The funding round is anchored by Sofina Ventures, which is contributing approximately $21 million (₹190.2 crore). Long-term backer Sauce.VC and new participant Frangipani Capital are also joining the round. The board has approved the issuance of 67,596 Series D Compulsorily Convertible Preference Shares (CCPS) to facilitate the capital raise.
Financial Performance & Growth Metrics
The Whole Truth has demonstrated explosive top-line growth, effectively scaling its mission to “un-process” the Indian pantry.
| Metric | FY24 | FY25 (Estimated) | Growth % |
| Revenue | ₹65.3 Crore | ₹215.8 Crore | +230% |
| Net Loss | ₹23.8 Crore | ₹28.15 Crore | +18% (Narrowing Margin) |
| D2C Sales Share | ~80% | 80–85% | Consistent |
| Reach (Pincodes) | 10,000+ | 18,000+ | Deepening Penetration |
Key Expansion Areas
With the fresh $34 million, the Mumbai-based startup plans to double down on three strategic pillars:
- Manufacturing Sovereignty: Scaling up in-house production to maintain 100% control over ingredient integrity.
- Category Proliferation: Moving beyond protein bars and chocolates into high-volume staples like muesli, nut butters, and immunity-focused snacks.
- Omnichannel Push: While 85% of sales currently come from their website, TWT is aggressively expanding its physical presence in Tier 1 and Tier 2 cities to capture the “impulse buy” market.
The “Clean Label” Market Context
The Whole Truth’s $400 million valuation reflects a broader shift in Indian consumer behavior. As established FMCG giants face scrutiny over “hidden sugars” and artificial additives, TWT’s “ingredient-on-front” philosophy has built a moat of high trust.
Investor Cap Table Post-Infusion (Estimated)
- Sofina Ventures: ~9.28%
- Sauce.VC: ~10.43%
- Peak XV Partners & Z47: Significant minority stakeholders.
Conclusion: Scaling Trust
Founder Shashank Mehta, a former Unilever marketeer, has successfully transitioned the brand from a niche D2C player to a serious contender in the ₹40,000 crore Indian packaged food industry. By managing to triple revenue while keeping losses relatively stable, The Whole Truth is signaling to the market that “clean label” is no longer just a trend—it’s a sustainable business model.
