TraqCheck raises funding from Caret Capital and Peyush Bansal's family office; Know about the startup

TraqCheck, a startup specializing in AI-based employee background verification, has raised an undisclosed funding amount from Caret Capital and Peyush Bansal's family office, Culture Cap.

Founded in November 2020 by Armaan Mehta, Jaibir Nihal Singh, and Rishabh Jain, The startup aims to transform the traditional background verification market with its innovative AI technologies.

Leveraging AI to enhance hiring processes

TraqCheck aims to empower individuals and companies through their data. The startup leverages AI to enhance hiring processes by speeding up, reducing costs, and increasing the accuracy of background verifications. This approach allows companies to onboard new hires more efficiently and effectively than traditional methods.

The startup claims that it serves over 200 large corporate clients, including notable names like Bajaj Capital, Cholamandalam Finance, and Reliance Retail. It also claims to have been profitable since its inception and plans to expand its services globally within the next 2-4 years, aiming to capture a significant market share in the industry.

Caret Capital highlights the demand for instant background verification 

According to Caret Capital co-founders Prajakt Raut and Pankaj Bansal, the demand for instant background verification services is expected to rise, particularly as industries shift towards gig workforces and on-demand human resources.

“There are significant tailwinds for TraqCheck’s value proposition. 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, additionally providing the much needed identity solutions for the corporate world," they added.

Driving innovation in the background verification industry

"From the outset, our mission has been clear: to empower individuals and companies through their data. TraqCheck remains committed to this goal by facilitating the utilization of personal data for individual advancement and aiding companies in making informed hiring decisions. This commitment fosters an optimal workplace culture and community," said Armaan Mehta, Jaibir Nihal Singh and Rishabh Jain.

"We remain focused on advancing and implementing new AI technologies to drive innovation in the background verification industry by enhancing hiring speed, cost efficiency and accuracy. Dedicated to empowering individuals and companies with their own data, we are excited to welcome Pankaj Bansal, Prajakt Raut from Caret Capital, and Peyush Bansal’s family office, Culture Cap, as partners on the TraqCheck journey,” they added.