The Whole Truth Secures Rs 133.3 Crore in Series C Funding
The Whole Truth, known for its clean-label health food products, is successfully raising Rs 133.3 crore (around $15.8 million) in a Series C funding round driven by Sofina Ventures, alongside contributions from Peak XV and Matrix Partners.
As per the company’s regulatory announcement accessed through the Registrar of Companies (RoC), The Whole Truth’s board has approved a special resolution to issue 45,097 Series C preference shares at an issue price of Rs 29,556.5 each to achieve the Rs 133.3 crore target.
Sofina Ventures is at the forefront of this Series C initiative, injecting Rs 65.8 crore. In addition, Peak XV and Matrix Partners are set to contribute Rs 25 crore and Rs 29.5 crore, respectively. The Sauce Continued Fund will also invest Rs 13 crore.
The new funds collected will support financial needs and assist in business expansion. According to estimates from Startup Superb, the Mumbai-based company will reach a post-allotment valuation of around Rs 2,135 crore ($254 million). This represents a remarkable 3.6X increase in valuation compared to its earlier Series B round that concluded at $70 million.
The filings reveal that after this fresh funding round, Peak XV will maintain a 21.14% stake in the firm, while Matrix Partners will have 21.4%. Sofina Ventures and Sauce Continuity will own shares of 3.08% and 3.77%, respectively.
Notably, The Whole Truth is said to be in talks to secure an additional $25 million in funding. They have successfully garnered $15.8 million so far and may explore further fundraising as the current round unfolds.
The Whole Truth’s product line includes protein bars, peanut butter, dark chocolates, energy bars, immunity balls, and muesli. The brand also offers subscription services, reporting that 80-85% of their sales stem from their website, with the remaining revenue coming through partnerships.
In terms of growth, The Whole Truth achieved an impressive 81% year-on-year increase, with revenue expanding to Rs 65.3 crore in FY24 from Rs 35.96 crore in FY23. Furthermore, the company managed to reduce its losses by 33% during the same period.