TRST Score receives seed funding from seven angel investors
- ByStartupStory | November 30, 2022
TRST Score, the Human Risk Mitigation Platform that helps to understand the 360-degree risk of engaging with a human, be it as an employee, agent, gig worker, student, or even a client, by asking firms to retain data within its secure, privacy-protected environment, TRST Rating Seven renowned angel investors have contributed Rs 20 million toward Vault’s inaugural round of financing. The goal is to build a community that will aid in lowering business expenses and losses brought on by a lack of public trust. Over 150+ businesses from the IT, NBFC, microfinance and other corporate sectors are among the clients of this business, which has no preference for any particular industry. The company is prepared to broaden its reach and improve its technology solutions thanks to this financing.
Founded in August 2021, TRST Score (Fiducia Score Private Limited) is a tech firm that addresses numerous employee-related concerns that have gained greater attention recently, including moonlighting, fraud, accepting offer letters and not joining, absconding, and many others. Glassdoor is in reverse, where employers who have invested in their staff and companies have a voice as well.
The Silicon Valley native Sudhakar Raja, a former executive at Oracle and KPMG, founded TRST Score to address the human trust problem that is thought to be costing businesses more than Rs. 10 lac crores in losses just in India.
According to statistics, human error causes 30% of companies to fail in the US, and it’s believed that this percentage is the same in India. Sudhakar Raja, Founder of TRST Score, said, “What some consider a small issue such as Accepting offer letters and Not Joining alone may drain a large company of its valuable resources and is estimated to cost Rs. 1,00,000 for every time it happens.”
According to the Insurance Foundation of India, human risk costs the insurance sector 8% of its income.“The potential for what we are doing has the same ramifications as what credit score had to the entire BFSI sector. We want to look at the person from a 360-degree perspective. Companies are trying to find ways and means to get alternative data points to reduce losses and save money while improving business processes that can be automated.
“The objective of this first-of-its-kind human risk mitigation platform is to help corporations mitigate human risk. We are offering this for free for two years. The funding and the fact that over 150+ companies have signed up already, with a pipeline of over 1000+ companies in the process, is a testimonial to the need for a platform that will assist corporations in mitigating human-related risks.
“This platform will reduce bankruptcies and the suffering of companies suffering silently due to the growing menace of human trust deficiency. With TRST Score, companies will be able to hire verified ethical, and hard-working employees, reducing HR and hiring costs. Helping companies build a long-term workforce and excel due to this able workforce. With this funding, we will be able to expand further, onboard more clients, and upgrade our AI and NLP systems,” Sudhakar said. Since the TRST Score service has had immediate momentum and growth, Sudhakar also said that they are planning to raise $5 million soon to expand the company enormously and take advantage of India’s potential 300 million+ addressable markets.
TRST Score advisors are industry veterans on a mission to lead the HR Tech field. The advisory board members are Taruna Hinduja, a current entrepreneur and the former HR director of SPI Cinemas; Satish Mehta, the former founding MD and CEO of CIBIL; Srinivas Acharya, the former MD of Sundaram Home Finance; Ashok Kalyanswamy, the former CIO of Saxo Bank; N. Sridhar, the founder of G.A.M.E.; and Girish Ramdas, the CEO of Magzter.
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