The Whole Truth (TWT), a clean-label food brand has raised $15 million in its Series B round led by Sequoia Capital India.
The round also saw participation from existing investors Matrix Partners India and Sauce.vc. The start-up said that the funds will be used to scale up in-house manufacturing capacity, grow retail distribution and hire talent.
Angel investors who previously invested in the company include Nithin Kamath (Zerodha), Sriharsha Majety (Swiggy) and Jaydeep Burman (Rebel Foods). Founded by Shashank Mehta, an ex-Unilever marketeer, the brand raised its Series A in July 2021, and claims to have grown 7X since then.
“With this new fundraise, we will continue to innovate and enter more categories. We’ll continue to grow distribution and bring our existing products to more consumers. And we’ll continue to make clutter-breaking, myth-busting content that educates consumers. Because what we read and believe, is what we eat and repeat,” said Mehta.
The brand offers date-sweetened no-added sugar chocolates, protein bars, peanut butters, and Muesli. The range of products are available on the brand’s own website, all leading marketplaces, quick commerce platforms, and retail stores. It has physical distribution in ten cities.
“Sequoia Capital India is delighted to double down on the partnership with The Whole Truth. We have been working with Shashank, and the team for over a year-and-a-half now and have been very impressed with their product innovation engine, marketing acumen, and overall quality of execution,” said Abhishek Mohan, Principal at Sequoia India.
“The potential of this brand lies in its simplicity and universality that consumers hate being lied to. We backed Shashank when he had just this thought and a protein bar mock-up, and it’s extremely gratifying to see it become such an exciting and loved food brand,” added Manu Chandra, Founder and Managing Partner at Sauce.vc.