Mumbai-based Health food brand, The Whole Truth raises $11 Million in a series B funding round. The funding round was led by the existing investors of the brand. Sequoia Capital India and Matrix Partners India are the existing investors of the company. This funding round, where The Whole Truth bagged $11 Million is the first funding round for the company this year. 

With the infusion of $11 Million, the company’s total fundraising now stands at Rs.142 crores.

As per the company’s regulatory filings with ROC, the board of The Whole Truth has passed a special resolution for the issuance of 1,02,879 series B CCPS at an issue price of Rs. 8769 each for raising the funds. 

The existing investor Sequoia Capital infused Rs. 64.84 Crore in this series B funding round. Along with Sequoia Capital, Matrix Partners also invested in the Mumbai-based food brand. Matrix Partners India invested Rs. 25.37 crores in this series B round of funding.

Not only this, the above-mentioned two venture capital firms also led the company’s series A investment in July last year.

These two venture capital firms, Sequoia Capital and Matrix partners now hold 20.95% and 20.83% of the D2C food brand, respectively. 

The company’s valuation now stands at $70 Million. The D2C food brand’s valuation has elevated by 2.5X in comparison with last year’s valuation. Last year, the valuation of the company was $27 Million. 

About the company

Set up in 2019 by Shashank Mehta, The Whole Truth is a D2C food brand that offers healthy and clean snacks. The portfolio of the brand consists of protein bars, peanut butter, dark chocolate, energy bars, immunity balls, etc. Along with this, the Mumbai-based brand also offers subscription-based services.

The Whole Truth raises funding

It claims that the majority of sales come through its website and the remaining is scaled via partnerships.

This Mumbai-based Health food brand faces direct competition with True Elements, Open Secrets, Yoga bar, Slurp Farm and Monsoon Harvest.

Featured Image Credit: Thought Over Design

Apurv Panigrahi