Existing investors IAN Alpha Fund and 3Lines Venture Capital also participated in the round. CEO Nimish Goel told ET that the round was raised at a post-money valuation of $40 million.
The startup, which has partnered with over 100 enterprise customers including HDFC Bank, Bajaj Finance, Zomato, Cipla, and BharatPe, enables businesses to generate AI-powered personalized videos at scale using celebrity avatars, business leaders, and corporate spokespeople.
US-based HeyGen has also surpassed $100 million in recurring revenue as demand for AI-generated business videos grows.
TrueFan AI also aims to expand beyond India to markets such as Southeast Asia, the Middle East, and the United States, where it is already starting to see demand.
In India, this category is still at a relatively nascent stage compared to the US and Europe. Early synthetic media startup Rephrase.ai was acquired by Adobe in 2022, while startups like Gan.ai and InVideo are also building AI-driven video generation and personalization tools for businesses and creators.
