Mumbai-based food brand The Whole Truth (TWT) has raised $15 million in a Series C funding round led by Sofina, with participation from Z47, Peak XV Partners, and Sauce.VC. The company has also received backing from notable angel investors, including Nithin Kamath (Zerodha), Sriharsha Majety (Swiggy), and Jaydeep Burman (Rebel Foods) in previous rounds.
Founded by former Unilever marketer Shashank Mehta, TWT was born out of his personal struggle with obesity and a realization that hidden sugars and chemicals in so-called “healthy” packaged foods were a major concern.
“From day one, our mission has been to build a truth-brand—one that fights to bring honesty back to food. We aim to make food real again and extend this philosophy to every category where consumers are being sold half-truths, from protein bars to protein powders and beyond,” said Mehta.
With the new funding, the company plans to continue innovating, expanding into new categories, and increasing its distribution reach.
Vikram Vaidyanathan, Managing Director at Z47, reaffirmed his support for the company’s vision, stating, “Shashank and the team at The Whole Truth are not just building a brand—they’re leading a movement to restore trust in food. Their growth over the past year proves that this mission resonates deeply with consumers and investors alike. As one of TWT’s earliest backers, we’re excited to double down on our commitment.”
According to Registrar of Companies filings, the funds will be used for business development and expansion, with a special resolution approving the issuance of 45,097 Series C Compulsorily Convertible Preference Shares at a face value of ₹50 each, with a premium of ₹29,506.55 per share.
The latest fundraise values TWT at ₹2,133 crore (~$256 million), approximately 3.5 times its previous valuation of $72.6 million, according to Tracxn data. In its last funding round in 2022, TWT raised $15 million in Series B from Zerodha’s Nithin Kamath, Peak XV Partners, and Sauce.VC.
The company reported ₹70.6 crore in revenue for FY24, nearly doubling from ₹36.7 crore in FY23, while also reducing its losses to ₹23.8 crore from ₹35.5 crore in the previous year.
