Healthy snacks startup Open Secret secures seed funding

Open Secret offers cookies mainly for kids that contain nuts and chocolates as primary ingredients.
  • Vaishnavi Gupta News Editor
Funding

Healthy snacks startup Open Secret has secured an undisclosed amount in seed capital led by Matrix Partners. The round has also seen participation from Paytm's Vijay Shekhar Sharma, Snapdeal's Kunal Bahl and Rohit Bansal, and Godrej Consumer Products’ CEO Vivek Gambhir.

Operated by Immaculate Bites Pvt Ltd, the startup will use the fresh capital to hire talent outside of the top management team, and build its technological capabilities for sourcing and a distribution network.

Launched by Ahana Gautam and Udit Kejriwal in January this year, Open Secret offers cookies mainly for kids that contain nuts and chocolates as primary ingredients. The food and beverage startup is looking to take a swing at the healthy snacks market in India. The company’s first set of products target sweet snacks that are meant to be packed along with school tiffins.

Ahana Gautam said, “We are committed to addressing a mother’s guilt by providing better options and enabling her to make winning choices for the family.”

Building omni-channel distribution

Open Secret is targeting at building an omni-channel distribution where its products are available through e-commerce players like Amazon, Flipkart as well as a range of large format offline retailers.

Sanjot Majhi, Vice President at Matrix India, stated, “Open Secret is targeting the children’s snacking white-space, with a unique combination of taste and health, something both children and mothers can love.”

Other fundraise in the healthy snacks segment

In the recent past, the healthy snacks segment has recorded a few transactions.

In October 2019, protein bar maker And Nothing Else, a company launched by a former Unilever executive earlier this year, raised seed funding from Matrix Partners and Sauce.vc.

In July 2019, To Be Healthy Foods Pvt Ltd, the healthy snacks maker, received funding from early-stage investment firm Ankur Capital.

A unit of Parle Products Pvt Ltd, which owns the popular biscuit brand Parle-G, backed healthy snack bar maker WIMWI Foods Pvt Ltd in January 2019.

In December last year, Nutrisattva Foods Pvt Ltd, which provides protein-based functional foods under the Proliva brand, had raised funding from the Mumbai Angels Network.

In June 2018, Naturell India Pvt. Ltd, which makes nutrition bars under the Rite Bite brand, got investment from homegrown private equity firm Rabo Equity Advisors Pvt Ltd. In the same month, an early-stage investment firm Sprout Venture Partners and a few high-net-worth individuals invested in Wholesome Habits Pvt Ltd, which sells healthy snack bars under the brand name Eat Anytime.

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