The Whole Truth eyes public markets with new $51M Series D funding

Protein bars maker The Whole Truth (TWT) has raised approximately $51 million in a Series D funding round led by Sofina and Sauce.vc, the company said on Wednesday.

The capital infusion, which includes both primary and secondary funding, comes as the brand transitions toward a potential Initial Public Offering (IPO). Existing investors Peak XV Partners and Rainmatter Health also participated in the round, alongside new backer AYRA Ventures. Its early backers include Z47 (fka Matrix Partners India) and angels like Sriharsha Majety (Swiggy) and Jaydeep Burman (Rebel Foods).

The latest round follows a significant Series C in early 2025 where TWT raised approximately $15.8 million at a valuation of over $250 million.

The funding arrives amid a broader “proteinification” trend in India, as health-conscious consumers shift from traditional diets toward functional staples. According to recent industry data, over 70% of urban Indian diets are protein-deficient, driving a surge in demand for protein-enriched breads, batters, and snacks. TWT, has capitalised on this by expanding into “super-light” protein powders designed for non-traditional demographics like women and the elderly. Beyond powders, its product range includes protein bars, nut butters, and chocolates.

TWT said it plans to use the proceeds to scale up in-house manufacturing, fund working capital, and build the corporate infrastructure required for an initial public offering. Achieving profitability is the company’s next immediate milestone, it added.

Financially, the company has seen aggressive scaling, with FY25 revenue surging 232% to ₹216 crore from ₹65 crore the previous year. While net losses widened slightly to ₹28 crore due to rising marketing and raw material costs.

Founded by former Unilever marketer Shashank Mehta, the company claims to produce snacks and supplements without hidden sugars or artificial additives. It reported a three-fold increase in growth since its previous funding round in early 2025.

“The next question is, can we do all this profitably? While holding the highest possible bar on quality and honesty. If we can, our mission becomes unstoppable, and TWT becomes infinite. This round marks the start of that journey. Expect many new, category-defining launches. A few, strategic, long-term partnerships with like minded customers and vendors,” Mehta said in a statement, adding that the brand aims to prove that a 100% clean food philosophy can scale profitably across categories.

The segment’s growth is further accelerated by quick-commerce platforms like Blinkit and Zepto, where “better-for-you” products often command a 15-25% price premium. The sector features players like Ranveer Singh-backed SuperYou, MaxProtein, ITC’s YogaBar among others.