19th December 2019. Mumbai: Matrix Partners India announced today that it has invested in Open Secret, a brand with a vision to create a world with more food and less junk through high-quality health snacks targeted at families and children. The round also saw participation from prominent investors, Vijay Shekhar Sharma (Founder, Paytm), Kunal Bahl (Co-Founder, Snapdeal), Rohit Bansal (Co-Founder, Snapdeal) and Vivek Gambhir (CEO, Godrej Consumer Products).
Founded by Ahana Gautam and Udit Kejriwal in 2019, Open Secret launched its first set of nutty cookie products targeting the increasing consumer preferences for “better-for-you” snacks, with an emphasis on tiffin consumption. With nuts and chocolates as the primary ingredients, the product’s core differentiator lies in being an equal blend between health and taste.
The freshly infused capital will be used to scale up the capabilities in tech, strengthen the team and expand omni channel distribution presence.
Commenting on the fundraise, Ahana Gautam, Co-Founder, Open Secret said “As a daughter of a working mother, I saw first-hand the struggle that families face in providing healthy yet convenient options for their children. This struggle transcends generations and today I see my sister in law experience the same challenges with my niece. No doubt India was found to have one of the most unhealthy packaged food in the world. We are committed to addressing a mother’s guilt by providing better options and enabling her to make winning choices for the family. The biggest reward for us is when mothers tell us that the kids love the taste as much as she loves the nutrition.“
“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. We are excited and privileged to partner with Ahana and Udit and back their vision to un-junk snacking. At Matrix, we are big believers in new-age consumer brands and their potential to transform consumption habits.” said Sanjot Malhi, VP and Consumer sector lead, Matrix India
About the Founding Team:
Ahana Gautam is an experienced marketer with a passion to build and grow the biggest consumer brands in India. She has a B.Tech from IIT Bombay and an MBA from Harvard Business School. Started her career at P&G where she worked across multiple functions – supply chain, finance and marketing. Ahana grew her passion for food brands at General Mills in US where she launched natural and organic products. Udit Kejriwal has a B.tech from IIT Kharagpur and an MBA from IIM Ahmedabad. Started his career at P&G and Mckinsey and has 6+ years of experience in supply chain and operations. Rest of the team comprises of marketers and strategist with deep experience and background in CPG industry.
About Open Secret:
Open Secret is a brand with a vision to create a world with more food and less junk. With the first set of products, the brand is targeting the sweet snacking category which has seen little to no innovation in recent years. They are reimagining the entire FMCG value chain starting from product to distribution. The goal is to become the most preferred snacking brand for families. Open Secret is currently available in the top 60 offline stores in Bombay, on amazon.in through the launchpad program and through their website at https://opensecret.in
About Matrix Partners India:
Matrix Partners India is an investment firm with approximately $1 billion under management. Founded in 2006, the firm invests in companies targeting the Indian consumer and enterprise market at the seed, early and early growth stages. Matrix India has invested in several market leading consumer focused companies such as W For Woman (ready to wear fashion label), Chumbak (design led lifestyle brand), Country Delight (a direct-to-home, mass premium milk brand), Mosaic Wellness (a lifestyle & wellness consumer brand), &Me (F&B brand focused on women’s health & wellness), And Nothing Else (a 100% clean label food brand), as well as marquee investments including Ola (local transportation), Quikr (online classifieds), Practo (digital health platform), Dailyhunt (mobile local language platform), Treebo (digital hotel chain), Limeroad (social e-commerce platform), Mswipe (mobile POS), Five Star Business Finance (SME lending), OfBusiness (credit led B2B marketplace), Stanza Living (tech enabled student housing platform), Ola Electric (multimodal electric vehicle platform), Razorpay (payments), Vogo (scooter sharing) and Cloudnine Hospitals (leading chain of maternity hospitals), among others. Matrix India has advisory offices in Bangalore, Delhi and Mumbai. Matrix Partners has a global network of funds investing in the US, China and India, with approximately $5 billion under management. Further information is available at www.matrixpartners.in