D2C Brand Hits ₹520Cr Revenue
An Indian FMCG D2C brand is on track to hit ₹520Cr in revenue for FY25, a 2x year-over-year increase, with a 5x jump in EBITDA to ₹30Cr. The company reportedly achieved this by cutting its marketing spend in half and focusing on offline channels, which now account for 80% of its sales.
The brand in question is The Whole Truth (TWT), founded by ex-Unilever marketing manager Shashank Mehta. The company was born from Mehta's frustration with misleading health claims on packaged foods, which he initially exposed through his blog, "Fitshit," before launching the product line. This foundation of educating consumers first became a core part of the brand's "radically honest" marketing. For the fiscal year ending March 2025, The Whole Truth saw its revenue from operations surge by 232% to ₹216 crore, up from ₹65 crore in the previous year. This growth was capital-intensive, with the cost of materials rising 3.5x to ₹131 crore and advertising expenses doubling to ₹41 crore. Despite the revenue jump, the company's losses widened to ₹28 crore in FY25 from ₹24 crore in FY24 as it invested in scaling. The company's pivot to offline channels is part of a broader trend among Indian D2C brands seeking sustainable growth and profitability as customer acquisition costs online have risen. Between 150 and 200 D2C brands expanded into offline retail over the last two years, recognizing that physical stores build trust and allow for a "touch and feel" experience. For TWT, this omnichannel strategy included entering over 10,000 stores across 50 cities. Backed by investors like Peak XV Partners and Matrix Partners, The Whole Truth has raised a total of $37.6 million. The brand's core strategy is built on transparency, using its packaging to declare every ingredient upfront and leveraging founder-led content to build a loyal community. This has resulted in a high repeat purchase rate of 56%, well above the industry average of 25-30%.
