Health Food Brand The Whole Truth Bags $15.8M in Series C Round

Mumbai-based clean-label food brand The Whole Truth has secured Rs 133.3 crore ($15.8 million) in Series C funding led by Sofina Ventures, with participation from existing investors Peak XV and Matrix Partners.

According to regulatory filings, the company's board approved issuing 45,097 Series C preference shares at Rs 29,556.5 per share. Sofina Ventures is leading the round with Rs 65.8 crore, while Peak XV and Matrix Partners are investing Rs 25 crore and Rs 29.5 crore, respectively. Sauce Continued Fund also joins the round with a Rs 13 crore investment.

The funding significantly boosts The Whole Truth's valuation to approximately Rs 2,135 crore ($254 million), marking a 3.6X jump from its previous Series B valuation of $70 million. Post-funding, Peak XV will hold a 21.14% stake, Matrix Partners 21.4%, while new investors Sofina Ventures and Sauce Continuity will own 3.08% and 3.77%, respectively.

The company, known for its protein bars, peanut butter, dark chocolates, and other health food products, has grown substantially, with revenue increasing 81% to Rs 65.3 crore in FY24 from Rs 35.96 crore in FY23. Notably, it also reduced losses by 33% during this period.

The Whole Truth maintains a direct-to-consumer focus, with 80-85% of sales through its website, complemented by strategic partnerships. The fresh capital will be used for business expansion and meeting financial requirements.

Sources indicate the company may be looking to raise additional funds, as it was reportedly in talks for a larger $25 million round. The current $15.8 million raise could be just the first phase of this planned fundraiser.