The Whole Truth records 3.3x revenue growth to Rs 216 Cr in FY25

Peak XV backed clean-label food and nutrition startup, The Whole Truth has recorded more than 3X growth in revenue during the fiscal year ending March 2025. While the company significantly expanded its scale, higher operating and marketing costs led to an increase in losses compared to the previous year.

The Whole Truth’s revenue from operations surged 232% to Rs 216 crore in FY25 from Rs 65 crore in FY24, according to its financial statements sourced from the Registrar of Companies (RoC).

The Whole Truth sells a wide range of products such as protein bars, peanut butter, dark chocolates, energy bars, immunity balls, and muesli. Sale of these products was the sole source of revenue for the company. Including other income, the company’s total income stood at Rs 220 crore in FY25, up from Rs 71 crore a year earlier.

Cost of materials consumed remained the largest expense for the food brand which accounted for 53% of the total expense. This cost rose 3.5X to Rs 131 crore in FY25 from Rs 38 crore in FY24. Advertising and marketing expenses more than doubled to Rs 41 crore, accounting for 16.5% of total expenses.

Employee benefit expenses rose 114% to Rs 30 crore, while marketplace charges and transportation expenses increased to Rs 9 crore each. Overall, total expense surged 2.6X to Rs 248 crore in FY25 from Rs 96 crore in FY24.

The company’s loss increased 17% to Rs 28 crore in FY25 from Rs 24 crore in FY24. Its ROCE and EBITDA margin stood at -14.85% and -13.43% respectively.

On a unit basis, The Whole Truth spent Rs 1.15 to earn a rupee in FY25, compared to Rs 1.48 in FY24. As of March 2025, The Whole Truth reported cash and bank balances of Rs 141 crore, nearly doubling from Rs 72 crore in FY24. Its current assets stood at Rs 270 crore in the period.

According to TheKredible, The Whole Truth has raised a total of $38 million of funding till date, having Peak XV Partners, Matrix Partners and Sauce as its lead investors. The company is preparing to secure an additional $34 million in its Series D funding round. This development was exclusively reported by Entrackr.

While comfortably placed to grow and sustain losses in the process if need be, The Whole Truth has shown a tight control on costs that augurs well for the firm’s next push towards Rs 500 crores and beyond. Operating across multiple food segments with the promise of purity allows the firm to ignore a certain amount of noise otherwise, and focus on the top end for each. While limiting, it should lead to a drop in selling costs as well, especially advertising, as the firm builds a firm position for its quality/purity. The key question is, can the firm grow beyond that before it is forced to find compromises to reach a larger segment of buyers? We believe that is truly the make or break question, which can’t just be answered by higher marketing costs. Competition will come in before the form is profitable, seeking to take a bite out of the more profitable segments The Whole Truth helps identify.