The Whole Truth, a clean-label health food brand, is raising Rs 133.3 crore which comes to about USD 15.8 million in a Series C round led by Sofina Ventures, with participation from Peak XV and Matrix Partners.
The board of 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, raising Rs 133.3 crore or USD 15.8 million, according to a regulatory filing obtained from the Registrar of Companies (RoC).
Sofina Ventures is leading the Series C round with a Rs 65.8 crore investment, while Peak XV and Matrix Partners will each contribute Rs 25 crore and Rs 29.5 crore, respectively. Sauce Continued Fund will also make an investment of Rs 13 crore.
The new funds will be used to meet financial obligations and promote business growth. A credible source estimates that the Mumbai-based company's post-allotment valuation will be around Rs 2,135 crore which comes to about USD 254 million. This represents a 3.6X increase in valuation over its previous Series B round, which closed at USD 70 million.
According to the filings, Peak XV will own 21.14% of the company following the new funding round, while Matrix Partners will own 21.4%. Sofina Ventures and Sauce Continuity will own 3.08% and 3.77 percent, respectively.
The Whole Truth was reportedly looking to raise USD 25 million in a new funding round. So far, the company has secured $15.8 million in funding, and it may raise more as the round continues.
Furthermore, the brand sells a variety of products, including protein bars, peanut butter, dark chocolate, energy bars, immunity balls, and muesli. The company offers subscription plans and claims that 80-85% of its sales come from its website, with the remainder generated through partnerships.
The Whole Truth's revenue increased by 81% year on year to Rs 65.3 crore in FY24, up from Rs 35.96 crore in FY23. During the same period, the company's losses decreased by 33%.
