The Whole Truth (TWT), a leading clean-label nutrition brand, has raised $51 million in a Series D funding round led by Sofina and Sauce.vc, as investors double down on India’s growing protein and nutrition market. The funding combines both primary and secondary capital and marks a significant vote of confidence in the company’s growth trajectory.
Existing investors including Peak XV Partners, Rainmatter Health, and AYRA Ventures also participated in the round. Early backers include Z47 (formerly Matrix Partners India) and prominent angel investors such as Swiggy co-founder Sriharsha Majety and Rebel Foods founder Jaydeep Burman.
The Whole Truth plans to use the capital to achieve profitability, expand its in-house manufacturing capabilities, fund working capital, and strengthen systems in preparation for a potential public listing.
Rising Protein Demand in India
India’s protein consumption continues to lag behind global averages, highlighting a significant market opportunity. According to the UN’s Food and Agriculture Organization, India’s daily per capita protein supply stood at 70.5 grams in 2021, compared with 124.6 grams in China and 124.3 grams in the US.
A 2024 survey by IMRB revealed that over 90% of Indians are unaware of their daily protein needs, while 73% of urban diets fall short of recommended intake. This gap has fueled interest in protein supplements, which the market valued at approximately $1.4 billion in 2024 and projects to grow to $1.8 billion by 2029, according to Mordor Intelligence.
TWT competes with other prominent Indian brands such as Yoga Bar, Wellbeing Nutrition, OZiva, Super You, and Max Protein, catering to the rising demand for convenient, high-quality protein products.
Expanding Product Portfolio and Market Share
Founded in 2019 by Shashank Mehta, The Whole Truth offers protein powders, bars, peanut butter, and dark chocolate, focusing on health-conscious consumers aiming to bridge dietary gaps. The company recently introduced its 100% Clean, Super-Light Protein Powders to diversify its portfolio further.
Following a $15 million Series C raise last year led by Sofina, TWT has tripled its growth and claims leading market share in key product categories. In FY25, the company’s revenue surged to ₹216 crore, up from ₹65 crore the previous year, while losses slightly widened to ₹28 crore from ₹24 crore, according to Entrackr.
With proprietary research and development and in-house manufacturing, The Whole Truth emphasizes removing hidden sugars, artificial flavors, and harmful preservatives from its offerings. Its products are available across online marketplaces, quick-commerce platforms, and offline retail stores, positioning the brand for continued expansion.