Mumbai-based clean-label food brand The Whole Truth is in advanced talks to raise about $34 million (roughly Rs 304 crore) in a Series D round that would value the company near $400 million (about Rs 3,600 crore). The proposed fundraise reflects growing investor confidence in India’s health and wellness segment and would significantly boost the company’s market standing.
Series D led by existing investors
The round is being led by existing backer Sofina Ventures, which intends to invest nearly Rs 190 crore and is set to be the largest contributor. Other current investors participating include Sauce.VC, expected to put in about Rs 110 crore, and Frangipani Capital, which is slated to invest close to Rs 4 crore.
Several investor cheques have already cleared, while Sofina’s tranche is still being processed. The company’s board has approved the issuance of Series D compulsory convertible preference shares (CCPS) to raise the targeted capital.
Use of proceeds and strategic priorities
Filings indicate the fresh capital will be deployed primarily for business expansion and general corporate purposes. The Whole Truth plans to invest in product innovation, brand-building, and strengthening its supply chain as it scales distribution across India.
These priorities reflect the competitive nature of the consumer health foods market, where product quality, transparent labelling and distribution reach are critical to winning and retaining health-conscious customers.
Valuation jump and potential upside
The new round would mark a near 70% increase in valuation from the company’s prior funding, when it was valued at around Rs 2,100 crore. The targeted valuation of close to Rs 3,600 crore would place The Whole Truth among the higher-valued consumer health startups in India. There remains scope for additional capital within the round, which could further affect the final price tag.
ESOP expansion to retain talent
Alongside the fundraise, The Whole Truth has expanded its employee stock ownership plan, issuing over 13,000 new ESOP options and taking the overall ESOP pool value to more than Rs 220 crore. The move signals a focus on talent attraction and retention as the company prepares for its next growth phase.
Product mix and distribution
Founded on principles of ingredient transparency and clean labelling, The Whole Truth’s portfolio includes protein bars, peanut butter, dark chocolates, energy bars, immunity snacks and muesli. The company derives roughly 80–85% of its revenue from its direct-to-consumer channel, with the remainder coming from selective online marketplaces and offline retail partnerships.
The brand’s emphasis on clear ingredient communication has helped it build credibility among increasingly health-aware Indian consumers.
Financial performance and investor backing
Financial disclosures show strong top-line growth: revenue climbed from about Rs 65 crore in FY24 to nearly Rs 216 crore in FY25, a more than threefold increase. Losses widened modestly to around Rs 28 crore as the company invested in scaling and marketing—typical for high-growth consumer firms.
Before this Series D, The Whole Truth had raised close to $38 million across earlier rounds. Post-investment, anchor backers such as Sofina Ventures and Sauce.VC are expected to retain meaningful minority stakes, underscoring continued investor faith in the company’s long-term potential.
Market context
Rising awareness around healthy eating and demand for clean-label products in India have created favourable tailwinds for brands like The Whole Truth. The proposed funding will position the company to deepen market penetration and expand its product and distribution footprint as consumer interest in nutrition-led snacking grows nationwide.
