We propose CLIP-Lite, an information efficient method for visual representation learning by feature alignment with textual annotations. Compared to the previously proposed CLIP model, CLIP-Lite requires only one negative image-text sample pair for every positive image-text sample during the optimization of its contrastive learning objective. We accomplish this by taking advantage of an information efficient lower-bound to maximize the mutual information between the two input modalities. This allows CLIP-Lite to be trained with significantly reduced amounts of data and batch sizes while obtaining better performance than CLIP at the same scale. We evaluate CLIP-Lite by pretraining on the COCO-Captions dataset and testing transfer learning to other datasets. CLIP-Lite obtains a +14.0% mAP absolute gain in performance on Pascal VOC classification, and a +22.1% top-1 accuracy gain on ImageNet, while being comparable or superior to other, more complex, text-supervised models. CLIP-Lite is also superior to CLIP on image and text retrieval, zero-shot classification, and visual grounding. Finally, we show that CLIP-Lite can leverage language semantics to encourage bias-free visual representations that can be used in downstream tasks. Implementation: https://github.com/4m4n5/CLIP-Lite