TraqCheck Bags Funding To Help Businesses Verify Employees Background Via AI Solution

SUMMARY

The round also saw participation from Bellavita's founder Aakash Anand

TraqCheck caters to more than 200 clients, including Bajaj Capital, Cholamandalam Finance, Reliance Retail, Samvardhana Motherson, Yatra and Grant Thornton among others

The market fraud background verification sector 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

Enterprise Tech startup TraqCheck has raised an undisclosed funding in a Pre-Series A funding round co-led by Caret Capital and former Goldman Sachs’ international wealth management division head Alok Oberoi, at a valuation of $14 Mn.

The round also saw participation from Bellavita’s founder Aakash Anand.

The Delhi- based company will use the fresh funding to boost its operational efficiency and global expansion plans, starting with the UK.

Founded in 2020 by Jaibir Nihal Singh, Armaan Mehta 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, Yatra and Grant Thornton among others.

“We are excited to welcome such respected investors aboard the TraqCheck journey. Our cutting-edge background check technology is designed to help companies hire with confidence and at scale,” said the founders of TraqCheck

The company is growing 5X and claims to remain profitable this year as well.

In the background verification industry, TraqCheck aims to bridge the gaps related to time, costs and data inaccuracies.

The startup competes against the likes of IDfy, AuthBridge, and OnGrid among others.

The market fraud background verification sector 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.

This comes on the heels of a funding round carried out earlier this year in April which saw participation from the family office of Peyush Bansal, founder of Lenskart along with Caret Capital.

Similarly in March IDfy, an online fraud detection platform that provides background verification services, secured $27 Mn (around INR 224 Cr) in a Series E funding.

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.