D2C Startup The Whole Truth Bags $15 Mn To Expand Into New Categories

D2C startup The Whole Truth has raised $15 Mn (around INR 129 Cr) in its Series C funding round led by European investment firm Sofina. 

The round also saw participation from existing investors including Z47, Peak XV Partners, and Sauce.vc. 

The startup plans to use the fresh capital to invest in scaling up the brand’s in-house manufacturing capacity, hiring workforce, and introducing new categories. 

Founded in 2019 by ex-Unilever marketing executive Shashank Mehta, The Whole Truth was earlier named ‘And Nothing Else’. It offers healthy snacks such as protein bars, peanut butter, muesli, among others, to consumers via its website and ecommerce platforms.

Commenting on the funding, Mehta said, “With this new fundraise…We’ll continue to innovate and enter more categories. We’ll continue to grow distribution and bring our existing products to more consumers.” 

The fundraise comes two years after the startup secured $15 Mn in its Series B funding round, led by Peak XV. Matrix Partners, Sauce.vc, and angel investors, including Zerodha’s Nithin Kamath, Swiggy’s Sriharsha Majety, and Rebel Foods’ Jaydeep Burman, also participated in that round. 

The startup claims that since its last funding in January 2023, it has grown 3.5X and scaled its presence in the market across key categories. 

On the financial front, its revenue from operations surged 82% to INR 65.3 Cr in FY24 from INR 35.9 Cr in the previous fiscal year. The startup also managed to cut its loss by 32.7% to INR 23.8 Cr from INR 35.4 Cr in FY23. 

Last month, Inc42 reported that the startup was looking to raise $25 Mn at a valuation of INR 2,000 Cr (about $240 Mn). At the time, sources said that The Whole Truth is on track to post sales of INR 250 Cr in FY25. 

The D2C brand competes against the likes of SuperYou, Yoga Bar, Wellbeing Nutrition, RiteBite, among others.