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D2C healthy snacking brand Open Secret has raised over ₹50 Cr  ($5.2 Mn) in a funding round led by Desai Brothers Group. The round includes ₹30 Cr in primary equity from Desai Brothers Group, along with institutional debt, the startup said in a statement.

The startup would look to divert the fresh investment to strengthen its offline presence and scale its product portfolio.

The startup, whose products are available in more than 500 retail outlets, is looking to expand its physical footprint across India. It is also sharpening its focus on savoury snacks such as chips and namkeen, which it says is the fastest-growing part of its portfolio. 

Founded in 2019 by Ahana Gautam and Udit Kejriwal, Mumbai-based Open Secret offers healthier alternatives to traditional snacks. Its portfolio includes cookies, baked vegetable chips, protein powders, dry fruits and nuts, namkeen, cereals and gift hampers.

The startup sells its products via ecommerce and quick commerce platforms like Amazon, Flipkart, Blinkit and Zepto, as well as modern and general trade outlets.

The D2C brand claims to have crossed ₹200 Cr in annual recurring revenue (ARR) and registering a growth of 10% month-on-month. The startup also claims to have achieved EBITDA profitability.

“Our goal is to hit ₹1,000 Crore ARR within three years, all while maintaining our profitability. This is Open Secret 2.0,” founder and CEO Gautam said.

Open Secret competes with the likes of Wellbeing Nutrition, Phab, The Whole Truth, Yoga Bar and Snackible in India’s growing healthy food and snacking market.

The development comes as India’s healthy snacking segment gains pace, fuelled by greater consumer focus on protein intake, fitness and preventive healthcare.

Rising disposable incomes and the expansion of quick commerce have further boosted demand, drawing investor interest towards a new crop of better-for-you food brands.

Last month, healthy snacking startup Phab raised $4 Mn in a pre-Series A round led by OTP Ventures and Chona Family Office. Earlier this year, Good Monk secured $2 Mn in a pre-Series A round led by RPSG Capital Ventures, while Salad Days raised ₹30 Cr in a Series A round co-led by V3 Ventures and Client Associates Alternate Fund.

At the heart of all this is the Indian healthy snacks market, which is reportedly projected to becomea $8.1 Bn opportunity by 2033.

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