SUMMARY
The Delhi-based startup will deploy the capital raised to enhance its operations and facilitate background verifications for its clients
Launched in November 2020 by Armaan Mehta, Jaibir Nihal Singh and Rishabh Jain, TraqCheck is an AI-driven platform that helps enterprises conduct background checks on potential hires and employees
The global identity verification market is projected to grow at a CAGR of 16.6% from $8.6 Bn in 2021 to $18.6 Bn by 2026
Sustainability fund Caret Capital and Lenskart cofounder Peyush Bansal’s family office, Culture Cap, have infused an undisclosed amount of capital into Delhi-based startup TraqCheck. The enterprise tech venture will use the fresh funds to enhance its operational efficiency.
With the latest investment, AI-based startup TraqCheck is valued at $9 Mn, the company said in a statement.
Launched in November 2020 by Armaan Mehta, Jaibir Nihal Singh and Rishabh Jain, TraqCheck is an AI-driven platform that helps enterprises conduct background checks of employees.
TraqCheck caters to more than 200 clients, including Bajaj Capital, Cholamandalam Finance, Reliance Retail, Samvardhana Motherson, and Yatra, just to name a few.
“As the industry transitions to a gig workforce and on-demand human resources (e.g. in logistics, deliveries, etc.), there will be a significantly higher demand for instant background verification services. Traditional background verification companies cannot do instant / fast verification, which companies like TraqCheck using AI can do,” said Prajakt Raut and Pankaj Bansal, cofounders and managing partners of Caret Capital.
Employee background verification can be tricky and often requires human intervention. The biggest challenge in background checks is the turnaround time (TAT), which can be lengthy and go up to several weeks.
In the background verification industry, TraqCheck aims to bridge the gaps related to time, costs and data inaccuracies. In this line of work, the startup locks horns with soonicorn IDfy, AuthBridge, OnGrid, etc. to grab a juicy pie of the market which is projected to become an $18.6 Bn market opportunity by 2026, growing at a CAGR of 16.6% from $8.6 Bn in 2021.
Last month, Mumbai-based IDfy secured $27 Mn from Elev8, KB Investment, and Tenacity Ventures to expand its footprint across Asia. Founded in 2011, IDfy enables organisations to streamline and automate their KYC, employee and merchant onboarding.
Meanwhile, Caret Capital claims to have invested in a number of startups such as Stylmunia, Omnivio, Celsius, Xindus, and Just Deliveries among others. Peyush Bansal’s family office, Culture Cap, last invested in Dezy, a Bengaluru-based dental care startup, in 2022.
TraqCheck has raised funds at a time when the Indian GenAI market is anticipated to become a $17 Bn+ market opportunity by 2030. Currently, India is home to more than 100 GenAI startups, which have raised more than $440 Mn+ since 2019.
