Clean label food and nutrition startup The Whole Truth, backed by Peak XV Partners, reported strong topline growth in FY25, with operating revenue rising more than threefold, even as losses increased due to higher input and marketing expenses.
According to financial statements for the year ended March 2025, The Whole Truth’s revenue from operations jumped 232% to ₹216 crore, compared with ₹65 crore in FY24. Including other income, total income stood at ₹220 crore, up from ₹71 crore a year earlier.
Founded as a clean-label nutrition brand, the company sells products such as protein bars, peanut butter, dark chocolate, energy bars, immunity balls and muesli, with product sales remaining its sole revenue source.
Costs Rise With Scale
Rapid growth led to a sharp increase in expenses. Cost of materials consumed remained the largest cost head, accounting for 53% of total expenses, and rose 3.5x to ₹131 crore in FY25. Advertising and marketing spend more than doubled to ₹41 crore, forming 16.5% of overall costs.
Employee benefit expenses increased 114% to ₹30 crore, while marketplace charges and transportation costs rose to ₹9 crore each. Overall, total expenditure climbed 2.6x to ₹248 crore, compared with ₹96 crore in FY24.
As a result, net loss widened 17% to ₹28 crore, from ₹24 crore in the previous year. EBITDA margin stood at -13.43%, while ROCE was -14.85%.
Improving Unit Economics, Strong Cash Position
Despite higher losses, unit economics improved meaningfully. The Whole Truth spent ₹1.15 to earn every rupee of operating revenue in FY25, compared with ₹1.48 in FY24.
The company ended the year with ₹141 crore in cash and bank balances, nearly double the previous year, and current assets of ₹270 crore, providing a comfortable runway to fund growth.
Funding and Outlook
To date, The Whole Truth has raised $38 million, with investors including Matrix Partners and Sauce, and is preparing to raise an additional $34 million in a Series D round.
With revenue momentum strong and costs showing early signs of operating leverage, the company appears positioned for its next growth phase toward ₹500 crore in annual revenue. The key challenge ahead will be expanding its addressable market without diluting its clean label positioning, as competition intensifies in premium nutrition categories.
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