Healthy food and snacking brand The Whole Truth has raised $15 million (around Rs 130 crore) in a Series C funding round, which was led by European investment firm Sofina. The round also saw participation from all existing investors, including Z47, Peak XV Partners, and Sauce.VC.
In December 2024, VCCircle had exclusively reported that Sofina was in talks to invest in The Whole Truth. At that time, the company was looking to raise capital at a valuation of around $80-100 million.
Founded by former Unilever marketing manager Shashank Mehta in 2019, The Whole Truth plans to use the capital for in-house manufacturing expansion, talent acquisition, and category growth. The company also has inhouse R&D and proprietary manufacturing. Product development is led by bakery chef and chocolatier Rachna Aggarwal.
The company sells clean-label chocolates and muesli without sugar and preservatives through marketplaces, quick-commerce platforms, and retail stores. It also sells protein bars, peanut butter, and dark chocolates. Recently, it launched protein powders.
In the financial year through March 2024, The Whole Truth reported a revenue of Rs 64.9 crore, up from Rs 35.9 crore the previous year, according to VCCEdge, the data research platform of VCCircle. It also lowered its loss to Rs 23.8 crore from Rs 35.4 crore in the previous fiscal.
In previous rounds, angel investors, such as Zerodha co-founder and chief executive officer Nithin Kamath, Swiggy co-founder and CEO Sriharsha Majety, and Rebel Foods co-founder and CEO Jaydeep Barman, have backed the company.
In December 2023, The Whole Truth raised $15 million in its Series B funding round, led by Peak XV Partners (erstwhile Sequoia Capital India). The round also saw participation from its existing investors Matrix Partners India and Sauce.VC.
