Acquisition project | The Whole Truth

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Acquisition project | The Whole Truth

Elevator Pitch

Let's uncover The Whole Truth 🤯

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Ever wondered why your 'healthy' protein bar has 40+ ingredients you can't pronounce? What if I told you that your protein intake doesn't need to be a chemistry experiment?

The Whole Truth believes in radical transparency and clean eating. They make premium protein bars, whey protein, and healthy snacks using only real, whole ingredients you can actually recognize – no preservatives, no artificial sweeteners.

Clean, transparent and authentic with no astericks (*) or footnotes

Their commitment to authenticity has earned them 45% customer retention rate among urban fitness enthusiasts. And they have lakhs of real customers praising their 'clean label' approach.

Unlike other brands that hide behind complex ingredient lists, TWT show you exactly how we make each product. Click here to get a 3D Tour of our BarKhana.

TWT's founder Shashank Mehta personally addresses customer concerns on X & LinkedIn among other platforms, and they're the only brand in India that invites customers to challenge their transparency claims.

Visit TWT's website to explore their clean-label products, and use code “DONTWAITISOLATE” for 20% off your first order. Join our community of conscious consumers who refuse to compromise on their health or values.

Understand the user

Understanding your ICP

B2C Table ✍️

Criteria	User 1	User 2	User 3
Name	Upasana	Kartik	Jhanvi
Age	27-45	23-26	21-25
Demographics	Female, married, living in Tier 1 city (Bangalore)	Male, single, living in Tier 2 (Surat)	Female, single, living in Tier 1,2,3
Salary	1 - 1.5 Lacs/month	80K- 1Lac/month	25K-35K/month
Profession	Working in Consulting, Growth roles, Founder's office, Entrepreneurs, Mid-size Agency owners.	Working in HR, Admin, Operations, Marketing & Sales at MNCs like Accenture, Dell, and EY.	Working as a Content writer, Social media manager & marketing/sales fields
Need	To fulfil daily nutritional/protein intake requirement. She is looking for sources that are trust-worthy and have a clean label without any chemicals, preservatives or added sugar. She is very mindful of what goes into her body and will not compromise her food habits for taste or indulgence of any kind.	He wants healthy snacking options in a budget-friendly category. He is willing to spend lavishly on premium products but they should offer value for money. It is a plus if "TWT's" products also help with his protein intake but not a necessity.	She is looking for an occasional indulgence that align with her preferences for packaging, taste, and brand story. She doesn’t have a strict focus on health or clean eating, but she appreciates products that offer a premium experience. While she doesn’t prioritize clean eating, she resonates with brands that have an ethical or authentic story.
Pain Point	She has lost trust in pre-packaged food and mainstream brands that make large claims of being "Healthy" and "free of preservatives." She doesn't trust the advice of gym trainers (who recommend brands for whey protein) & has to do her own research to find healthy alternatives in a cluttered market. Meeting her daily protein intake from clean sources is a problem she has to solve alone.	The consumer is aware that mainstream products (pre-packaged chips, biscuits, beverages) are loaded with chemicals and have high sugar/fat but he's not very health conscious or actively looking for alternatives. However, he does express a wish to enjoy guilt-free snacking to satiate his cravings/hunger. He wants to be presented with options that are relatively clean, if not completely. And he wants to get good value for money.	The Whole Truth’s products are priced much higher than mainstream brands (e.g., Amul), which makes her hesitant to buy regularly. She sees it as a "premium" rather than a necessity. Since Jhanvi doesn’t prioritize health-related factors like clean eating or nutrition labels, the brand’s value proposition doesn’t resonate with her, making her less likely to view the product as a smart purchase.
Solution	Products that help fulfil daily protein requirements from clean, non-adulterated, and healthy sources. She values trust, authenticity, and transparency in the brand.	He wants products that are tasty, budget-friendly, and offer good value for money. Brand philosophy, smooth brand experience and clean label are important to him.	Given that Jhanvi is attracted to the taste and story behind the brand, The Whole Truth should market the authentic, premium quality of their ingredients and the ethical brand story.
Behaviour	She logs all her meals on apps like Healthifyme to track protein & calorie intake, tracks steps, goes to the Gym, runs half-marathons. She also travels a lot for work and prefers to carry protein bars for a quick snack.	He goes to the gym three times a week and frequently orders food from places like Fresh-menu and likes eating salad bowls. He mindfully avoids eating anything that contains palm oil, refined sugar, wheat flour or any chemicals he can't pronounce.	Jhanvi buys the dark chocolate when she’s in the mood for something special, but not regularly. She might treat herself once a week or after a stressful workday. She is a price-conscious consumer who is likely to be swayed by influencer recommendations, peer posts on Instagram, or branded content that appeals to her aesthetic preferences and lifestyle.
Apps used in daily life	Healthifyme, AmazonFresh, Big Basket, Uber, Blinkit, Fittr, Licious, Whoop	Healthifyme, Dmart, Blinkit, Zepto, Local Kirana stores, Noise	Zepto, Blinkit, Meesho, Amazon, Apple
Frequency of use case	Daily usage (minimum 5 times a week)	3 times a week	Once a month
Average Spend on the product	Rs. 8000-10,000	Rs. 2000-3000	Rs. 1000-1200
ICP Prioritization	YES	YES	NO

IC Prioritization Table

Criteria	ICP 1 (Upasana)	ICP 2 (Kartik)
Adoption Curve	Low	Low
Appetite to Pay	High	High
Frequency of Use Case	High	Medium
Distribution Potential	High	High

Understand the product

Understanding Core Value Proposition

#NOTHINGTOHIDE

The Truth isn't necessarily THE WHOLE TRUTH!

When food giants like Nestlé hide spoonfuls of added sugar in products like Cerelac—marketed for babies, — it’s clear that trust in our food has been broken. For years, brands have misled consumers with glossy ads, hidden nutrition facts, and hard-to-pronounce ingredients, creating a false sense of health and safety.

However The Whole Truth, is setting a new standard for transparency and accountability in the food industry. Their products contain no added sugar, no preservatives, no artificial chemicals, and no hidden surprises. And while the big players bury their nutrition facts on the back, they proudly display it front and center —because they have #nothingtohide.

But they don’t stop there. They believe that consumers deserve more than clean-label products — They deserve the truth. That’s why they're raising the bar for food journalism with initiatives like Truth GPT extension on their website.

This tool empowers consumers to ask any question about our products, ingredients, or even the industry at large — and get straightforward, honest answers. Whether it’s debunking myths about “healthy” snacks or exposing hidden sugars in mainstream foods, Truth GPT is here to educate and empower consumers.

With The Whole Truth, what you see is what you get—simple, whole ingredients and a commitment to honesty that goes beyond the plate.

Understand the market

Factors	Rite Bite Max Protein	Yoga Bar (Acquired by ITC - 40% stake)
What is the core problem being solved by them?	They offer variety of protein based products (powered by essential 21 vitamins & minerals) to help Indian consumers maintain their overall health.	Yoga bar is an all natural health food brand that aims to become India's #1 breakfast destination. They are trying to change how India has breakfast - and replace it with options that are more nutritious.
What are the products/features/services being offered?	They primarily offer different range of protein bars. They have 10g (for daily intake), 20g (for active lifestyle) & 30g for those who are into heavy workouts.	Yoga Bar has about 6-7 product ranges namely, Muesli, Protein & Energy Bars, Dry Fruits, Seeds, Oats, Quinoa, nut butters and Baby's cereals.
Who are the users?	They have 3 ICPS, namely, consumers who are here for guilt-free snacking, users looking to supplement their active lifestyle and the third category is those who want to lose/gain weight and purchase high value products like their whey protein, etc.	Yoga Bar caters to individuals who want to switch to healthier breakfast alternatives as opposed to mainstream (cornflakes, chocos, etc) products that are loaded with sugar and have no nutritional value.
What channels do they use?	Website, Amazon, Quick commerce apps	Website, Retail partnerships with E-commerce platforms like Amazon, Hyugalife, ITC Stores and offline retail stores (Yoga studios, Gyms, etc)
How have they raised funding?	8.4M	12M
Brand Positioning	The brand complements the sedentary lifestyle of the urban population who are unable to have the right diet. Their products are packed with vitamins, OMEGA 3 & Protein and aim to improve overall health	Yoga Bar has a pretty wide approach when it comes to brand positioning. They offer an all-inclusive breakfast options, protein bars, seeds & nuts. They want to become an all-in-one store for all nutritional/healthy snacking needs.
What is your product’s Right to Win?	TWT aims to cater to a niche category of fitness enthusiasts and help them fulfill their protein intake instead of promising maintenance of overall health (which is a large promise & difficult to maintain without any tangible trackers)	Yoga bar's broad approach (in products) showcases their commitment to wellness, but the brand's focus on too many verticals may dilute its core message and limit its differentiation in an increasingly crowded market. As consumer demands shift toward specialized solutions for allergens and other health concerns, Yoga Bar may face challenges in maintaining its unique position. "The Whole Truth" offers a more focused, transparent approach, positioning it for success in this evolving landscape.
What can you learn from them?	Max Protein has a range for consumers who wish to snack guilt-free. Their protein chips in 7 grains (ragi, quinoa, soy, urad, chickpea, etc) have several Indian flavours like Peri-peri, Manchurian and Desi masala. TWT can innovate & explore products that focus on enhancing the snacking experience while keeping it clean.	Yoga Bar is solving for "breakfast in your pocket." Their breakfast range solves real problem for urban-professionals who want nutritious, easy to cook breakfast.

TAM (Total Addressable Market)

TAM = 180 million urban consumers × $1,200 annual spending = $36 billion

Assumptions:

Target Audience: Includes all urban consumers who are willing to spend on healthy food and drinks.
Annual Spending: Each consumer in this group is assumed to spend $1,200 annually on healthy food and drinks.
Market Size: Assumes there are 180 million potential consumers who fit this demographic.

SAM (Serviceable Addressable Market)

SAM = TAM × 15% = $36 billion × 15% = $5.4 billion

Assumptions:

Subset of Consumers: This narrows the target audience to fitness enthusiasts, gym-goers, health-conscious professionals, and people with an active lifestyle.
Percentage of TAM: It assumes that 15% of the TAM is interested and reachable by the brand’s offerings.

SOM (Serviceable Obtainable Market)

SOM = SAM × 0.08% = $5.4 billion × 0.08% = $4.3 million

Assumption:

Market Share: The brand assumes it can capture 0.08% of the SAM initially.

If your product is in mature scaling stage

Designing Acquisition Channel 😇

Based on the below framework, I chose to deep-dive into Paid Ads and Referral

Channel Name	Cost	Flexibility	Effort	Speed	Scale
Organic	High	Low	Medium	Slow	High
Paid Ads	High	High	Medium	High	High
Referral Program	Medium	High	Low	High	High
Product Integration	High	Low	Medium	Slow	Medium
Content Loops	Low	Low	Medium	Medium	Low

Detailing Paid Advertising

Defining the CAC:LTV Ratio


CAC	Rs. 600 (Based on industry average)
AOV	Rs. 2000
Margin	52% (Based on industry research for protein-based product companies, gross margins typically range between 45-65%) For a premium company that sells protein based products, we will use a conservative estimate of 52%
Frequency	6 times a year
Retention	3 years
LTV	LTV = AOV x Frequency x Retention period ₹2,000 × 6 × 3 = 72000
CAC:LTV	1:120 (Favourable)

The CAC: LTV ratio is 1.1. This is considered healthy and can use paid ads as a profitable acquisition channel.

Choosing an ICP

Demographics

Age: 25-45
Income: ₹5-15 lakh annually
Urban centers: Mumbai, Delhi, Bangalore, Pune, Hyderabad, Surat, Gurgaon
Professionals: Tech, Finance, Management, Founder's office

Psychographics

Health-conscious
Quality-oriented
Willing to pay premium for transparency
Fitness enthusiasts

Behavioral Targeting

Follow fitness influencers
Engage with nutrition content
Purchase organic/premium health products
Regular gym/workout routines
Active on Instagram/Facebook
Read nutrition labels

Targeting Parameters

Interests: Fitness, nutrition, clean eating
Detailed targeting: Health food stores, wellness blogs
Lookalike audiences of existing customers

Exclusions

Budget-conscious consumers
Price-sensitive market segments

Select Advertising Channels

Primary Channels for Advertising

Instagram

80% urban millennials/Gen Z
Visual content resonates
High engagement with fitness content
Direct purchase capability via ads

Facebook

Precise targeting options
Detailed demographics match ICP
Retargeting capabilities
Lower CAC potential

Secondary Channel

YouTube

Fitness/nutrition content alignment
Long-form product explanation potential
Video testimonial integration

The following images are attached to show how channels like Instagram & Facebook are contributing to India's rising health consciousness and educating consumers.

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Marketing Pitch

💡 "Truth You Can Taste. Brand You Can Trust."

Say goodbye to misleading labels and hello to 100% honest, clean, and delicious nutrition.

You're a go-getter. Whether you're crushing deadlines in the boardroom or conquering your fitness goals, you know that what you put in your body fuels your success.

That’s why The Whole Truth is your perfect partner. We believe in complete transparency: no hidden sugar, no artificial flavors, and no complicated ingredient lists. Just clean, high-quality nutrition that your body deserves.

🌱 Made with 100% real ingredients.
🏋️‍♂️ Tailored for active, ambitious lifestyles.
💎 Premium quality you can trust.

👉 Shop Now and make the switch to honest eating. Your body (and mind) will thank you.

Sample creative for TWT 😶‍🌫️

Visuals & Ad Design:

Hero Image: A TWT bar unwrapped, with fresh ingredients like nuts, fruits, and oats displayed prominently alongside it.
Copy: The Whole Truth is that this bar has 20g Protein and 100% yummy
Color Palette: Clean, earthy tones to reflect natural and premium quality.

Target Audience Tagline for Ads:

"For Those Who Read Labels Before Buying."
"Because Fitness Deserves Full Transparency."
"Honest Snacks for Honest Hustlers."

Detailing Referral / Partner program

At THE WHOLE TRUTH, we've identified key moments when customers experience our product's true value:

Their first delivery, noticing health improvements and appreciating our radical ingredient transparency. These touchpoints become our referral triggers.
Our referral program offers compelling incentives. Customers can earn product credits by sharing their unique referral link through WhatsApp or Instagram, with a powerful message: "Nutrition without compromise. Try THE WHOLE TRUTH!"
Rewards escalate dynamically. A first-time referrer receives 20% product credit, while the new customer gets 15% off their initial purchase. As customers refer more friends, they unlock increasingly exciting benefits: from basic credits to premium product access, and eventually, brand ambassador status.
. We'll track referrals through a personalized dashboard showing successful referrals, earned credits, and current status. Engagement continues with personalized reminders, milestone bonuses, and an exclusive community that recognizes top referrers.
The core motivation remains consistent: empowering health-conscious individuals to share a brand that offers complete nutritional transparency, turning customers into passionate brand advocates.

Please find the UI Wireframe for the Referral Dashboard below 👇
REFERRAL DASHBOARD
CURRENT TIER: 🥈Total Referrals: 5Credits Earned: Rs.2500Referral Tier: PRO[SHARE REFERRAL LINK] ButtonSuccessful Referrals: [X] Pending Referrals: [Y]