Clean‑label snack maker The Whole Truth is set to raise about USD 34 million (~INR 304 crore) in a Series D round at a post‑money valuation of roughly USD 400 million (~INR 3,604 crore). The Whole Truth is in the better‑for‑you packaged foods segment, spanning protein bars, chocolates, and nut butters.
The Whole Truth Series D Round: Details & Valuation
The board has approved issuing 67,596 Series D compulsorily convertible preference shares at INR 44,993 apiece. Existing backer Sofina Ventures is slated to lead with about INR 190.2 crore (~USD 21 million); Sauce.VC is committing around INR 110 crore (~USD 12.2 million), while Frangipani Capital will invest nearly INR 3.9 crore, according to the report. Parts of the capital have been received, with Sofina’s tranche pending, the report added.
The post‑money valuation implies a roughly 69% jump from the company’s last reported valuation of about INR 2,135 crore (USD 254 million) during its Series C round in February 2025. The company may top up the round, which could move the final valuation, the report suggested.
Alongside the fundraising, the company expanded its employee stock option pool by 13,208 options valued at about INR 59.4 crore, taking the total ESOP pool value to nearly INR 221.6 crore, per the same filings. The company has indicated the proceeds will support business expansion and general corporate purposes, according to the report citing Registrar of Companies records.
The cap table will shift modestly after the infusion, with Sofina expected to own about 9.28% and Sauce.VC around 10.43%, the report calculated from the filings. Such estimates are subject to change if the company raises additional capital within the round.
The Whole Truth Financial Track Record & Growth
The Whole Truth reported revenue of about INR 215.8 crore in FY25, up from INR 65.3 crore in FY24, even as losses widened about 18% to roughly INR 28.15 crore. The brand continues to lean on a direct‑to‑consumer model, with about 80–85% of sales coming through its own website.
The Whole Truth Series D round follows a USD 15 million Series C in February 2025 led by Sofina, in which existing investors, including Z47, Peak XV Partners, and Sauce.VC participated, according to earlier announcements and filings. Those proceeds were earmarked for in‑house manufacturing, talent, and category expansion.
Market Context
The company positions itself in the “clean‑label” niche and sells protein bars, peanut butter, dark chocolate, and related products. Investors have bet that rising health and nutrition awareness could sustain premium snacking demand, although growth‑stage consumer brands typically balance scale‑up spends with profitability.
The Whole Truth Series D Funding Highlights
- Amount to be raised: ~USD 34 million (INR 304 crore), Series D.
- Lead investor: Sofina Ventures; participants include Sauce.VC and Frangipani Capital.
- Implied post‑money valuation: ~USD 400 million (INR 3,604 crore), up ~69% from the prior round.
- Security: 67,596 Series D CCPS at INR 44,993 each.
- FY25 revenue: ~USD 215.8 crore; FY24: ~USD 65.3 crore; FY25 loss: ~INR 28.15 crore.
- ESOP pool expanded by 13,208 options worth ~USD 59.4 crore; total pool ~INR 221.6 crore.
- Prior round: USD 15 million Series C in Feb 2025, led by Sofina.
Outlook
The Whole Truth Series D fundraise, anchored by existing investors, marks a step‑up in valuation for The Whole Truth and underscores continued investor interest in premium, direct‑to‑consumer food brands. Execution will hinge on translating D2C momentum into broader distribution and managing scale‑up costs as the company builds out manufacturing and new categories.
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