The Whole Truth bags Rs 133.3 Cr in Series C round at 3.5X valuation
The round was led by Sofina Ventures with participation from Peak XV Partners and Matrix Partners.
Healthy protein bar maker The Whole Truth on Tuesday said it raised Rs 133 crore in a Series C funding round led by Sofina Ventures. The round also saw participation from existing investors Peak XV Partners, Z47 (formerly Matrix Partners) and Sauce.vc.
According to a Registrar of Companies filing, the company will use the newly raised funds to meet its financial requirements for business development and expansion.
The special resolution passed at the company's extraordinary general meeting will approve the offer and issue of 45,097 Series C Compulsorily Convertible Preference Shares having a face value of Rs 50 each at a premium of Rs 29,506.55 each on a preferential offer cum private placement basis.
The newly raised funds give the company a post-money valuation of about Rs 2,133 crore—about 3.5X its previous valuation of $72.6 million, according to Tracxn data.
Founded in 2019, the Mumbai-based startup offers a range of protein and energy bars, besides peanut butter, chocolates, and more.
The company last raised $15 million in a Series B fundraise in 2022 from Zerodha’s Nithin Kamath, Peak XV Partners and Sauce.vc.
According to Tracxn, the company reported a revenue of Rs 70.6 crore in FY24 compared to Rs 36.7 crore in FY23. The Whole Truth also managed to narrow its losses to Rs 23.8 crore compared to a loss of Rs 35.5 crore in the year-ago period.
The Shashank Mehta-led firm competes with Max Protein and Wellbeing Nutrition. According to Tracxn, the company is the market leader with a 41% share.
(The copy was updated with additional information.)
Edited by Suman Singh