IIFL Fintech Fund Takes 10% Stake in GenAI Startup Vitra.ai This investment is aimed at further developing Vitra.ai's innovative generative AI technology.
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IIFL Fintech Fund, backed by financial services major IIFL Group, has acquired a 10% stake in Vitra.ai, though the exact investment amount remains undisclosed.
Vitra.ai, a Bengaluru-based startup founded by Satvik Jagannath and Akash Nidhi PS, specialises in advanced language translation solutions powered by generative AI (GenAI).
This investment is aimed at further developing Vitra.ai's innovative generative AI technology.
"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 connection seamlessly and with a click," Oberoi added.
This investment marks IIFL Fintech Fund's first foray into the GenAI sector. Vitra.ai offers a comprehensive suite of translation products that cover videos, images, and websites in over 75 languages.
Its solutions are known for contextual precision, utilising advanced algorithms to translate complex meanings and cultural nuances. The platform supports real-time translation for text, speech, video, and audio, facilitating seamless global communication.
"IIFL's investment is a testament to the value and potential of our generative AI technology. 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 Satvik Jagannath, Founder, Vitra.ai.
Vitra.ai is already collaborating with major Indian companies such as Bajaj Finserv, HDFC Bank, ICICI Bank, Swiggy, and Zepto to meet their language translation needs.
