Total amount raised
$11.4 Millions
Latest funding date
4/1/2024
Location
Open Secret has successfully raised funds through multiple rounds, currently reaching its Series B stage. The company is dedicated to offering healthy snack alternatives, aiming to revolutionize the food and beverage industry.
Keep reading to explore the intricacies of Open Secret's fundraising journey and the investors backing this innovative platform.
What Is Open Secret?
Open Secret, founded in 2019 by Ahana Gautam and Udit Kejriwal, is a Mumbai-based startup dedicated to producing healthy snacks for kids. The company offers a range of products, including BAKED Bhujia, chocolates, high-protein snacks, dry fruits, and festive gift packs. With a team of 251-500 employees, Open Secret aims to provide tasty, nutritious alternatives to traditional junk food.
How Much Funding Has Open Secret Raised?
- Seed Round
- Amount Raised: $1.2M
- Date: December 2019
- Lead Investors: Z47
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart operations and product development.
- Seed Round
- Amount Raised: Not publicly disclosed
- Date: June 2019
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To establish the company and initial market presence.
- Series A
- Amount Raised: Not publicly disclosed
- Date: July 2021
- Lead Investors: Sixth Sense Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand product lines and scale operations.
- Series B
- Amount Raised: $10M
- Date: June 2022
- Lead Investors: Ananta Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To launch more products, build capacity, and expand distribution channels.
- Series B
- Amount Raised: $203.3K
- Date: April 2024
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further scale operations and enhance technology capabilities.
Total Amount Raised: $11.4M
Current Valuation: Not publicly disclosed
Key Investors
- Ananta Capital
- Details: Founded in 2020, Ananta Capital is a mid-market consumer-focused private equity firm backed by the Taparia Group.
- Investment Focus Areas: Consumer goods, healthcare, technology.
- Notable Investments: IDAM House of Brands, Springwel Mattresses, Pickrr.
- Matrix Partners India
- Details: Established in 2006, Matrix Partners India invests in companies targeting the Indian consumer and enterprise market at seed, early, and early growth stages.
- Investment Focus Areas: Consumer goods, technology, financial services.
- Notable Investments: Ola, Razorpay, Dailyhunt.
- Sixth Sense Ventures
- Details: Founded in 2014, Sixth Sense Ventures is a consumer-focused venture fund with over $550M in assets under management across three funds.
- Investment Focus Areas: Consumer goods, healthcare, technology.
- Notable Investments: Parag Milk, Nobel Hygiene, Bira 91.
- Z47
- Details: Z47 is a venture capital firm known for its early-stage investments in innovative startups.
- Investment Focus Areas: Technology, consumer goods, healthcare.
- Notable Investments: Not publicly disclosed.
- Gautam Kumra
- Details: Gautam Kumra is the Chairman of McKinsey & Company, Asia, and a notable individual investor in various startups.
- Investment Focus Areas: Not publicly disclosed.
- Notable Investments: Not publicly disclosed.
What's Next for Open Secret?
Open Secret stands at the cusp of a significant opportunity in the $15 billion Indian snacking market. With a structural shift in consumer behavior towards healthier options, the company is poised to expand its product portfolio and distribution channels. The recent Series B funding led by Ananta Capital will enable Open Secret to launch more products, build capacity, and scale up its tech capabilities.
Future fundraising opportunities seem promising as the company continues to grow. However, challenges such as maintaining growth momentum, ensuring product innovation, and scaling operations efficiently could pose hurdles. The competitive landscape in the snacking market will require Open Secret to stay agile and innovative to sustain its growth trajectory.
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