Open Secret, a health and nutrition-focused snacks startup, has raised undisclosed amount in its Series B funding from Ananta Capital.
Existing investors including Sixth Sense Ventures and Matrix Partners India, along with Gautam Kumra, Chairman-Asia, Mckinsey &Company also participated in this round.
The company plans to use the funds to launch more products, build capacity, strengthen the team, enhance capabilities in technology and expand its ubiquitous distribution presence.
The Mumbai-based Open Secret was founded in 2019 by Ahana Gautam and Udit Kejriwal, It makes healthy cookies, chips, spreads, nuts and shake mixes.
The company has experienced 10x growth in the past one year, driven by strong consumer demand across its expanding portfolio of products.
“There has been a structural shift in consumer behaviour—India has been a supply-constrained market and with the Open Secret platform, we want to address that. We are on a path to becoming a leading snacking destination by un-junking snacks in India which is a $15 billion category. We are reimagining the entire lifecycle of the snacking industry. Excited to partner with Ananta Capital on this next phase of growth, and to build upon our partnership with Sixth Sense and Matrix”, said, Ahana Gautam, CEO and Co-founder, Open Secret.
The startup aims to become a go-to destination for the healthy snacking needs of families, in the last nine months, it has added nine new categories.
“We are very happy to partner with Open Secret in their journey to unjunk the Indian snacking segment. We believe that post-COVID-19 consumer’s preference for healthy snacks has considerably increased and there is momentous white space in the category. Open Secret has demonstrated quick success in multiple product categories across various distribution funnels,” said, Lovkesh Kapoor, Managing Partner, Ananta Capital.
“The growth attained over the last 12-24 months is a testament to the brand’s success – we look forward to their journey of becoming India’s leading health-foods player, and welcome Ananta Capital to the partnership!” commented Avnish Bajaj, Founder and Managing Director, Matrix India.
The company is poised to grow rapidly into the $15 billion snacking category with a strong growth momentum, healthy unit economics and an experienced team of operators.
“We have been early backers of the business and believe Ahana, along with her pedigreed team, are rightly focused towards building products with a strong value proposition and plugging the same into the most appropriate distribution channels (omnichannel approach). Open Secret has the ability to create a strong niche for itself and we are excited to deepen our partnership with them, to accelerate the next phase of growth in becoming a household brand in India”, said, Nikhil Vora, Founder and CEO of Sixth Sense Ventures.
About Open Secret
They believe in less junk, more food. Say goodbye to boring snacking and hello to a new world of wholesome tasty goodness.
Better Ingredients – Food can be healthy, tasty & fun. They use the finest ingredients and believe everything is good in moderation.
Creating Memories – Food creates communities & memories. They are trying to create special family moments and every time users interact with their Product.
Guilt-Free Snacking – They’ve been working to make food a source of confidence and not anxiety and here’s where the journey continues.