D2C brand The Whole Truth has raised $51 Mn (around INR 416 Cr) in its Series D round, which was a mix of primary and secondary transactions, co-led by Sauce.vc and Sofina.

The round also saw participation from existing backers, including Peak XV Partners, Rainmatter Health, AYRA Ventures, and Z47. The funding round valued the startup at $350 Mn-$400 Mn, up from around $230 Mn in its previous round, sources said.

In a statement, the startup said the funding round marks the start of its IPO journey. It plans to deploy the fresh capital to scale up in-house manufacturing capacity, fund working capital requirements, and “set up systems and capabilities needed to be public market ready”.

“Expect many new, category-defining launches. A few, strategic, long-term partnerships with like minded customers and vendors. And a massive push to build direct relationships with our core consumers (who love us and are ultra-loyal to TWT)…” The Whole Truth cofounder and CEO Shashank Mehta said.

Without giving a timeline, the D2C brand said its next target is to turn profitable ahead of its IPO.

Founded by Mehta in 2019, The Whole Truth began its journey as ‘And Nothing Else’. Currently, it sells healthy, protein-focussed snacks such as protein bars, peanut butter, muesli, among others. It claims to have eliminated hidden sugars, artificial flavours and harmful preservatives from its products using its proprietary manufacturing and R&D.

The D2C brand sells its products via its website, ecommerce platforms, quick commerce players, and retail outlets.

The funding round comes almost a year after The Whole Truth raised $15 Mn in its Series C round, which was also led by Sofina, and saw participation from early backers including Sauce.vc, Peak XV, and Z47.

As per Tofler, The Whole Truth recorded a 232.5% jump in its revenue from operations to INR 216 Cr in the fiscal ended in March 2025 from INR 65 Cr in FY24. Its loss widened 18.5% to INR 28.2 Cr from INR 23.8 Cr in FY24.

The Whole Truth competes against the likes of Phab, SuperYou, Yogabar, among others.

Amid rising health consciousness, healthy food brands are gaining traction from investors looking to capitalise on the opportunity. For instance, Wonderland Foods recently raised INR 140 Cr to launch new products in the healthy snacking category. It currently offers healthy snacks, including nuts, seeds, berries, dried fruits, and dates.

With specific focus on protein products, Macobs Technologies recently acquired a 50.01% stakein health and wellness-focussed D2C brand Getmymettle for INR 10.5 Cr. Getmymettle offers protein focussed food supplements like Whey Protein, energy bars, protein bars, peanut butters among others.

Similarly, Ankit Chona’s D2C healthy snacking brand Phab raised $2 Mn last year to boost omnichannel presence for its protein bars and healthy milkshakes.

The post The Whole Truth Raises $51 Mn To Get Public Market Ready appeared first on Inc42 Media.