Healthy Snack Brand “The Whole Truth” Has Raised USD 6 million


Clean label health food brand The Whole Truth has raised a new financing round led by Sequoia Capital and participated by existing backers along with eight angel investors. This is the second funding round for the Bengaluru-based firm. The Whole Truth has allotted 116,069 Series A Preference shares and 10 equity shares at an issue price of Rs 3667.33 per share to raise Rs 42.6 crore or close to $6 million, regulatory filings show.

Sequoia Capital has led the round with Rs 21 crore whereas existing investors Matrix Partners and have put in Rs 13.5 and Rs 5 crore respectively. Udaan’s co-founder Sujeet Kumar has invested Rs 1 crore whereas Yatin Shah and Kyush Investments have put in Rs 50 lakh each.

Reckitt’ senior vice president and BharatPe’s co-founder and OTP Venture have invested Rs 25 lakh each. The remaining amount has come from Ankush Gera, Dhvanil Rawal, and Sahil Narang. Following the fundraiser, the company’s founder Shashank Mehta’s stake has been diluted to 42.91%. The other two co-founders Aditi Gupta and Samir Singh collectively own 4.42%. Matrix is the largest stakeholder among investors with 20.17% while Sequoia has picked up 10.37% by leading this round.

According to Fintrackr’s estimate, The Whole Truth has been valued at Rs 205 crore or $27.5 million (post-money) in the Series A round.

Unlike regular brands in the space, The Whole Truth positions itself as a healthy and clean snack brand with a portfolio of protein bars, immunity balls, and muesli. The company offers subscriptions and claims to have 80-85% sales through its website and remaining from partnerships with gyms and health clubs.

Formerly known as And Nothing Else, the company has recorded revenue from operations of Rs 73.21 lakh during the fiscal ended in March 2020. The Mumbai-based company spent Rs 1.71 crore during the same period and incurred a loss of Rs 93.1 lakh.

Also, Read This: Fresh Meat and Seafood Startup Licious Raised USD 192 million In Series F Round



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