The Whole Truth raises $11 million from Sequoia Capital India, Matrix Partners

This takes the company’s total fundraise till date to over Rs 142 crore.

As per the filings, The Whole Truth’s parent company Fitshit Health Solutions Pvt Ltd, has issued 28,935 Series B compulsorily convertible preference shares to Matrix Partners for Rs 25.37 crore, and 73,944 shares to Sequoia Capital for Rs 64.84 crore. Following the investment, Matrix Partners and Sequoia Capital hold 20.95% and 20.83% stake in the company, respectively.

The promoter holding in the company has been diluted from 45.20% pre-issue to 38.11% post-issue of shares to the two investors.

The company’s last fundraise happened in July last year,
when it raised $6 million, or roughly Rs 43 crore, in a Series A round led by Sequoia Capital.

Last year’s fundraising round had also seen participation from existing investors Matrix Partners India and Sauce.Vc, along with a clutch of angels like Flipkart CEO Kalyan Krishnamurthy, Udaan co-founder Sujeet Kumar and BharatPe co-founders Ashneer Grover and Shashvat Nakrani.

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Prior to that, angels in the company include Zerodha co-founder Nithin Kamath and Swiggy co-founder Sriharsha Majety.
Founded in 2019 by Mehta, an ex-Unilever marketeer, the company sells clean label bars and muesli. Rachna Aggarwal, a bakery chef and chocolatier, heads its product development.

For the year-ended March 31, 2021, The Whole Truth had reported operating revenues of Rs 4.83 crore, more than six fold from a year ago. The company’s losses also expanded significantly to Rs 3.66 crore in FY21, from Rs 93.10 lakhs in FY20.

The company is yet to file its financial statements for 2021-22 (April-March).