The Whole Truth raises $51 million in series D round led by Sofina, Sauce, others
Mumbai: The Whole Truth (TWT), a clean label nutrition brand selling protein powders and bars, has raised approximately $51 million from a mix of primary and secondary capital in a Series D funding round led by Sofina and Sauce.vc, the company said on Wednesday.
Existing investors Peak XV Partners, Rainmatter Health and AYRA Ventures also participated in the round. Some of TWT’s early backers include Z47 (formerly Matrix Partners India) and angel investors such as Swiggy founder Sriharsha Majety and Rebel Foods founder Jaydeep Burman.
The company said it plans to use the proceeds to become profitable, invest to increase in-house production capacity, fund working capital and build the systems and capabilities necessary to prepare for a future listing on a public market.
The financing underscores investors’ growing appetite for clean-label nutrition brands as India’s protein gap turns into a large, scalable consumer opportunity.
protein moment
There is a growing interest in protein intake in India, where consumption remains well below global levels. According to data from the UN Food and Agriculture Organization, in 2021, India’s per capita daily protein supply was 70.5 grams, while it was 124.6 grams in China and 124.3 grams in the USA.
A 2024 survey by IMRB found that over 90% of Indians are unaware of their daily protein needs, while 73% of urban diets fall below the recommended intake.
According to Mordor Intelligence, India’s protein supplement market was valued at approximately $1.4 billion in 2024 and is expected to reach $1.8 billion by 2029. As protein comes to the fore in Indian diets, a new crop of startups is emerging to meet the demand. TWT competes with brands such as Yoga Bar, Wellbeing Nutrition, OZiva, Super You and Max Protein.
Product expansion
Founded by Shashank Mehta in 2019, TWT targets health-conscious consumers looking to fill nutritional deficiencies by producing protein powders, bars, peanut butter and dark chocolate. The company recently launched 100% Clean, Super Light Protein Powders.
Last year, it raised $15 million in a Series C round led by Sofina and with participation from Z47, Peak XV and Sauce.vc. Since then, the company said it has tripled in size and now holds dominant market share in key categories.
The Whole Truth’s revenue from operations in FY25 ₹216 crore ₹65 crore a year ago. Losses widened marginally ₹28 crore ₹24 crore in FY24, according to Entrackr report.
TWT said it eliminates hidden sugars, artificial flavors and harmful preservatives from its products through proprietary R&D and its own manufacturing. The brand sells on online marketplaces, flash trading platforms and offline retail stores.
