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The Whole Truth raises $51 Mn in Series D funding

EntrackrEntrackr · 16h ago
The Whole Truth raises $51 Mn in Series D funding
Medial

The Whole Truth raises $51 Mn in Series D funding Clean-label health food brand The Whole Truth has raised about $51 million in a Series D funding round led by Sofina and Sauce.vc. The round comprises a mix of primary and secondary capital and saw participation from existing investors Peak XV Partners and Rainmatter Health, along with Ayra Ventures. Entrackr exclusively reported on the Series D funding last month. The fresh capital will be deployed to expand in-house manufacturing capacity, strengthen working capital, and build internal systems required for public market readiness. An ET report said the latest funding is the start of the company’s IPO journey, with profitability identified as the next key milestone. Founded by former Unilever executive Shashank Mehta, The Whole Truth focuses on clean-label packaged foods. Its product portfolio includes protein bars, protein powders, nut butters, and dark chocolates. Cofounder Rachna Aggarwal leads product development at the firm. Previously, the startup had raised $15 million in a Series C funding round led by Sofina in February last year, with participation from Z47, Peak XV Partners, and Sauce.vc. Since its Series C round in January 2025, the company claims to have grown threefold. Financially, The Whole Truth’s revenue from operations surged 232% to Rs 216 crore in FY25 from Rs 65 crore in FY24. During the same period, the company’s loss increased 17% to Rs 28 crore in FY25 from Rs 24 crore in FY24. Disclaimer: Bareback Media has recently raised funding from a group of investors. Some of the investors may directly or indirectly be involved in a competing business or might be associated with other companies we might write about. This shall, however, not influence our reporting or coverage in any manner whatsoever. You may find a list of our investors here.

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Exclusive: The Whole Truth to raise around $34 Mn at $400 Mn valuation in Series D

EntrackrEntrackr · 15d ago
Exclusive: The Whole Truth to raise around $34 Mn at $400 Mn valuation in Series D
Medial

Exclusive: The Whole Truth to raise around $34 Mn at $400 Mn valuation in Series D Clean-label health food brand The Whole Truth is all set to raise Rs 304 crore (around $34 million) in its Series D round led by existing investor Sofina Ventures with the participation from Sauce.VC and Frangipani Capital. Previously, The Whole Truth raised $15 million in a Series C funding round led by Sofina, with participation from Z47, Peak XV Partners, and Sauce.VC in February last year. The board at The Whole Truth has passed a special resolution to approve the issue of 67,596 Series D CCPS at an issue price of Rs 44,993 each to raise the aforementioned sum, its regulatory filing accessed from the Registrar of Companies (RoC) shows. Sofina Ventures is set to lead the Series D round with an investment of Rs 190.2 crore ($21 million), while existing investor Sauce.VC is contributing Rs 110 crore ($12.2 million) and Frangipani Capital has also joined the round with Rs 3.92 crore. The company has already received the investments from Sauce.VC and Frangipani Capital, while Sofina’s capital infusion is yet to be received. The fresh capital will be deployed to meet the company’s financial requirements and support business expansion. According to Entrackr’s estimates, the Mumbai-based firm’s post-money valuation is set to rise 69% to Rs 3,604 crore ($400 million) from Rs 2,135 crore ($254 million) in the previous Series C round. The company may raise more capital in this round and the valuation will vary accordingly. As per a separate filing, in addition to the funding, the company has expanded its ESOP pool by 13,208 options worth Rs 59.42 crore, taking the total ESOP pool value to Rs 221.6 crore ($24.6 million). The Whole Truth sells a wide range of products such as protein bars, peanut butter, dark chocolates, energy bars, immunity balls, and muesli. The platform offers subscription plans and claims that around 80–85% of its sales are generated through its website, with the rest coming from partnerships. The Peak XV-backed company had raised around $38 million prior to this round. Following the latest infusion, Sofina Ventures will hold a 9.28% stake in the company, while Sauce.VC will own a 10.43% stake. The Whole Truth posted a 3.3X year-on-year growth in its revenue to Rs 215.8 crore in FY25 from Rs 65.3 crore in FY24. However, the company’s losses also rose by 18% to Rs 28.15 crore during the same period.

Exclusive: The Whole Truth kicks off Series C with 3.6X valuation surge

EntrackrEntrackr · 11m ago
Exclusive: The Whole Truth kicks off Series C with 3.6X valuation surge
Medial

Exclusive: The Whole Truth kicks off Series C with 3.6X valuation surge Clean-label health food brand The Whole Truth is raising Rs 133.3 crore (approximately $15.8 million) in a series C round led by Sofina Ventures, with the participation of Peak XV and Matrix Partners. The board at The Whole Truth has passed a special resolution to issue 45,097 Series C preference shares at an issue price of Rs 29,556.5 each to raise Rs 133.3 crore or $15.8 million, its regulatory filing accessed from the Registrar of Companies (RoC) shows. Sofina Ventures is leading the Series C round with an investment of Rs 65.8 crore, while Peak XV and Matrix Partners will contribute Rs 25 crore and Rs 29.5 crore, respectively. Sauce Continued Fund will also participate with an investment of Rs 13 crore. The fresh funds will be used to meet financial requirements and support business expansion. According to Entrackr’s estimates, the Mumbai-based company will have a post-allotment valuation of approximately Rs 2,135 crore ($254 million). This marks a 3.6X increase in valuation compared to its previous Series B round, which closed at $70 million. According to the filings, after the fresh funding round, Peak XV will hold 21.14% of the firm, while Matrix Partners will own 21.4%. Sofina Ventures and Sauce Continuity will hold 3.08% and 3.77%, respectively. The Whole Truth was reportedly in discussions to raise $25 million in a new funding round. The company has secured $15.8 million so far and may raise additional funds as the round progresses. The Whole Truth offers a range of products, including protein bars, peanut butter, dark chocolates, energy bars, immunity balls, and muesli. The company provides subscription options and claims that 80-85% of its sales come from its website, with the remaining revenue generated through partnerships. The Whole Truth recorded an 81% year-on-year growth, with revenue rising to Rs 65.3 crore in FY24 from Rs 35.96 crore in FY23. The company reduced its losses by 33% during the same period.

The Whole Truth records 3.3x revenue growth to Rs 216 Cr in FY25

EntrackrEntrackr · 8d ago
The Whole Truth records 3.3x revenue growth to Rs 216 Cr in FY25
Medial

Fintrackr All Stories The Whole Truth records 3.3x revenue growth to Rs 216 Cr in FY25 The Whole Truth has recorded more than 3X growth in revenue during the fiscal year ending March 2025. While the company significantly expanded its scale, higher operating and marketing costs led to an increase in losses compared to the previous year. The Whole Truth’s revenue from operations surged 232% to Rs 216 crore in FY25 from Rs 65 crore in FY24, according to its financial statements sourced from the Registrar of Companies (RoC). The Whole Truth sells a wide range of products such as protein bars, peanut butter, dark chocolates, energy bars, immunity balls, and muesli. Sale of these products was the sole source of revenue for the company. Including other income, the company’s total income stood at Rs 220 crore in FY25, up from Rs 71 crore a year earlier. Cost of materials consumed remained the largest expense for the food brand which accounted for 53% of the total expense. This cost rose 3.5X to Rs 131 crore in FY25 from Rs 38 crore in FY24. Advertising and marketing expenses more than doubled to Rs 41 crore, accounting for 16.5% of total expenses. Employee benefit expenses rose 114% to Rs 30 crore, while marketplace charges and transportation expenses increased to Rs 9 crore each. Overall, total expense surged 2.6X to Rs 248 crore in FY25 from Rs 96 crore in FY24. The company’s loss increased 17% to Rs 28 crore in FY25 from Rs 24 crore in FY24. Its ROCE and EBITDA margin stood at -14.85% and -13.43% respectively. On a unit basis, The Whole Truth spent Rs 1.15 to earn a rupee in FY25, compared to Rs 1.48 in FY24. As of March 2025, The Whole Truth reported cash and bank balances of Rs 141 crore, nearly doubling from Rs 72 crore in FY24. Its current assets stood at Rs 270 crore in the period. According to TheKredible, The Whole Truth has raised a total of $38 million of funding till date, having Peak XV Partners, Matrix Partners and Sauce as its lead investors. The company is preparing to secure an additional $34 million in its Series D funding round. This development was exclusively reported by Entrackr. While comfortably placed to grow and sustain losses in the process if need be, The Whole Truth has shown a tight control on costs that augurs well for the firm’s next push towards Rs 500 crores and beyond. Operating across multiple food segments with the promise of purity allows the firm to ignore a certain amount of noise otherwise, and focus on the top end for each. While limiting, it should lead to a drop in selling costs as well, especially advertising, as the firm builds a firm position for its quality/purity. The key question is, can the firm grow beyond that before it is forced to find compromises to reach a larger segment of buyers? We believe that is truly the make or break question, which can’t just be answered by higher marketing costs. Competition will come in before the form is profitable, seeking to take a bite out of the more profitable segments The Whole Truth helps identify.

Wow! Momo raises $9 Mn more in Series D round

EntrackrEntrackr · 1y ago
Wow! Momo raises $9 Mn more in Series D round
Medial

Quick service restaurant chain Wow! Momo has raised Rs 70 crore (approximately $9 million) in an extended Series D round from Z3 Partners. With this, the firm has raised Rs 480 crore ($51 million) in Series D which includes Rs 270 crore primary and Rs 210 crore secondary. As per a media report, Indian Angel Network and Lighthouse Funds participated in the secondary purchase. Wow! Momo scooped up Rs 350 crore (approximately $42 million) in the first tranche of Series D round led by Khazanah Nasional Berhad in January this year. The company was valued at over $300 million as per startup data intelligence platform TheKredible. As per the company, the new proceeds will be used for growth and expansion of the quick service restaurant brand, strengthening the distribution and research and development for the FMCG arm. The firm entered the FMCG segment in July 2021. Launched by Sagar Daryani & Binod Homagai, 16-year-old Wow! Momo Foods operates three QSR brands—Wow Momo, Wow China and Wow Chicken. The firm claims to have 630 outlets across 38 cities and directly employs 6,000 people. The company aims to expand with an additional 200 outlets during the ongoing fiscal year (FY25). Wow! Momo aims to reach a topline of Rs 650-700 crore this fiscal year (FY24), up from Rs 435 crore in FY23. While the firm is yet to file its financial statements for the last fiscal year (FY23), its revenue from operations grew two-fold to Rs 220 in FY22 from Rs 106 crore in FY21.

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