India’s clean-label nutrition space has notched up one of its most significant deals of the year, with The Whole Truth raising USD 51 million (~INR 416 crore) in a Series D funding round, marking a decisive step toward its long-term ambition of entering the public markets.
The Whole Truth Series D funding round comprised a mix of primary and secondary capital and was co-led by Sofina and Sauce.vc. It also saw participation from existing backers, including Peak XV Partners, Rainmatter Health, AYRA Ventures, and early investor Z47. Angel backers in the cap table include prominent founders such as Sriharsha Majety of Swiggy and Jaydeep Burman of Rebel Foods.
The Whole Truth IPO Signal & Valuation Jump
Reports indicate that The Whole Truth Series D round values the company in the range of USD 350–400 million (~INR 3,600 crore), a sharp step-up from roughly USD 230 million (~INR 2,070 crore) at the time of its previous fundraise. Importantly, the company has explicitly positioned this round as the starting point of its IPO journey. While no listing timeline has been disclosed, management has made it clear that profitability ahead of an IPO is now a key milestone.
Capital Allocation: Manufacturing, Systems, and Profitability
According to company statements, the fresh capital will be deployed across four priority areas:
- Scaling in-house manufacturing capacity, strengthening control over quality and margins.
- Funding working capital needs to support growing demand across channels.
- Building internal systems and governance required to be “public-market ready.”
- Accelerating product launches and strategic partnerships, while deepening direct-to-consumer engagement.
Founder and CEO Shashank Mehta described the next phase as one focused on “category-defining launches” and building deeper relationships with a highly loyal consumer base.
From ‘And Nothing Else’ to a Scaled Nutrition Brand
Founded in 2019, The Whole Truth started under the name ‘And Nothing Else’ with a clear promise: the only ingredients you’d find in their packaged foods are genuine ones – no sugary additives, artificial flavorings or preservatives. Over time, the company decided to rebrand & broaden out to become a clean-label nutrition platform.
The Whole Truth provides a huge range of products – protein bars, protein powders, peanut butter, muesli & dark chocolate. Co-founder Rachna Aggarwal is in charge of product development which helps keep the brand firmly rooted in science. The company sells through its omnichannel services.
The Whole Truth: Financial Performance
The Whole Truth Series D funding comes on the back of robust operating momentum. As per reports, The Whole Truth’s revenue from operations surged 232.5% to INR 216 crore in FY25, up from INR 65 crore in FY24. Losses widened modestly to around INR 28 crore, due to continued investment in scale, brand, and infrastructure.
Since its USD 15 million Series C round in early 2025, also led by Sofina, the company claims to have tripled in size and built strong market positions across core protein-led categories.
Riding India’s Protein Opportunity
India continues to face a significant protein consumption gap, with per capita intake far below global benchmarks. Industry estimates peg India’s protein supplement and nutrition market at USD 1.4 billion in 2024, with steady growth expected over the next five years.
In the midst of this, The Whole Truth challenges Yogabar, OZiva, Wellbeing Nutrition, SuperYou and Max Protein but so far has managed to carve out its own niche by having a squeaky clean label, doing marketing that’s upfront and honest and having all its manufacturing under its own roof.
Final Words
With its finances in order, the revenues on the rise and an IPO in the works, The Whole Truth is starting to look like the scaled-up consumer company. The Whole Truth Series D funding has not only fulfilled cash needs but also provided a huge vote of confidence in the company’s idea – that clean-label, protein-rich nutrition is no longer a quirky sideline but a full-on mainstream thing in Indian food culture.
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