TraqCheck Secures Funding from Caret Capital and Peyush Bansal at $9 Million Valuation

• ByStartupStory     |    April 16, 2024

Delhi-based enterprise software company TraqCheck has announced a significant investment from Caret Capital and Peyush Bansal’s family office, Culture Cap, valuing the firm at $9 million. TraqCheck, which specializes in AI-driven background verification services, is set to reshape hiring practices with advanced technologies.

The investment highlights the growing influence of AI in the background verification industry, which is expected to expand significantly, from $13.83 billion in 2023 to $34.25 billion by 2031, according to a report by Market Research Future. This sector, traditionally dependent on manual processes, is ripe for disruption by companies like TraqCheck that leverage machine learning and AI to provide instant verification services.

“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,” stated TraqCheck founders Armaan Mehta, Jaibir Nihal Singh, and Rishabh Jain. They added, “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.”

The backing by well-known investors underlines the confidence in TraqCheck’s potential to transform the sector. As the market shifts towards gig and on-demand workforce models, there is an increasing need for robust and quick background checks.

“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 fast verification, which companies like TraqCheck using AI can do, additionally providing the much-needed identity solutions for the corporate world,” explained Prajakt Raut and Pankaj Bansal, Co-founders and Managing Partners of Caret Capital.

Founded in 2021, TraqCheck has quickly established itself as a key player in the employee background verification space, serving over 200 clients including major corporations such as Bajaj Capital, Cholamandalam Finance, Reliance Retail, Samvardhana Motherson, and Yatra. The company’s innovative use of AI not only enhances the accuracy and efficiency of background checks but also ensures a faster hiring process, crucial for businesses in dynamic industries.

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