Mumbai-based health food brand The Whole Truth has raised $15 million in a funding round led by Belgian investment firm Sofina. The round also saw participation from existing investors, including Z47 (formerly Matrix Partners India), Peak XV Partners, and Sauce.VC.
The company plans to utilize the fresh capital to expand its in-house manufacturing capabilities, hire talent, and drive category growth. This investment follows a report by The Economic Times on January 15, which stated that the global investment firm was leading the funding round at a valuation of Rs 2,000 crore.
Founded in 2019 by former Unilever marketer Shashank Mehta, The Whole Truth offers a range of clean-label food products such as protein bars, peanut butter, dark chocolates, protein powders, and muesli. The startup reported a revenue surge in FY24, doubling its earnings to nearly Rs 71 crore while reducing losses to approximately Rs 24 crore.
Z47’s Managing Director, Vikram Vaidyanathan, emphasized that The Whole Truth is not just building a brand but leading a movement to restore trust in food and promote real ingredients. He noted that the company’s strong growth over the past year reflects the increasing consumer demand for transparency in food products.
This latest funding round brings The Whole Truth’s total capital raised to $37.6 million, according to data from Tracxn. The company had previously raised $15 million in January 2023 in a funding round led by Peak XV Partners at a valuation of Rs 600 crore.
Investor interest in health-focused food brands continues to grow, driven by rising consumer awareness and the influence of social media. In a similar trend, Salad Days secured Rs 30 crore in its first institutional funding round on January 30, while The Health Factory, a health-focused bread brand, raised $3.5 million in a seed round in September last year.