The Whole Truth Secures $51 Million in Series D Funding Round
Mumbai-based clean-label nutrition brand The Whole Truth (TWT) has successfully raised approximately $51 million in a combination of primary and secondary capital during its Series D funding round. This significant investment was led by prominent venture capital firms Sofina and Sauce.vc, as confirmed by the company in an official statement released on Wednesday.
Investor Participation and Backing
The funding round witnessed active participation from several existing investors, including Peak XV Partners, Rainmatter Health, and AYRA Ventures. The company's early supporters comprise Z47 (formerly known as Matrix Partners India) along with notable angel investors such as Sriharsha Majety, founder of Swiggy, and Jaydeep Burman, founder of Rebel Foods. This diverse investor base highlights strong confidence in TWT's business model and growth trajectory.
Strategic Utilization of Funds
The Whole Truth has outlined clear objectives for deploying the newly acquired capital. The primary goals include achieving profitability, scaling up in-house manufacturing capabilities, funding working capital requirements, and developing essential systems and capabilities to prepare for a potential future public market listing. This strategic approach aims to strengthen the brand's market position and operational efficiency.
Growing Investor Interest in Clean-Label Nutrition
This substantial funding round underscores the increasing investor appetite for clean-label nutrition brands in India. As the country grapples with a significant protein deficit, this nutritional gap is transforming into a large and scalable consumer opportunity. The rising awareness about protein intake is driving demand for high-quality, transparent nutritional products.
India's Protein Consumption Landscape
There is a growing focus on protein consumption across India, where current intake levels remain substantially lower than global benchmarks. According to data from the United Nations Food and Agriculture Organization, India's daily per capita protein supply stood at 70.5 grams in 2021. This compares to 124.6 grams in China and 124.3 grams in the United States during the same period.
A 2024 survey conducted by IMRB revealed that more than 90% of Indians lack awareness about their daily protein requirements. Additionally, approximately 73% of urban diets fail to meet recommended protein intake levels. This knowledge gap presents a significant market opportunity for nutrition-focused brands.
Market Size and Competitive Landscape
India's protein supplement market was valued at approximately $1.4 billion in 2024 and is projected to expand to $1.8 billion by 2029, according to Mordor Intelligence. As protein gains prominence in Indian dietary habits, numerous startups are emerging to address this demand. The Whole Truth competes with established brands including Yoga Bar, Wellbeing Nutrition, OZiva, Super You, and Max Protein.
Company Background and Product Portfolio
Founded in 2019 by entrepreneur Shashank Mehta, The Whole Truth specializes in manufacturing protein powders, protein bars, peanut butter, and dark chocolate. The brand specifically targets health-conscious consumers seeking to bridge nutritional gaps in their diets. Recently, TWT introduced its 100% Clean, Super-Light Protein Powders, expanding its product offerings to meet diverse consumer preferences.
Previous Funding and Financial Performance
Last year, the company secured $15 million in its Series C funding round, which was also led by Sofina with participation from Z47, Peak XV, and Sauce.vc. Since that investment, TWT claims to have experienced threefold growth and now holds a dominant market share across key product categories.
In the fiscal year 2025, The Whole Truth reported a remarkable surge in operational revenue, reaching ₹216 crore compared to ₹65 crore in the previous year. However, according to an Entrackr report, the company's losses widened slightly to ₹28 crore from ₹24 crore in FY24, reflecting ongoing investments in growth and expansion.
Product Philosophy and Distribution Channels
Through proprietary research and development coupled with in-house manufacturing capabilities, The Whole Truth has successfully eliminated hidden sugars, artificial flavors, and harmful preservatives from its product lineup. The brand maintains a strong omnichannel presence, distributing its products through online marketplaces, quick commerce platforms, and offline retail stores across the country.
