The Whole Truth Raises $51M Series D to Prepare for IPO

Shashank Mehta, The Whole Truth Co-Founder & CEO

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.

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.

Source: Entrackr