Founded by a Former Unilever Executive and IIM Lucknow Alumnus, The Whole Truth Foods Crosses Rs 200 Cr Revenue Mark In FY25

Indian clean-label food brand The Whole Truth Foods recorded a 3X surge in revenue, posting Rs 219.83 crore in FY25, up from Rs 70.56 crore in FY24, according to regulatory filings accessed through the Registrar of Companies (RoC). 

The Whole Truth Foods Financials

Nearly 98% of its revenue (Rs 215.83 crore) came from its operations, compared to Rs 65.32 crore in FY24. The company earned Rs 4 crore from other income in FY25, taking its total revenue to Rs 219.83 crore in FY25.

Protein powders contributed 53.15% of total sales, followed by bars (27.14%), chocolates (7.5%), peanut butter (6.96%), muesli (2.21%), while other products accounted for the remaining 2%.

The company’s expenses rose by 2.5X to Rs 247.98 crore in FY25, from Rs 95.91 crore in FY24. The cost of materials consumed was the largest expense component, accounting for 60% to the expenditure (Rs 150 crore).

Employee benefit expenses double year-on-year, to Rs 29.65 crore in FY25, up from Rs 14.41 crore in FY24. Finance costs and depreciation remained minimal, Rs 2.38 crore and Rs 1.28 crore, respectively, in FY25.  

Despite the surge in revenue, net losses widened by 18%, from Rs 23.81 crore in FY24 to Rs 28.15 crore in FY25. The company reported a negative net cash flow from operating activities of Rs 87.84 crore in FY25.

On average, the company spent Rs 1.15 to earn one rupee each in FY25, compared with Rs 1.47 in FY24.

The balance sheet strengthened over the same period. As of March 2025, cash and bank balances stood at Rs 141 crore, nearly doubling from FY24. Current assets rose to Rs 270 crore in FY25, up from Rs 108 crore in FY24.

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The Whole Truth Foods Recent Funding

The Whole Truth Foods recently raised $51 million (approximately Rs 450 crore) in a Series D funding round led by Sofina and Sauce.vc, with participation from existing investors Peak XV Partners and Rainmatter Health, along with Ayra Ventures. In February 2025, the company raised $15 million (approximately Rs 130 crore) in Series C funding round.

The Whole Truth Foods Shareholding

As per FY25 Registrar of Companies (RoC) filings, the founder, Shashank Mehta, holds a majority stake of 32.50%  in the company. Other shareholders include Matrix Partners India ( 23.63%), Peak XV Partners Venture (21.52%), Beacon Trusteeship Limited (10.56%), Sofina Ventures (3.13%), Rainmatter Capital Private Limited (1.88%), and others.

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About The Whole Truth Foods

Founded in 2019 by former Unilever executive and IIM Lucknow alumnus Shashank Mehta, The Whole Truth Foods is a Mumbai-based clean-label food brand built on the idea of radical transparency.

The Whole Truth Foods operates with a clear philosophy to make food so clean that every single ingredient can be declared upfront. The company strictly avoids added sugar, artificial sweeteners, preservatives, and hard-to-pronounce chemicals, positioning itself as a brand with “nothing to hide.” Its product portfolio includes protein powders, protein bars, peanut butter, chocolates, and muesli.

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