed that despite not getting a deal on Shark Tank India, the show overall was a positive experience for them. This gave them nationwide exposure and validation which would, in turn, reflect into sales. While their numbers are not yet public, we will update this article as soon as more information comes to light. In the meantime, you can check out their products by clicking the Amazon button below!
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Source: Instagram @cannazoIndia
Here are updates on other companies from Season 3 Episode 20.