Healthy food and snacking brand The Whole Truth has raised about $51 million (around Rs 461.5 crore) in primary and secondary capital in its Series D funding round led by Belgium based investment company Sofina and homegrown consumer-focused venture capital firm Sauce.vc, the company said.
Existing investors Peak XV Partners and Rainmatter Health participated in the round, along with Ayra Ventures. Other early investors in the firm include Z47 and individual investors such as Swiggy co-founder Sriharsha Majety and Rebel Foods co-founder Jaydeep Burman.
The company said the fundraising marks the beginning of its preparation for an initial public offering (IPO), with the next milestone focused on achieving profitability. The capital will be used to expand in-house manufacturing capacity, support working capital needs, and build systems required for public market readiness.
Founded by former Unilever executive Shashank Mehta, The Whole Truth operates across protein bars, protein powders, peanut butters, and dark chocolates. The company said it has grown threefold since its Series C round in January 2025. It had raised $15 million in its Series C round led by Sofina, with participation from existing investors, including Z47, Peak XV Partners, and Sauce.vc.
“The Whole Truth has proven that a brand built on 100% truth can scale across categories (from indulgent chocolates to functional protein powders). And that products made with a 100% clean food philosophy can redefine entire food categories (and command top dollar). The next question is, can we do all this profitably? While holding the highest possible bar on quality and honesty,” said Mehta.
“Expect many new, category-defining launches. A few strategic, long-term partnerships with like-minded customers and vendors. And a massive push to build direct relationships with our core consumers,” Mehta added.
The company’s product development is led by co-founder Rachna Aggarwal, a bakery chef and chocolatier. Its most recent launch includes protein powders positioned toward women, teenagers, and older consumers.
