AI video startup TrueFan raises $10 million led by Baring PE, Z3Partners

Gurugram-based video generation startup TrueFan AI has raised $10 million in a round led by Baring Private Equity Partners India and Z3Partners, as enterprises increasingly shift from text-led communication towards AI-generated video content.

IAN Alpha Fund and 3Lines Venture Capital also participated in the round. Chief executive Nimish Goel told ET the round was raised at a post-money valuation of $40 million.

The startup, which works with more than 100 enterprise customers including HDFC Bank, Bajaj Finance, Zomato, Cipla and BharatPe, allows companies to generate AI-powered personalised videos at scale using celebrity avatars, business leaders, and enterprise spokespersons.


US-based HeyGen has also surpassed $100 million in recurring revenue as demand for AI-generated business videos grew.

TrueFan AI is also looking to expand beyond India into markets such as southeast Asia, the Middle East and the US, where it has already started seeing demand.

In India, the category remains relatively nascent compared with the US and Europe. Early synthetic media startup Rephrase.ai was acquired by Adobe in 2022, while startups such as Gan.ai and InVideo are also building AI-led video generation and personalisation tools for enterprises and creators.