According to Shashank Mehta, Founder and CEO, The Whole Truth Foods (TWT) — which offers 100 percent clean label options for packaged foods — grew 10X in the and 5X in its first and second year since inception.
The 28-month-old company aims to close FY23 at an annualised run rate (ARR) of Rs 100 crore, and it aspires to be a brand worth Rs 500 crore in the next three years.
The Mumbai-based brand started as a direct-to-consumer (D2C) startup in 2019, but as demands and opportunities emerged, it evolved into an omnichannel brand.
Besides selling through its website, TWT has its presence on major ecommerce platforms, including Amazon and Flipkart, and in retail stores.
TWT aims to give customers healthier and cleaner options in categories, where ‘lies’ have long been prevalent. Its main product categories include protein bars, mueslis, nut butter, and dark chocolate.
Launched two weeks ago, the new dark chocolate category offers customers a premium chocolate range sweetened solely with dates with no artificial sweeteners or sugar.
Although the company is recognised as a health brand, it considers itself a ‘truth’ brand in the sense that it is transparent about every ingredient that goes into its products.
In July 2021, TWT had raised a Series A funding round worth $6 million led by Sequoia Capital India, along with existing investors Matrix Partners India and Sauce.VC.
So far, the brand has raised Rs 52 crore, and Shashank said it is well-funded for the next few months. He added that almost all its past investors continue to associate with the brand and support it.
“Good investors support you in investing behind the right things and the right capabilities rather than buying growth,” he said.
According to the founder, TWT focuses more on establishing a solid workforce and has built a team well ahead of where it is now in terms of business.
“People come before they bring the revenue. And the revenue is a result of bringing the team right,” he adds.
The company’s main goal is to continue adding new categories and cleaning them up. At present, it is focusing on developing its backend infrastructure that would power the company’s growth. In the next two years, it intends to expand internationally.