Open Secret, a health and nutrition-focused snacks startup, has secured an undisclosed sum in a Series A funding round led by Sixth Sense Ventures. The round has also seen participation from existing investor Matrix Partners India.
The new funds will be used by Open Secret to expand its product portfolio, build capacity, increase omnichannel distribution presence and hire senior-level talent.
While talking about the funding, Ahana Gautam, Founder of Open Secret, said, “We are on the path to becoming a leading snacking brand by un-junking snacks in India, which is a $10 billion-plus category. We are excited to partner with Sixth Sense on this next phase of growth and leverage their expertise in the consumer sector, and continue to build upon our partnership with Matrix. Today, as we mark this milestone, we pledge to continue what we started on Day 1, make every Indian family snack better.”
“We want to be the challenger brand targeting the $10 billion snacking industry in India. We are stealing the market from established players and trying to create a niche,” she added.
Started by Ahana Gautam and Udit Kejriwal in 2019, Open Secret makes healthy cookies, chips, spreads, nuts, and shake mixes. The company’s revenue has grown 10x in the last 12 months.
Nikhil Vora, Founder and CEO of Sixth Sense Ventures, stated, “With a strategic focus on the kids’ segment and the core value proposition around un- junking, we believe Open Secret has the ability to create a strong niche for itself.”
Open Secret raised its seed round in December 2019.