Open Secret raises Series B funding led by Ananta Capital
The Series B funding raised by Open Secret will be used to launch more products, build capacity, strengthen the team, scale-up tech capabilities, and expand its omnichannel distribution presence.
The Mumbai-based health snack D2C startup has raised Series B funding led by Ananta Capital. The round also saw participation from existing investors—Sixth Sense Ventures and Matrix Partners India—along with Gautam Kumra, Chairman-Asia, Mckinsey & Company.
The company plans to use the freshly infused capital to launch more products, build capacity, strengthen the team, scale up the capabilities in tech, and expand its omnichannel distribution presence.
Commenting on the fundraise, Ahana Gautam, CEO and Co-founder, Open Secret said,
“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.”
Founded by Ahana Gautam and Udit Kejriwal in 2019, Open Secret has experienced 10X growth over the past year, driven by strong consumer demand across its expanding portfolio of products.
“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.
Open Secret aims to become a destination for healthy snacking needs of families, Over the last nine months, it has added nine new categories.
"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.
With a strong growth momentum, healthy unit economics, and an experienced team of operators, Open Secret is set to exponentially grow in the $15 billion snacking category.
Nikhil Vora, Founder and CEO of Sixth Sense Ventures, said,
“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.”
Edited by Kanishk Singh