Summary
Delhi-based startup TraqCheck, specializing in AI-driven background verification, has secured an undisclosed investment from Caret Capital and Peyush Bansal’s Family Office, Culture Cap. The funding aims to enhance operational efficiency through its innovative enterprise tech platform. Founded in 2020, TraqCheck utilizes AI to streamline background checks for employees, boasting a client base of over 200 enterprises. The investment propels TraqCheck’s valuation to $9 million and comes amidst a thriving AI startup ecosystem in India. This funding underscores the potential for TraqCheck to revolutionize the background verification landscape and highlights promising opportunities in the Indian startup scene.
TraqCheck Secures Investment to Revolutionize Background Verification
Delhi-based startup TraqCheck has recently received a significant investment from sustainability fund Caret Capital and Peyush Bansal’s family office, Culture Cap. The undisclosed funding injection aims to turbocharge TraqCheck’s mission to enhance operational efficiency through its cutting-edge enterprise tech platform.
Founded in November 2020 by Armaan Mehta, Jaibir Nihal Singh, and Rishabh Jain, TraqCheck leverages artificial intelligence to streamline background checks for employees. This boost in investment has propelled TraqCheck’s valuation to an impressive $9 million, according to a statement from the company.
With a client roster boasting over 200 enterprises, including notable names like Bajaj Capital, Cholamandalam Finance, and Reliance Retail, TraqCheck has established itself as a trusted player in the field. Prajakt Raut and Pankaj Bansal, co-founders and managing partners of Caret Capital, highlighted the increasing demand for instant background verification services, particularly in industries embracing gig work and on-demand human resources.
Traditional methods of background verification often suffer from lengthy turnaround times and data inaccuracies, posing significant challenges for businesses. TraqCheck seeks to revolutionize this process by harnessing AI technology to provide rapid and precise background checks.
Also read: Gurugram-based ClaimBuddy Raises Significant Capital to Revolutionize Health Insurance Claims
In a competitive landscape dominated by players like IDfy and AuthBridge, TraqCheck aims to carve out its niche in the rapidly growing background verification market. Projections indicate that the market will soar to $18.6 billion by 2026, driven by a compound annual growth rate of 16.6% from $8.6 billion in 2021.
The investment in TraqCheck comes amidst a thriving ecosystem for AI startups in India, with the GenAI market forecasted to surpass $17 billion by 2030. Caret Capital and Peyush Bansal’s Family Office have a proven track record of strategic investments in innovative ventures, further highlighting the potential of TraqCheck to make waves in the industry.
As TraqCheck secures funding to accelerate its growth trajectory, the Indian startup landscape continues to evolve, offering promising opportunities for investors and entrepreneurs alike.
