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.