The Whole Truth, an Indian food company that’s all about clean ingredients and being upfront, is about to get a lot bigger. They’re getting ready to raise ₹304 crore (about $34 million) in a Series D funding, which will value the whole company at around $400 million (₹3,604 crore). The funding is being led by Sofina Ventures, who already invests in them, along with Sauce.VC and Frangipani Capital.
This money is a big deal for The Whole Truth, showing they’re a top direct-to-consumer (D2C) brand in India when it comes to healthy food. Last year, they raised $15 million in a Series C round, also led by Sofina Ventures. This new funding shows that investors really believe in the company’s focus on clean eating.
The Whole Truth’s board has said okay to issuing 67,596 Series D shares at ₹44,993 each, bringing the total to ₹304 crore. Sofina Ventures is putting in the most, with ₹190.2 crore (about $21 million), while Sauce.VC is adding ₹110 crore ($12.2 million). Frangipani Capital is joining in with ₹3.92 crore. Sauce.VC and Frangipani Capital have already paid up, but Sofina’s money is still coming.
After this round, The Whole Truth will be worth 69% more, jumping from ₹2,135 crore ($254 million) to ₹3,604 crore ($400 million). This big jump shows that investors are confident in how the company is doing and where it’s going. They might even raise more money later in this round, which could change the valuation.
The Whole Truth is also giving more stock options to its employees, adding 13,208 ESOPs worth ₹59.42 crore. This brings the total value of employee stock options to ₹221.6 crore ($24.6 million).
The Whole Truth started with the idea of being honest about ingredients and avoiding junk. They’ve built a successful D2C model with products like protein bars, peanut butter, dark chocolate, and muesli. A big thing that sets them apart is that most of their sales (80–85%) come from their own website, with the rest from partnerships. They also have subscription plans to keep customers coming back.
The company is also doing well financially, with revenue growing by 3.3X in FY25, reaching ₹215.8 crore. While losses did increase by 18% to ₹28.15 crore, that’s because they’re investing in their brand, supply chain, and team.
After this funding, Sofina Ventures will own 9.28% of the company, while Sauce.VC will own 10.43%. The Whole Truth had already raised about $38 million before this Series D, and this new money will help them grow even more.
As people look for brands they can trust, The Whole Truth seems well-positioned to become a leader in India’s clean-label and wellness market. This Series D round is another step in that direction.
