IIFL Fintech Fund Picks Up 10% Stake In GenAI Startup Vitra.ai

IIFL Fintech Fund has invested an undisclosed amount of funding in Vitra.ai to pick up a 10% stake in the Gen AI startup.

Founded in 2020 by Satvik Jagannath and Akash Nidhi PS, Vitra.ai specialises in advanced language translation, helping creators and businesses leverage the power of GenAI to translate videos, images, podcasts and text to over 75 languages in just one click. 

The startup was incubated by Google India. It was a part of the tech major’s seventh cohort of Google for Startups Accelerator. 

As per IIFL Group’s statement, Vitra.ai will use the fresh funds to further develop its GenAI technology and expand its business to newer geographies.

“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,” said Jagannath, founder of Vitra.ai.

The startup has built its patented technology model to help revolutionise the way language translation is approached and delivered on a global scale.  

Vitra.ai’s GenAI technology offers multiple features, including contextual precision, real-time translation, and adaptive learning. Its advanced algorithms grasp and translate complex meanings, idiomatic expressions, and cultural nuances, ensuring translations are both accurate and contextually appropriate.

Mehekka Oberoi, fund manager at IIFL Fintech Fund, said, “Our decision to invest in this Generative AI startup underscores our dedication to supporting startups at the forefront of technological innovation.”

“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,” Oberoi added.

Vitra.ai earlier raised around $571K from its investors, which includes 100X.VC and Inflexor Ventures. 

The startup is already working with large Indian companies including IIFL, HDFC Bank, ICICI Bank, Bajaj Finserv, Swiggy, and Zepto for their language translation needs. 

IIFL said that the language translation segment is worth $20 Bn to $25 Bn currently, which includes both human translation services and machine translation technologies. GenAI language translation is expected to be the fastest-growing sub-segment in this industry. 

As per Inc42’s analysis, India’s GenAI market is expected to leapfrog to cross the $17 Bn mark by 2030.