In a major push toward its eventual public listing, The Whole Truth (TWT) officially announced on February 4, 2026, that it has raised approximately $51 million (₹425 crore) in a Series D funding round.
The investment, which includes a mix of primary and secondary capital, values the Mumbai-based clean-label food brand at an estimated $400 million, a significant 69% jump from its previous valuation.
1. Round Breakdown: The “IPO Readiness” Fund
The Series D was co-led by long-term partners who have backed founder Shashank Mehta’s vision since the early days.
| Investor Type | Key Participants |
| Lead Investors | Sofina and Sauce.vc |
| Existing Backers | Peak XV Partners, Rainmatter Health (Nithin Kamath) |
| New & Angel Investors | AYRA Ventures, Z47 (fka Matrix Partners), Sriharsha Majety (Swiggy) |
- Use of Proceeds: The capital is earmarked for three strategic pillars: expanding in-house manufacturing, funding working capital for new product categories, and building the corporate governance systems required for a public market debut.
2. Financial Growth: Triple-Digit Scaling
The funding follows a year of explosive growth for the brand, which has successfully transitioned from a “niche D2C player” to a mainstream health food powerhouse.
- Revenue Surge: TWT’s revenue from operations skyrocketed 232% to ₹216 crore in FY25, up from ₹65 crore in FY24.
- Efficiency Gains: The company significantly improved its unit economics, spending ₹1.15 to earn ₹1 in FY25, compared to ₹1.48 the previous year.
- Controlled Burn: While revenue tripled, net losses widened only marginally by 17% to ₹28 crore, reflecting a disciplined approach to scaling.
3. The Product Expansion: Beyond Protein Bars
A key driver of the high valuation is TWT’s successful expansion into adjacent high-margin categories.
- The “Super-Light” Pivot: The brand recently launched a range of 100% Clean Protein Powders designed for non-traditional demographics like women and the elderly, moving beyond the “gym bro” stereotype.
- Category Dominance: TWT now holds a top-three market share position in the premium dark chocolate and nut butter segments on quick-commerce platforms like Blinkit and Zepto.
- D2C Strength: Approximately 80% of the brand’s sales continue to be generated through its own website, fostering a loyal community of over 400,000 “truth-seekers.”
4. Strategic Context: The “Proteinification” of India
The investment arrives as India faces a significant “protein deficit,” with over 70% of urban diets falling short of daily requirements.
- Competitive Landscape: TWT is currently battling for the “health-conscious” wallet against players like Yoga Bar (now owned by ITC), Wellbeing Nutrition, and SuperYou.
- The Trust Advantage: Founder Shashank Mehta noted that the Series D marks the start of a mission to prove that “100% clean food philosophy can scale profitably.”
Conclusion: The Path to Profitability
With the Series D secured, The Whole Truth has effectively moved into its “pre-IPO” phase. The company’s next immediate milestone is reaching operational break-even by Q3 FY27. If the brand can maintain its 200%+ growth rate while turning profitable, it is positioned to be one of the most anticipated consumer IPOs of the next two years.
