F&B startup Open Secret raises seed funding from Matrix Partners, Paytm founder, others

Mumbai-based food and beverage startup Open Secret, owned and operated by Immaculatebites Pvt. Ltd., has raised an undisclosed amount in seed funding led by Matrix Partners, as reported by ET.

Other investors that participated in the round include Paytm‘s CEO Vijay Shekhar Sharma, Snapdeal Co-Founders Kunal Bahl and Rohit Bansal and Godrej consumer products CEO Vivek Gambhir.

The funds raised will be used to boost its technology capabilities for sourcing, distribution and e-commerce, and hiring talent outside of the top management team. It will also be building an omnichannel distribution by making its products available through e-commerce marketplaces like Amazon and Flipkart, along with a number of large format offline retailers.

Sanjot Malhi, VP and consumer sector lead, Matrix India, said, “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.”

Founded in 2019 by Ahana Gautam and Udit Kejriwal, Open Secret offers cookies made from nuts and chocolate to provide tasty and healthy snacks. Its first range of products includes sweet tiffin snacks including three different flavoured cookies – Peanut Butter, Choco Almond and White Choco Cashew.

A number of food and beverage startups competing with Open Secret in the space includes &ME, And Nothing Else, Snackible, The Green Snack Co and Yoga Bars, among many others.

Open Secret’s lead investor Matrix Partners has invested in over 60 startups in India with more than $1 billion in assets under management. Some of the startups in its portfolio include Dailyhunt, fintech startup CreditVidya, hyperlocal delivery startup DailyNinja, SME financing platform OfBusiness, Ola, Stanza Living and Razorpay, among many others.

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