Funding Alert

The Whole Truth Secures $15 Million in Series C Funding to Drive Expansion

• ByStartupStory     |    February 21, 2025

Mumbai-based clean-label food brand The Whole Truth (TWT) has raised $15 million in a Series C funding round led by Sofina, with participation from Z47, Peak XV Partners, and Sauce. VC. The company has previously attracted investments from notable angel investors such as Nithin Kamath (Zerodha), Sriharsha Majety (Swiggy), and Jaydeep Burman (Rebel Foods).

Founded by Shashank Mehta, a former Unilever marketer, TWT was created from his personal struggle with obesity and his realisation that many so-called “healthy” packaged foods contained hidden sugars and artificial additives. Since its inception, the company has been dedicated to transparency in food labelling and offering clean, real-food alternatives.

“From day one, our mission has been to build a truth brand—one that fights to bring honesty back to food,” said Mehta. “We aim to make food real again and extend this philosophy to every category where consumers are being sold half-truths, from protein bars to protein powders and beyond.”

The fresh capital infusion will drive innovation, expand into new product categories, and strengthen distribution channels to reach a more extensive consumer base. As per Registrar of Companies (RoC) filings, the funding will primarily support business development and expansion, with approval granted for the issuance of 45,097 Series C Compulsorily Convertible Preference Shares at a face value of ₹50 each, with a premium of ₹29,506.55 per share.

The latest funding round has significantly boosted TWT’s valuation to ₹2,133 crore (~$256 million), a 3.5x increase from its previous valuation of $72.6 million, according to Tracxn data. This marks a substantial leap from its Series B funding round in 2022, where it raised $15 million from investors, including Zerodha’s Nithin Kamath, Peak XV Partners, and Sauce. VC.

TWT has reported strong financial growth, with FY24 revenue reaching ₹70.6 crore, nearly doubling from ₹36.7 crore in FY23. Additionally, the company has successfully narrowed its losses to ₹23.8 crore, a significant improvement from the ₹35.5 crore loss recorded in the previous fiscal year.

Commenting on the investment, Vikram Vaidyanathan, Managing Director at Z47, said, “Shashank and the team at The Whole Truth are not just building a brand—they’re leading a movement to restore trust in food. Their growth over the past year proves that this mission resonates deeply with consumers and investors alike. As one of TWT’s earliest backers, we’re excited to double down on our commitment.”

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