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 that sells protein powders and bars, has raised about $51 million in a mix of primary and secondary capital in its Series D funding round, led by Sofina and Sauce.vc, the company said in a statement on Wednesday.

The round also saw participation from existing investors Peak XV Partners, Rainmatter Health and AYRA Ventures. 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 turn profitable, invest in scaling up its in-house manufacturing capacity, fund working capital, and build systems and capabilities needed to prepare for a future public market listing.

The funding underscores growing investor appetite for clean-label nutrition brands as India’s protein deficit turns into a large, scalable consumer opportunity.

Protein moment

There is a rising focus on protein intake in India, where consumption remains far below global levels. In 2021, India’s daily per capita protein supply stood at 70.5 grams, compared with 124.6 grams in China and 124.3 grams in the US, according to data from the UN’s Food and Agriculture Organization.

A 2024 survey by IMRB found that over 90% of Indians are unaware of their daily protein needs, while 73% of urban diets fall short of recommended intake.

India’s protein supplement market was valued at about $1.4 billion in 2024 and is projected to grow to $1.8 billion by 2029, according to Mordor Intelligence. As protein gains prominence 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 in 2019 by Shashank Mehta, TWT manufactures protein powders, bars, peanut butter and dark chocolate, targeting health-conscious consumers looking to bridge dietary gaps. The company recently launched 100% Clean, Super-Light Protein Powders.

Last year, it raised $15 million in its Series C round, led by Sofina with participation from Z47, Peak XV and Sauce.vc. Since then, the company said it has grown three times and now claims dominant market share across key categories.

In FY25, The Whole Truth’s revenue from operations surged to ₹216 crore from ₹65 crore, a year earlier. Its losses marginally widened to ₹28 crore from ₹24 crore in FY24, according to an Entrackr report.

With proprietary R&D and in-house manufacturing, TWT said it has eliminated hidden sugars, artificial flavours and harmful preservatives from its products. The brand sells across online marketplaces, quick commerce platforms and offline retail stores.