Acquisition Project | The Whole Truth
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Acquisition Project | The Whole Truth

Elevator Pitch

The Whole Truth

Who says quality food has to be complex and bleh? Not us! We, at The Whole Truth craft food that will make you wonder, what’s our secret ingredient? Well, there are NONE :) Made from simple ingredients (all of which can be seen on our packs upfront👀) and with the right blend, we offer you a taste of only what you can see (no secrets, remember?). From chocolates, bars, peanut butters to even whey protein for those gains, we have it all!

Trust us, go ahead and grab your favorite food without any guilt :)


Understand the user

Ideal Customer Profiles


Criteria

ICP 1

ICP 2

ICP 3

ICP 4

Name

A

B

C

D

Demographics





Age

18-25

26-35

36-50

50 and above

Gender

M/F

M/F​

M/F

M/F

City

Tier 1 & Tier 2

Tier 1 & Tier 2

Tier 1 & Tier 2

Tier 1 & Tier 2

Average Income-level

0-5L Annually

6-15L Annually

15-30L Annually

30L upwards and Retired professionals

Energy Expenditure

High

Medium to High

Medium

Low to Medium

Need

Snack options that are fulfilling, boosts energy and have a good taste || Exploring or Getting into fitness || Weight management || Guilt-free indulgent options for those late night cravings

Easy and quick snacking, something that can be conveniently carried to the office/workplace || Weight Management || Active lifestyle management || Post-Partum weight management for ladies || Guilt-free indulgent options for those late night cravings

Have healthy food to either maintain or improve their body vitals || Active lifestyle management || Food that supports their long-term health

Good food with quality ingredients || Light on gut and good nutrition

Pain Point

Availability of snacks || Knowledge about the right ingredients || Affordability

Time management || Knowledge of ingredients || Finding the right snack ||

Finding quality food keeping in mind the body vitals

Trying out processed products || To find gut friendly food

Solution

Youtube Videos / Short videos addressing the problem.

Products with easy to understand ingredients / Convenient snacks / Credibility

Health Blogs / Interacting with peers or friends

Influence by friends and family who are already using the product / fitness trainers

Behaviour





Perceived Value of Brand

Easy to understand, Minimal Ingredients

Clean Ingredients / Transparency

Clean Ingredients and health benefits that come along

Gut friendly ingredients

Marketing Pitch

Guilt-free and nutrient dense snacks

On-the-go, guilt-free and nutrient dense snacks

Free from preservatives and chemicals

Light on the gut and energy boosting

Goals

Quality food without compromise on taste.

Quality and nutrient dense food to meet their overall macros.

To maintain or move towards an overall healthy lifestyle.

Healthy lifestyle maintenance through conventional and simple ingredients

Frequency of use case

Once in two weeks for protein bar || Once in 30-40 days for protein powder

Once in a week for protein bars || Once in 30-40 days for protein powder

Once in 30 days for protein powders || Once a fortnight for protein bars

Once in 40 days for protein powder

Average Spend on the product

70 - 120 for protein bars || 2000 - 2500 on protein powders

70 - 120 for protein bars || 2000 - 2500 on protein powders

2500 - 3000 for protein powders || 70-150 on protein bars

2500 - 3000 for protein powders

​


ICP Prioritization

Criteria

ICP 1

ICP 2

ICP 3

ICP 4

Adoption Curve

Low

Low

Medium

High

Appetite to Pay

Medium

High

High

Medium

Frequency of Use Case

High

High

Medium

Low

Distribution Potential

High

High

Medium

Low

TAM

​High

High

Medium

Medium


From the above table it would be ideal to target ICP 1 and ICP 2.









Understand the product

Core Value Proposition of The Whole Truth

With simple, minimal and quality ingredients, The Whole Truth offers products that have no "secret" or hidden ingredients. Crafted for young adults to golden agers, everyone is entitled to consume foods free from preservatives, additives and chemicals.





Understand the market

Factors

The Whole Truth

Competitor 1 - MuscleBlaze

Competitor 2 - Yoga Bar

Competitor 3 - Max Protein

What is the core problem being solved by them?

Preservative free, additives free, chemical free food. Food that can be consumed before thinking twice.

Affordable protein products for fitness enthusiasts in India

Healthy snacks for time-constraint individuals

Healthy snacks for time-constraint individuals

What are the products/features/services being offered?

Protein Bars, Peanut butters, sugar-free chocolates, Whey Protein, Muesli, TWT Merch

Various Dietary supplements (BCAAs, Protein Powders, etc.) , Fit food (Oats, Cereals, Peanut butters, Bars), Fitness accessories

Healthy snack items that include on-the-go snacks like protein bars, oats, muesli, cereals, peanut butter to ready to eat mixes like pancake mix.

Protein bars, cookies, whey protein, plant protein, peanut butter, protein chips

Who are the users?

Fitness enthusiasts, Athletes (ICT players), Health-individuals who value transparency

Athletes, Budget-conscious fitness enthusiasts

Health-conscious individuals, busy professionals

Fitness enthusiasts, busy professionals

GTM Strategy

Focus on building a community who value transparency, trust and chemical free food. Focus on clean label products

Budget-friendly products, Gym partnerships

Highlighting natural ingredients and easy to use

Variety of snack formats with the underlying idea of "protein anywhere"

What channels do they use?

E-commerce, Health content on Social Media, Niche health stores

E-commerce websites, Offline supplement stores, Gyms

E-commerce, office vending machines/canteens , local shops

E-commerce, Vending machines, local shops

What pricing model do they operate on?

Premium pricing due to their use of natural and clean ingredients

Mid-tier pricing

Mid-tier pricing

Mid-tier to premium for snacks

How have they raised funding?

Started by IIM Lucknow alum Shashank Mehta, the company has raised approx $22.4 million across six funding rounds. This includes angel investors like Zerodha co-founder Nithin Kamath, Swiggy co-founder Sriharsha Majety and Rebel Foods co-founder Jaydeep Burman.

Backed by Healthkart, it raised $153 million in November 2024 led by ChrysCapital and Motilal Oswal Alternates. This took Healthkart's valuation to approximately $500 million and total funding till date to approximately $300 milliom

Started by 2 sisters in 2014, YogaBar has acquired significant funding with the most recent one being ITC's 39.42% stake in it's parent company Sproutlife foods. This takes their total funding till date to more than Rs. 300 crore.

Max-Protein has acquired a funding of $8.04 million across 3 rounds of Series A funding. Latest being a stake acquisition by Zydus Wellness for approximately $46.4 million.

Brand Positioning

Honest, transparent and clean-label snacks

Affordable, Indian manufactured supplements

Health-focused, Natural snacking solutions

Convenient, on the go variety snack options

UX Evaluation

Minimalistic & User-friendly. Engaging as it lets users go through real reviews of consumers who have already used their products.

Informational, User friendly and easy to navigate. Segmentation based on level of fitness helping the consumer navigate accordingly.

Vibrant and colorful. Recipes that can help evaluate and analyze the ingredients needed or they can use for their recipes.

Segmentation of use cases for the consumers to understand and choose accordingly.

What can you learn from them?


Gym partnerships


Segmentation of use cases


The Healthy Food Industry in India:

With an estimated market size of USD 10 Billion, the health & wellness f&b industry is expected to touch 30 Billion by 2026. The current health - conscious consumers in India are around 176 million (CY26). 70% of Indians say they will focus on their health post-covid (Report by Avendus Capital in Nov 2023). This has been proven by the fact of rising awareness among individuals regarding their health & wellness. Consulting Dieticians/Nutritionists, joining fitness centers, fitness clubs, spending habits gravitating towards dietary supplements, healthy food alternatives, etc. confirms the trend of people shifting towards an overall healthy lifestyle.

This demand stems from millennials - and India has a large millennial population with high disposable incomes who are willing to spend on health. There are 440 million plus millennials in India today, a huge market, already almost convinced and ready to be tapped. Plus this is spreading to other interested age groups at a rapid rate. For example, parents looking to feed healthy food to their children, the elderly focusing on improving their life quality, and the well-traveled, affluent two-tier city population to name a few.

This has been facilitated by high disposable income and increase in purchasing power post-covid.


Now, taking the case of only Tier 1 cities, the average population of these cities is currently around 8 million (Worldometer). Around 5.6-6 million of these people are Active Lifestyle seekers (Gym-goers, Athletes, Busy professionals pursuing a sport or an activity).


Therefore a TAM for a health food brand in India can be:

Total no. of Potential customers = 176 million / 17.6 Crores

Average Order Value per Customer (through brand websites/e-com/offline stores) = 250-300 (India CSR)

Frequency of Order = Average 1.5 times per month

Thus, Average Revenue per customer = 250 x 1.5 x 12 = Rs. 4500 per year (Overall fit food category)

TAM = 17.6 Cr x Rs. 4,500 = 79,200 crores approx.


Now, for Serviceable Addressable Market we will take the population of Tier-1 cities

SAM = 79,200 crores x 0.045 (8 mil / 176 mil, addressing only Tier-1 cities) = 3560 crores (in 1 Tier-1 city)


Since The Whole truth is a private company and due to the difficulty to obtain market share data, here, SOM is derived based on an assumption. Assuming 7% as a conservative figure.

SOM = 3560 x 7% = 250 crores approx (in 1 Tier-1 city)










If your product is in early scaling stage

Designing Acquisition Channel

​

Channel Name

Cost

Flexibility

Effort

Speed

Scale

SEO

Medium

High

High

Medium

High

Content Marketing - Blog Posts, Engaging & Informative Skits

Medium

High

Medium

Medium

High

Referral Program - Loyalty Points that can be redeemed once the referral is successful

Medium

High

Low

Medium

Low

Partnerships with gyms and fitness centers

High

Medium

High

Medium

Medium

Content Loops

Low

High

Low

Medium

High




Detailing Organic Research

Organic Channel


Some of the Organic Channels that The Whole Truth uses:

1 - Educational content: Informative and myth-busting content through blogs, articles and videos that can be shared and spreads awareness among consumers.

2 - Labelling ingredients upfront: One of the key USPs is their labelling of ingredients upfront on their packaging. This validates their claim of Transparency and gives the consumer more confidence. "No half-truths, No false claims, and def no * marks."

3 - User Driven content: (i) Giving the consumers a chance to give their feedbacks on "Infinite wall of love" on their web page, it enhances the credibility and authenticity of the brand because of the real reviews. (ii) Consumers making recipes from their protein powder and sharing it on social media helps them reach to a wider audience.

4 - Strong WOM: People talking about their experience with the product over social media, at fitness centers, among their social groups has helped TWT acquire consumers organically.


Organic Channels that The Whole Truth can pursue:


1 - Pop-Up Stores: Pop-Up stores can be arranged with the presence of the founder. The presence of the owner can make the consumers feel special and improve the connections with the brand. Exclusive limited time Pop-up stores can help increase their brand awareness and manage their return from trade as they themselves are selling the products for a limited time.


2 - Having their own activity club: People can join an exclusive invite only TWT clubs that offers the consumers access to events like a half marathons, etc. which will promote a strong WOM culture not just among the existing consumers but will also get the potential customers talking.

Detailing Content loops

The Whole Truth being a clean and healthy snack brand, the users of the product are mainly fitness enthusiasts and active lifestyle seekers.


Hence, Target audience would be Gym members, Athletes as well as Food enthusiasts.


Here are some of the content loops The Whole Truth can try out;

CONTENT LOOP 1: SHARING RECIPES ON BRAND WEBSITE MADE WITH TWT PRODUCTS

Content Context: The brand can create a different section on the website to enable users to come and share food recipes they have made using The Whole Truth product. This way different users can share their favorite recipes with everyone and help them inculcate The Whole Truth ingredients.


Here, the content creator is the consumer, content distributor is the user and brand website is the channel of distribution.


User makes a recipe using The Whole Truth Product


Shares the recipe on the brand website


Available to multiple users across



CONTENT LOOP 2: COMPREHENSIVE INGREDIENT INFORMATION TOOL

Content Context: Building a comprehensive ingredient information tool under The Whole Truth's brand name that can help users know the nutrition information of various ingredients used in their food/recipes. This will help them promote their USP of Transparency and Clean Label.


Here, the content creator is the brand, content distributor is the user and the brand, website is going to be the channel of distribution.


User comes to the website to search for any ingredient nutrition.


Finds the nutritional value


The process repeats



CONTENT LOOP 3: SHARING

Content Context: The Whole Truth having easy to carry protein bars and energy bars, can encourage people to share their experience and stories through social media platforms like Instagram and Snapchat by uploading and sharing pictures of the bars and how it helped them complete their protein intake or boost their energy levels.


Here, the content creator is the consumer, content distributor is the user and Instagram and Snapchat (Social Media) is the channel of distribution.


User buys a Protein Bar


Clicks a Picture and shares experience on Instagram


Tags The Whole Truth’s Page


Story/Post brings the user’s followers to The Whole Truth’s page


Detailing Product integrations

(Understand, where does organic intent for your product begins?)

​

Step 1 → Identify complementary products used by your ICP
Step 2 → Use the selection framework

Channel Name

Time to go live

Tech Effort

New users we can get (monthly)

New Users we can get in Month 1

New Users we can get in Month 2

New Users we can get in Month 3


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Step 3 → Collaborate with necessary stakeholders
Step 4 → Map the customer journey
Step 3 → Design the wireframe with the new integration
Step 3 → Run pilot tests before launching
Step 3 → Measure post-integration metrics

​


Detailing Referral / Partner program

​Referral Program

  • Who will have access to the referral program: Users who order more than twice only from the website. This will ensure prevention of referral fraud and also bring organic traffic since the condition is ordering only from the website.
  • Discovery of Referral Program: A pop up message that appears right after the order is confirmed where a unique link is offered that can be copied and shared on multiple platforms. This facilitates the idea of 1:Many users, enabling a wider audience reach.
  • Motivation to Share: (i) Redeemable Referral points aka Platform Currency: Points that can be redeemed on the next purchase upon successful referral; (ii) Early access to New Products: Early access to new launches can motivate the primary users to refer. Upon successful referral the new signee can get sign up points which can be redeemed only upon purchasing the product.
  • How will they track: Points being credited to their account
  • How will they keep sharing: Value unlocking upon no. of successful referrals:

At 2 - 5 Referrals: 100 points for each referral. 1 point = 1 Re.

At 5 - 8 Referrals: 100 points for each referral. 1 point = 1.2 Rs.

At 8 - 10 Referrals: 100 points for each referral. 1 point = 1.5 Rs.

Thus with each successful referral the value of the points can increase gradually.

  • Non-user referral experience: A link along with a tagline that subtly challenges the non-user to try out the product. The tagline could be "To uncover the mystery of a healthy gut and lifestyle, go ahead and order and find The Whole Truth". Upon clicking on the link, the user will land on the website of the brand. A pop-up can then appear and entice the non-user to sign up, by offering certain discount on completing the core action.



Partner Program

  • Partnering with Sport Athleisure Brands: Products placed at sport athleisure offline stores. For eg. Decathlon. The Whole Truth Protein powders can be placed with their shakers. Protein bars can be placed near checkout points to help refill customers their energy.
  • Partnering with Gyms: Offering special privileges to the product in form of special discounts through coupon codes to new members. Offering protein bars and energy bars in the gym canteen.












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