Z47-Backed The Whole Truth raises $51 Million in Series D funding

4^th February, 2026 | Mumbai 

• Series D round led by Sofina and Sauce.vc
• Participation from existing investors Peak XV Partners and Rainmatter Health, along with AYRA Ventures
• The Whole Truth has grown 3X since its Series C in January 2025
• Capital to be used for manufacturing scale-up, working capital, and IPO readiness

 
At Z47, we back founders who build with clarity, conviction, and a long-term view of the market. We partner early, stay involved through multiple phases of scale, and support founders as they transition from building belief to building durable businesses. 

Shashank Mehta and The Whole Truth are the perfect reflection of that arc. The company has raised ~$51Mn in primary and secondary funding in its Series D round, led by Sofina and Sauce.vc, with participation from Peak XV Partners (fka Sequoia Capital India LLP), Rainmatter Health (Nithin Kamath) and AYRA Ventures (founded by Samina Hamied). Early backers include us, at Z47 and angels such as Sriharsha Majety (Swiggy) and Jaydeep Burman (Rebel Foods).

Shashank founded The Whole Truth to address a fundamental gap in the Indian packaged food market: the erosion of trust caused by misleading labels and opaque ingredients. From the outset, the company chose to compete on ingredient transparency and product integrity: decisions that required early investment in R&D and manufacturing rather than short-term growth levers. 

Co-founder Rachna Aggarwal leads product development, bringing over 15 years of experience as a bakery chef and chocolatier. Together, the founders have built a portfolio spanning Protein Bars, Peanut Butters, Dark Chocolates, and Super-Light Protein Powders. The protein powder range, developed using a proprietary blend, has helped expand the category to include consumers such as women, teenagers, and elders. 

Since its Series C round in January 2025, The Whole Truth has grown over 3X and now holds strong positions across multiple categories. This growth has been supported by in-house manufacturing, proprietary formulations, and direct engagement with a large and loyal consumer base. 

This round marks the beginning of The Whole Truth’s next phase, with a clear focus on profitability and building the capabilities required for public-market readiness. The capital will be deployed towards expanding in-house manufacturing capacity, funding working capital, and strengthening systems and processes. 

Shashank Mehta, Founder, The Whole Truth, said: “The Whole Truth has proven that a brand built on 100% truth can scale across categories (from indulgent chocolates to functional protein powders). And that products made with a 100% clean food philosophy can re-define entire food categories (and command top dollar). 

The next question is, can we do all this profitably? While holding the highest possible bar on quality and honesty. If we can, our mission becomes unstoppable, and TWT becomes infinite. This round marks the start of that journey. 

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). Here we go!” 

Vikram Vaidyanathan, Managing Director, Z47, said: “From day zero, The Whole Truth set out to rebuild the world’s trust in food. We're privileged to be their first backers and what’s stood out over the years is not just the pace of growth, but the discipline behind it: real food and staying uncompromising on "truth". As TWT enters its next phase—focused on profitability and long term sustainability—we remain believers in their journey ahead!" 

Shashank dispels myths about building content and community on the Z47 Moments podcast
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Manu Chandra, Founder and Managing Partner of Sauce, added: “We are proud to partner Shashank and team from day zero to their Series D as they fix broken consumer trust in food. The Whole Truth's mission resonates now more than ever given an increasingly conscious and aware audience.” 

Yana Kachurina, Principal at Sofina, said: “The Whole Truth has built a brand rooted in honesty, quality, and a deep understanding of the consumer. Building on our partnership, we’re pleased to lead this round and continue supporting their mission and leadership as they scale the business.” 

We wish Shashank, Rachna and the team at The Whole Truth godspeed in their journey to greater successes.  

About Z47

Founded in 2006, Z47 is an investment Firm with 150+ investments and an AUM of over $3.5 billion. Guided by a ‘founders first’ philosophy, Z47 is committed to backing missionary founders leading India to its goal of becoming a developed nation by 2047, prioritizing founders over markets.  

Z47’s focus sectors include Financial Services, Consumer, B2B, Advanced Manufacturing and Enterprise AI amongst others. We are proud partners to several Consumer companies; select ones include Aramya, Country Delight, Foxtale, GoKwik, Mosaic Wellness and The Whole Truth. Other select investments include Dailyhunt, Five Star Business Finance, OfBusiness, Ola, Ola Electric, and Razorpay. 

Z47 has offices in Mumbai, Bengaluru, Gurgaon and GIFT City. For more information, visit www.z47.com or write to newsroom@z47.com.