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IIFL fintech fund – backed by diversified financial services conglomerate IIFL Group, today it has made its first investment in a generative AI startup - Vitra.ai, which is a firm specialising in advanced language translation solutions powered by Generative AI. IIFL Fintech Fund has picked up a 10 per cent stake in Vitra.ai for an undisclosed amount.
Vitra.ai has a patented technology model that helps revolutionise the way language translation is approached and delivered on a global scale. This investment will support the company in further developing its Generative AI technology. This innovation is set to transform the language translation landscape by providing unprecedented accuracy, contextual understanding, and real-time translation capabilities.
“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
