TrueFan AI Raises $10M Series A for Global Enterprise AI Expansion

Gurugram-based enterprise AI startup TrueFan AI has successfully closed a Series A funding round, raising $10 million (approximately ₹96 crore). The investment was primarily led by Baring Private Equity Partners India and Z3Partners, with additional participation from IAN Alpha Fund and 3Lines Venture Capital.

This significant capital infusion is earmarked for strategic expansion initiatives. TrueFan AI plans to broaden its enterprise customer base, penetrate new markets across Southeast Asia and the Middle East, and strengthen its existing presence in the United States.

Nimish Goel, cofounder of TrueFan AI, emphasized the company’s investment priorities. “Our key investment priorities are distribution and geographic expansion. We aim to grow our monthly client base while strengthening our presence in India and expanding into nearby markets,” Goel stated in an interaction with Inc42.

Founded by Goel and Devender Bindal in early 2020, TrueFan AI initially emerged as a celebrity engagement platform. Over the past two years, the company has undergone a substantial strategic transformation, pivoting its focus towards enterprise AI solutions.

As part of this shift, TrueFan AI relaunched its generative AI video platform. This platform specializes in creating hyper-personalized videos that feature both celebrities and brands, catering to a diverse range of enterprise needs.

The pivot commenced in early 2024, with Zomato marking the startup’s inaugural enterprise client. Since then, TrueFan AI has rapidly scaled its operations, amassing a portfolio of more than 100 enterprise customers across various sectors, including BFSI, healthcare, consumer goods, and media.

Prominent clients include Bajaj Finance, HDFC Bank, Axis Max Life Insurance, Cipla, BharatPe, and Goibibo. This diverse customer base underscores the broad applicability of TrueFan AI’s generative AI solutions across different industries.

The company has reported impressive financial growth, achieving an 11X revenue increase over the past 20 months. For the financial year ending March 31, 2025, TrueFan AI’s revenue surged by 131.1% to ₹17.1 crore, up from ₹7.4 crore in FY24.

Simultaneously, the startup has demonstrated improved financial efficiency, with its losses declining by 36.7% to ₹8.8 crore in FY25, compared to ₹13.9 crore in FY24, according to Tofler data. Goel highlighted this fiscal discipline, claiming, “Our burn today is just 10% of our revenue and we have grown more than 3X in the last financial year.”

TrueFan AI has secured a total funding of $21 million to date. In the competitive AI-led video creation market, the company contends with established players such as VideoVerse, InVideo Enterprise, and Dubverse.

From Fan Moments to Enterprise AI

TrueFan AI’s foundational journey began in February 2020, conceptualized with the straightforward aim of fostering connections between fans and celebrities. Cofounder Nimish Goel drew inspiration from his personal experiences, recalling his efforts to meet idols like Virat Kohli, Roger Federer, and Sachin Tendulkar.

Goel reflected on these early experiences, stating, “Having had these experiences between 2012 and 2016, I felt there was an opportunity to create more such interactions between celebrities and their fans.” However, the founders quickly identified a significant operational bottleneck: the limited availability of celebrity time.

Despite virtually unlimited fan demand, celebrities could only record a finite number of personalized videos. To overcome this constraint, the startup strategically invested in advanced video-generation technology, allocating early funding to assemble a team of engineers and develop its proprietary video foundational model.

The company’s initial funding phase was equally distinctive. Prior to securing its first investment, the startup lacked a formal name. Moments before a crucial meeting with investor Ronnie Screwvala in 2020, Goel and his mentor hastily settled on the name ‘TrueFan’ outside Screwvala’s residence.

By the conclusion of that meeting, Screwvala committed $1 million, encouraging the founders to finalize their $3 million seed round in early 2020. This early backing provided the impetus for the technological development that would define its future.

After nearly two years dedicated to building the underlying technology, TrueFan AI introduced its first celebrity avatar featuring actor Ranveer Singh in late 2021. Subsequently, the company expanded its roster, developing AI avatars for over 150 celebrities, including prominent figures such as Shah Rukh Khan, Ranbir Kapoor, Kareena Kapoor, Anushka Sharma, Rohit Sharma, and Rishabh Pant.

By March 2024, TrueFan AI had established a robust consumer platform, leveraging 30 celebrity avatars to generate approximately 30,000 personalized videos each month. The landscape, however, shifted dramatically with the launch of ChatGPT in late 2022.

This event significantly accelerated the broader acceptance of AI-generated content, reinforcing the founders’ conviction that advancements in generative AI could unlock a far greater opportunity beyond mere celebrity engagement. This strong belief culminated in the startup’s strategic pivot to serving enterprise customers by early 2024.

Building for Future Interactions

Looking ahead, TrueFan AI identifies interactive video as its next significant frontier. The founders envision a future where video evolves from a passive, one-way communication format into a dynamic, real-time conversational interface.

In this advanced model, customers will be able to directly engage with AI-powered avatars. These avatars will be meticulously trained on an individual’s specific knowledge, presentations, and past interactions, enabling highly personalized and efficient communication.

For its upcoming phase, the startup is actively developing real-time AI video agents. These agents are designed to interact dynamically across a multitude of business use cases, including customer support, sales, onboarding processes, and product discovery, thereby revolutionizing customer engagement.

The cofounder highlighted the immense potential within the global video production market, which is currently estimated at $900 billion. As enterprises increasingly reallocate budgets from traditional production houses and agencies towards AI-led content creation, TrueFan AI aims to establish itself as a category leader in this evolving landscape.

Concurrently, TrueFan AI is scaling its operational infrastructure to meet anticipated demand. The company currently employs a team of over 110 professionals and supports API-led enterprise deployments. It boasts the capability to generate up to 5 lakh videos per minute.

The startup is making a significant bet that real-time video agents will become a pivotal channel for how businesses effectively communicate and interact with their customers in the digital age.