Clean-label health food business The Whole Truth has secured $11 million in a series B round from its current investors. It is the first financing round of the year for the Mumbai-based company.
The Whole Truth’s board of directors approved a special resolution to issue 1,02,879 Series B CCPS at an issue price of INR 8,769 per order to raise the above sum, according to the company’s regulatory filings with the Registrar of Companies (RoC).
The most significant Series B contribution came from Sequoia Capital at INR 64.84 crore, followed by Matrix Partners at INR 25.37 crore. The two venture capital firms also led the Series A investment in The Whole Truth.
Currently, amid its Series B financing, the company is in late-stage talks to raise $20–25 million from an investor in Europe. Following the new funding, Sequoia and Matrix now owned 20.83 percent and 20.95 percent of the company’s shares, respectively.
Food-tech startup The Whole Truth promotes healthy snacking
The portfolio of The Whole Truth, a brand of nutritious and all-natural snacks, includes protein bars, peanut butter, dark chocolates, energy bars, immunity balls, and cereal. The business states that 80–85 percent of its subscription purchases originate via its website, with the remaining 15–25 percent coming from partnerships.
The Mumbai-based company began as a direct-to-consumer (D2C) firm in 2019, but when opportunities and needs arose, it transformed into an omnichannel company.
The food-tech startup sells on its website and is present on significant e-commerce sites like Amazon and Flipkart and in physical stores.
In segments where “falsehoods” have long been pervasive, the startup wants to offer clients healthier and cleaner solutions.
The estimated market value of The Whole Truth is $70 million. The company’s valuation jumped 2.5 times from the previous round when it was valued at more than $27 million.
Although the business has not yet presented its financial results for FY22, operating revenue surged 6.6X to Rs 4.83 crore in FY21.
The company’s losses for the fiscal year that ended in March 2021 also grew by around 4X to INR 3.66 crore. Its competitors include True Elements, Opensecrets, Yoga Bar, Slurp Farm, and Monsoon Harvest.