The Whole Truth raises $11 million in Series B funding

• ByStartupStory     |    December 28, 2022

The Whole Truth, a clean-label health food company, has raised Rs 90.2 crore ($1 million) from its current investors in a series B round. The Mumbai-based company’s first investment round of the year is taking place now. The news was first reported by Entracker.

According to the company’s regulatory filings with the Registrar of Companies, the board of The Whole Truth passed a special resolution to issue 1,02,879 Series B CCPS at an issue price of Rs 8,769 apiece to raise the aforementioned amount (RoC).

Sequoia Capital contributed the most to Series B with Rs 64.84 crore, followed by Matrix Partners with Rs 25.37 crore. The Whole Truth’s Series A investment was likewise spearheaded by the two VC companies.

The company is currently in the middle of its Series B round and is in late-stage negotiations to secure $20–25 million from an investor in Europe. Sequoia and Matrix now have respective shares in the company of 20.83% and 20.95% following the fresh funds.

The Whole Truth is valued at approximately Rs 580 crore ($70 million). In comparison to the last round, when it was valued at over $27 million, the firm’s valuation increased 2.5 times.

The portfolio of The Whole Truth, a brand of nutritious and all-natural snacks, includes protein bars, peanut butter, dark chocolate, energy bars, immunity balls, and cereal. The business states that 80–85% of its subscription purchases originate via its website, with the remaining 15–25% coming from partnerships.

The company has not yet submitted its financial results for FY22; however, in FY21, operating revenue increased 6.6X to Rs 4.83 crore. During the fiscal year that ended in March 2021, the company’s losses also increased by around 4X to Rs 3.66 crore. True Elements, Opensecrets, Yoga Bar, Slurp Farm, and Monsoon Harvest are its rivals.

Follow Startup Story