Open Secret Secures Funding To Offer Healthy Snacks To Indian Households

Mumbai-based healthy snack brand Open Secret has raised an undisclosed sum in its Series B funding led by Ananta Capital.

Existing investors-Sixth Sense Ventures and Matrix Partners India along with an angel investor- Gautam Kumra from Mckinsey & Company took part in the round.

Open Secret will deploy the funds to launch products, build a team, invest in tech infrastructure and expand its omnichannel distribution network. 

The latest development comes after Open Secret reportedly secured investment from Sixth Sense Ventures and Matrix Partners India in June 2021.

Commenting on the fundraising, Ahana Gautam, CEO and cofounder at Open Secret, said, “With Open Secret’s platform, we want to address a structural shift in consumer behaviour in domestic market. We are on a path of becoming a leading snacking destination by unjunking snacks in India, which is a $15 Bn category.”

Founded in 2019 by two MBA graduates Ahana Gautam and Udit Kejriwal, Open Secret sells an array of food and beverages such as cookies, dry fruits, chocolates, and cereals etc through its website, ecommerce marketplaces and other retail outlets. The startup said it presently operates over 3000 retail stores across India. 

Both founders – Ahana Gautam and Udit Kejriwal hold considerable experience in FMCG and supply chain industry. Gautam previously worked with P&G and General Mills whilst Udit Kejriwal worked at P&G and McKinsey. 

According to the startup in the past nine months, Open Secret has introduced nine food categories onto its platform. Back in 2019, it used to sell nutty cookies to customers and gradually expanded its offerings.

During the same time frame, Open Secret secured an undisclosed amount in its seed funding round from Matrix Partners India, and founders of Paytm, Snapdeal, and Godrej Consumer Products. It claimed to operate merely 60 retail outlets in Mumbai.

In the healthy snack category, it faces competition from the likes of The Whole Truth, Slurrp Farm, and True Elements.

According to a report, India’s food and beverage market was pegged at $33.22 Bn in 2020 and is expected to touch $156.25 Bn mark by 2026, growing a CAGR of 29.88% by 2026. 

Of this, the country’s snack market, which stood at $5.57 Bn in 2020, is estimated to touch a $13 Bn mark by 2026.

At present, some of the emerging homegrown F&B brands working in the sector include Anushka Sharma-backed Slurrp Farm, Motilal Oswal- backed Happilo, Marico-backed True Elements and Premji Invest-backed iD Fresh Food among others.