Funding · Commerce & Consumer Brands

The Whole Truth raises $51 Mn to prepare for IPO

By Startup Enthusiast · 26 February 2026

What they do

The Whole Truth is a D2C brand selling healthy, protein-focused snacks like protein bars and peanut butter

It raised $51 Mn in a Series D round co-led by Sauce.vc and Sofina, with participation from existing investors

The funding values the company at $350 Mn–$400 Mn and marks the start of its IPO journey

The Whole Truth raised $51 Mn in a Series D round, co-led by Sauce.vc and Sofina, with participation from existing investors like Peak XV Partners, Rainmatter Health, AYRA Ventures, and Z47.
The round valued the company at $350 Mn–$400 Mn, up from $230 Mn in its previous round.
The funding will be used to scale in-house manufacturing, fund working capital, and build systems to be public market ready.
Shashank Mehta, co-founder and CEO, said the company plans to launch new products and form strategic partnerships.
The Whole Truth aims to become profitable before its IPO.
Founded in 2019, the company started as 'And Nothing Else' and sells protein-focused snacks like protein bars, peanut butter, and muesli.
It claims to have eliminated hidden sugars, artificial flavors, and harmful preservatives using its proprietary manufacturing and R&D.
The company sells through its website, ecommerce platforms, quick commerce players, and retail outlets.
This follows a $15 Mn Series C round in 2025, also led by Sofina.

The Whole Truth is part of a growing trend of healthy food brands gaining traction in India.
Other startups in the same space include Phab, SuperYou, Yogabar, and Getmymettle.
The company reported a 232.5% revenue jump to INR 216 Cr in FY25 from INR 65 Cr in FY24.
However, its losses widened to INR 28.2 Cr in FY25 from INR 23.8 Cr in FY24.

The Whole Truth is a D2C brand selling healthy, protein-focused snacks like protein bars, peanut butter, and muesli.
It claims to have eliminated hidden sugars, artificial flavors, and harmful preservatives using its proprietary manufacturing and R&D.
The company sells through its website, ecommerce platforms, quick commerce players, and retail outlets.
It competes with brands like Phab, SuperYou, Yogabar, and Getmymettle.
The Whole Truth aims to become profitable before its IPO.

The Whole Truth plans to launch new, category-defining products.
It aims to form strategic partnerships with like-minded customers and vendors.
The company is pushing to build direct relationships with its core consumers.
It plans to become profitable before its IPO.

Sauce.vc (co-lead) — A venture capital firm focused on early-stage startups.
Sofina (co-lead) — A global venture capital firm with a focus on consumer and health tech.
Peak XV Partners (existing backer) — A venture capital firm with a focus on consumer and health tech.
Rainmatter Health (existing backer) — A venture capital firm focused on health and wellness startups.
AYRA Ventures (existing backer) — A venture capital firm focused on early-stage startups.
Z47 (existing backer) — A venture capital firm focused on early-stage startups.

Product: Nutrition mixes, dietary supplements, drink mixes, and plant-based protein powders.
Customers: Indian consumers and families looking for convenient daily nutrition.
How it makes money: Sells packaged nutrition products directly to consumers through a consumer brand.
What sets it apart: Positions products as clean-label and designed to blend into everyday food without changing taste or smell.
Operations: Builds its own manufacturing capacity and expands distribution beyond metro markets.