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The Whole Truth

Exclusive: The Whole Truth kicks off Series B round

The Whole Truth

Clean label health food brand The Whole Truth has raised Rs 90.2 crore or $11 million in a series B round from its existing investors. This is the first funding round for the Mumbai-based company this year.

The board at The Whole Truth has passed a special resolution to issue 1,02,879 Series B CCPS at an issue price of Rs 8,769 each to raise the aforementioned sum, according to the company’s regulatory filings with the Registrar of Companies (RoC).

Sequoia Capital led the Series B with Rs 64.84 crore while Matrix Partners pumped in Rs 25.37 crore during the round. The two VC firms also led The Whole Truth’s Series A round which was exclusively reported by Entrackr in July last year.

According to Entrackr sources, the company’s Series B round is an ongoing one and it’s in late-stage talks to raise $20-25 million led by a European investor.

Following the new proceeds, Sequoia and Matrix hold 20.83% and 20.95% respective stakes in the company. According to Fintrackr’s estimates, The Whole Truth has been valued at around Rs 580 crore or $70 million. The firm’s valuation jumped 2.5X as compared to the last round when it was valued at over $27 million.

The Whole Truth is a healthy and clean snack brand and its portfolio consists of protein bars, peanut butter, dark chocolates, energy bars, immunity balls, and muesli. The company offers subscriptions and claims to have 80-85% of sales through its website and the remaining scale comes from partnerships.

While the company is yet to file its financial statements for FY22, its operating revenue surged 6.6X to Rs 4.83 crore in FY21. The company’s losses also shot up around 4X to Rs 3.66 crore during the fiscal year ending March 2021. It competes with Yoga bar, Slurrp Farm, True Elements, Opensecrets, and Monsoon Harvest.

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