Gurugram-based enterprise AI startup TrueFan AI raised $10 million in a Series A funding round led by Baring Private Equity Partners India and Z3Partners, the company announced. The round also included participation from IAN Alpha Fund and 3Lines Venture Capital. TrueFan plans to use the capital to grow its enterprise customer base and expand into new markets across Southeast Asia, the Middle East, and the US.
Founded in early 2020 by Nimish Goel and Devender Bindal, TrueFan AI initially operated as a celebrity engagement platform before pivoting to enterprise AI in early 2024. The startup relaunched its generative AI video platform to create hyper-personalized videos featuring celebrities and brands. Zomato was its first enterprise customer after the pivot. Since then, TrueFan has grown to serve over 100 enterprise clients across sectors including BFSI, healthcare, consumer goods, and media.
TrueFan AI's client list includes Bajaj Finance, HDFC Bank, Axis Max Life Insurance, Cipla, BharatPe, and Goibibo. The startup reported 11-fold revenue growth over the past 20 months, with a 131.1% increase in revenue to ₹17.1 crore for the financial year ended March 31, 2025. The funding round and expansion plans position TrueFan among emerging enterprise AI players targeting personalized video content for brand engagement.
TrueFan AI cofounder Nimish Goel stated that the company’s key investment priorities are distribution and geographic expansion, aiming to grow its monthly client base while strengthening its presence in India and nearby markets. The startup’s next milestone will be scaling operations in the US and new international markets with the fresh capital injection.