Exclusive: The Whole Truth In Talks To Raise $25 Mn From Peak XV, Others

D2C startup The Whole Truth Foods is in talks to raise around $25 Mn in its Series C funding round at a valuation of INR 2,000 Cr (about $240 Mn), sources said.

Existing investors Peak XV Partners, Accel Partners, Matrix Partners, Sauce.VC will participate in the funding round. The startup is also in talks with a global VC firm to bring them to its cap table, the sources told Inc42.

The Whole Truth founder Shashank Mehta didn’t respond to mail and text messages seeking details about the funding round.

The fundraise comes almost two years after the startup bagged $15 Mn in its Series B funding round, led by Peak XV (then known as Sequoia Capital India). 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. 

Founded in 2019 by ex-Unilever marketing executive 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.

Its operating revenue 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. 

The sources cited above said that The Whole Truth is on track to post sales of INR 250 Cr in FY25. Considering this number, the startup is raising the funding at a valuation which is 8X its sales.

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

Last month, Inc42 exclusively reported on Ranveer Singh cofounded protein supplement brand SuperYou bagging its Series A funding. 

In FY24, the startup reported an operating revenue of INR 65.3 Cr, 82% higher than INR 35.9 Cr it had reported in the previous fiscal year. Whereas the startup’s loss reduced by 32.7% to INR 23.8 Cr from INR 35.4 Cr in FY23. 

As per sources, the startup will be recording a sales worth INR 250 Cr sales in FY25. This translates to almost a 10X valuation multiple at which the startup is raising the fresh round of funding. 

The Whole Truth Food competes against the likes of SuperYou, Yoga Bar, Wellbeing Nutrition, Super You, RiteBite among others.