IIFL Fintech Fund Buys 10% Stake In Startup Vitra.Ai

This is IIFL Fintech Fund’s First Investment in Generative AI Space

Mehekka Oberoi, Fund Manager, IIFL Fintech Fund

FinTech BizNews Service

Mumbai, July 30, 2024: IIFL fintech Fund – backed by diversified financial services conglomerate IIFL Group – today announced that it has made its first investment in a generative AI startup - Vitra.ai, which is a pioneering firm specializing in advanced language translation solutions powered by Generative AI. IIFL Fintech Fund has picked up a 10% stake in Vitra.ai for an undisclosed amount.

Vitra.ai has a patented technology model that helps revolutionize the way language translation is approached and delivered on a global scale.  This investment will support the company in further developing its cutting-edge Generative AI technology. This innovation is set to transform the language translation landscape by providing unprecedented accuracy, contextual understanding, and real-time translation capabilities.  Company has a complete product suite to translate videos, images and websites to 75+ languages with 1-click. 

Vitra's Generative AI technology offers several groundbreaking features:

• Contextual Precision: Advanced algorithms that grasp and translate complex meanings, idiomatic expressions, and cultural nuances, ensuring translations are both accurate and contextually appropriate.
• Real-Time Translation: Instantaneous translation for both text, speech, video and audio facilitating seamless communication 
• Adaptive Learning: Continuous improvement through machine learning, allowing the system to evolve and refine its translations based on user feedback and new linguistic data.
• Multilingual Capabilities: Support for a 75+ languages and dialects, enabling effective communication across diverse linguistic groups.

The global language services market is vast and offers a lot of growth potential. Currently, the language translation segment alone is worth ~$20 billion to $25 billion in This includes both human translation services and machine translation technologies. Generative AI language translation is growing as 25-30% CAGR and is expected to be the fastest growing sub-segment in this industry.  The translation aims to provide fast, accurate, and cost-effective translations, making communication easier in a globally connected world. Vitra.ai is already working with large Indian companies like IIFL, HDFC Bank, ICICI Bank, Bajaj Finserv, Swiggy, Zepto etc. for their language translation needs. 

 “Our decision to invest in this Generative AI startup underscores our dedication to supporting startups at the forefront of technological innovation,” said Mehekka Oberoi, Fund Manager, IIFL Fintech Fund. “Generative AI represents a transformative opportunity to push the boundaries of what’s possible and create solutions that are not only efficient but also deeply intelligent and adaptive. Language translation for all marketing content is becoming the need of the hour to reach out to all customers. Vitra's solution enables this connect seamlessly and in a click”  

 “IIFL's investment is a testament to the value and potential of our Generative AI technology,” said Satvik Jagannath, Founder, Vitra.ai. “With the new funding round, we are poised to advance our capabilities and deliver innovative solutions that bridge language barriers more effectively than ever before. Our technology will connect with customers globally.”  

 "The funding infusion by IIFL represents a significant milestone in our journey to pursue technological excellence and global connectivity. We plan to use the fund for expansion of our business to newer geographies" Said Akash Nidhi, Co-founder Vitra.ai.