Matrix-backed The Whole Truth raises $6M in series A funding

Round led by Sequoia Capital India with strong customer love, brand has grown 12x in the past 18 months; has a community of 200K followers

28th July, 2021. Mumbai: The Whole Truth (TWT), a 100% clean-label food brand, has raised over $6M in its series A round, led by Sequoia Capital India.

The round saw participation from existing investors Matrix Partners India and Sauce.Vc, along with a clutch of marquee angels like Kalyan Krishnamurthy (Flipkart), Sujeet Kumar (Udaan) and Ashneer Grover & Suhail Sameer (BharatPe). Earlier angels in the company include Nithin Kamath (Zerodha), Sriharsha Majety (Swiggy) and Jaydeep Barman (Rebel Foods).

This fresh capital will be used to hire high-calibre talent, expand TWT's manufacturing capabilities and enter new food categories, where consumers currently do not get high-quality, clean food options.

TWT, which was founded by Shashank Mehta, an ex-Unilever marketeer, is the result of his life-long struggle with obesity, and his realization that the main culprit was unhealthy packaged food, loaded with hidden sugars and chemicals, masquerading as healthy.

Rachna Aggarwal, a bakery chef and chocolatier with over 15 years of relevant experience, heads TWT's product development and is the person behind the category-changing products the brand is known for.

With a mission of creating the most transparent, clean and '˜truthful' food brand in India, TWT is the only Indian brand to list each and every ingredient that goes into their food, upfront. So consumers never have to turn the pack or feel cheated by their food.

"At TWT, we're hell-bent on bringing the truth back to food. We do this through our 100% clean-label products, and through clutter-breaking content that helps consumers spot the misleading information they're being provided,' says Shashank Mehta, Founder, The Whole Truth.

"The immense consumer love we've garnered in just 18 months of existence, has shown us how deeply consumers resonate with the problem we're solving. And with partners like Sequoia Capital India, plus several amazing founder-angels joining our mission, we're all set to turbocharge this crusade - and hopefully set packaged foods right in the process,' he added.

Since its launch in December 2019, TWT has grown 12X, earned a loyal community of 200K brand followers, and disrupted the '˜Bars & Muesli' categories with 100% clean-label, tasty options that were earlier not available to Indian consumers. With their proprietary R&D and in-house manufacturing, they've managed to completely eliminate all hidden sugars, artificial flavors and harmful preservatives from their food. Their range of bars & mueslis are available at thewholetruthfoods.com.

"Sequoia Capital India is thrilled to partner with Shashank and rest of the team at The Whole Truth. They have a simple yet very powerful mission of making 100% clean-label food. We have been very impressed with the customer love for their early set of products and excited about the journey ahead," said Abhishek Mohan, Principal, Sequoia India

The TWT team also makes quirky-yet-educational content that helps consumers understand and decode their food choices. Check out their viral brand-ad, made on a shoestring budget, here.

"As a brands investor, from the day it was just an idea, it has been an easy marriage of minds with Shashank. The brand gets so much love because you don't have to sell the truth. It's what today's consumers want and expect from brands, especially when it comes to food. The Whole Truth has got that right and we are excited to continue backing this ideology,' said Manu Chandra, Founder and Managing Partner, Sauce.vc

"It's been a privilege to partner early with Shashank, and to watch his vision come to life right from the pre-launch, concept stage to today. The consumer love for TWT products and brand is incomparable and among the highest in the country, across categories. More broadly, Shashank's mission to upend up the traditional CPG world is truly exciting. We look forward to the next phase of growth & welcome Sequoia Capital India to the partnership!' commented Sanjot Malhi, Director, Matrix India.

About The Whole Truth (TWT):
TWT makes 100% clean-label food products. It's the only Indian brand that lists each & every ingredient that goes into their food, proudly, upfront. They also make quirky-yet-educational content that helps consumers understand and decode their food choices. You can check out their range of Bars & Mueslis at thewholetruthfoods.com. And their viral brand-ad, made on a shoestring budget, here.

About Matrix Partners India:
Matrix Partners India is an investment firm with approximately $1 billion under management. Founded in 2006, the firm invests in companies targeting the Indian consumer and enterprise market at the seed, early and early growth stages. Matrix India has invested in several market leading consumer-focused companies such as, Country Delight (D2C dairy & fresh foods brand), W For Woman (ready to wear fashion label), OZiva (India's leading clean, plant-based nutrition brand), Mosaic Wellness (lifestyle & wellness consumer brand), Open Secret ("unjunked' snack brand), The Whole Truth (clean label food brand), DaMENSCH (premium men's apparel brand), Chumbak (design-led lifestyle brand) and &Me (health tech platform for women).

Other marquee investments include Ola (local transportation), Dailyhunt (mobile local language platform), Razorpay (payments), Five Star Business Finance (SME lending), OfBusiness (credit led B2B marketplace), Ola Electric (multimodal electric vehicle platform), Stanza Living (tech enabled student housing platform), OneCard (mobile-first credit card), DealShare (social commerce platform), Mswipe (mobile POS), and Cloudnine Hospitals (leading chain of maternity hospitals), among others. Matrix India has advisory offices in Bangalore, Delhi and Mumbai. Matrix Partners has a global network of funds investing in the US, China and India, with approximately $5 billion under management. Further information is available at www.matrixpartners.in. To know more about our investment philosophy & ideologies, check out the #MatrixMoments podcast series.