Z47-backed The Whole Truth raises $15M Series C led by Sofina

The Whole Truth (TWT), India's pioneering clean-label food brand, has raised $15M in a Series C round led by Sofina, with continued participation from all existing investors, including Z47, Peak XV Partners, and Sauce.VC. Angel investors such as Nithin Kamath (Zerodha),Sriharsha Majety (Swiggy), and Jaydeep Burman (Rebel Foods) have also backed the company in earlier rounds.

This fresh infusion of capital will fuel the brand’s in-house manufacturing expansion, talent acquisition, and category growth as TWT continues its mission to bring transparency and integrity back to packaged food.

A movement to rebuild trust in food‍

Founded by ex-Unilever marketeer Shashank Mehta, TWT was born out of his personal struggle with obesity and his realization that hidden sugars and chemicals in so-called "healthy" packaged foods were the root cause. Today, TWT is rewriting the rules of the industry with its commitment to clean ingredients and full transparency.

Driving this product innovation is bakery chef and chocolatier Rachna Aggarwal, who has over 15 years of experience in the space. The brand’s cross-functional leadership team—comprising Entrepreneurs-in-Residence (EiRs) from outside the food industry—is united by a singular mission: to disrupt packaged food for the better.

TWT’s latest launch, 100% Clean, Super-Light Protein Powders, is expanding the market beyond traditional fitness consumers by bringing in underrepresented groups such as women, teenagers, and older adults. Alongside its flagship Protein Bars, Peanut Butters, and Dark Chocolates, the company continues to reshape the $40B+ packaged food industry in India.

Z47’s continued conviction in TWT

At Z47, we invest in founders building the next generation of enduring consumer brands. We were among the earliest believers in TWT’s vision, and the brand’s rapid growth—3.5X since its last raise—is a testament to its resonance with consumers.

Vikram Vaidyanathan, Managing Director, Z47: “Shashank and the team at The Whole Truth are not just building a brand—they're leading a movement to restore trust in food; and making food real again. Their growth over the last year proves that the mission resonates with consumers and definitely with us at Z47. At Z47 we’ve been privileged to be their earliest backers, and we’re excited to double down again on our investment, renewing our commitment to the journey.”

Mission-driven capital backing mission-driven founders

Z47 is proud to stand alongside global investors like Sofina, whose long-term approach aligns with TWT’s ambition to build a generational food brand.

Yana Kachurina, Principal, Sofina: “At Sofina, we are dedicated to investing in companies that are mission-driven and share our values of quality and long-term impact. The Whole Truth's mission to redefine clean-label nutrition and build consumer trust strongly aligns with our vision. We are proud to support their journey and excited to build a healthier food ecosystem together.”

“The journey with Shashank and team over the last 4 years has been truly amazing! It is a master class in building a much-loved consumer brand which has stayed true to the mission of offering clean label packaged food products. Operating in a $40B+ industry in India, TWT is already a brand of choice in a few categories. We look forward to many years of growth at TWT.”Abhishek Mohan, Principal, Peak XV Partners

With in-house R&D, proprietary manufacturing, and a commitment to busting industry myths, TWT is poised to take clean-label food mainstream. As the brand scales, we at Z47 remain steadfast in our belief that consumer-first, truth-driven brands will define the future of Indian food.

About Z47

Z47 is a “founders-first” venture capital firm managing $3.5 billion in AUMacross 100+ investments since 2006. Our focus spans FinTech & Services,Consumer Brands & Tech, B2B Commerce & Manufacturing, and Enterprise SaaS & AI. We are proud partners to Ola, Ola Electric, Krutrim, Razorpay, Dailyhunt, Neysa Networks, Five Star Business Finance, MoEngage, Atomicwork, Country Delight, and OfBusiness, among others. With offices in Mumbai, Delhi, and Bangalore, Z47 is committed to backingbold founders who will lead India to its destiny as a developed nation by 2047. Learn more at www.z47.com or reach out at newsroom@z47.com.

About Sofina

Sofina is a global investment company listed on Euronext Brussels. Sofina’s mission is to partner with leading entrepreneurs and families, backing them with patient capital and supportive advice to foster sustainable growth of their businesses. Sofina has investments in Europe, Asia and the United States across several sectors, including Consumer &

Retail, Digital Transformation, Education, Healthcare & Life Sciences and Sustainable Supply Chains. For more information, please visit www.sofinagroup.com