Delhi-based startup TraqCheck raises significant funding from Peyush Bansal And Caret Capital

TraqCheck, a startup that specializes in AI-based employee background verification, has announced raising an undisclosed amount of investment from Caret Capital and Peyush Bansal’s family office, Culture Cap, at a USD 9 million valuation.

The Delhi-based startup currently facilitates background verifications for over 200 large corporate clients, such as Bajaj Capital, Cholamandalam Finance, Reliance Retail, Samvardhana Motherson, Yatra, and many others, according to an official statement.

“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,” stated Armaan Mehta, Jaibir Nihal Singh, and Rishabh Jain, the founders of TraqCheck. 

Prajakt Raut and Pankaj Bansal, co-founders and managing partners of Caret Capital, said, “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 or fast verification, which companies like TraqCheck using AI can do, additionally providing much-needed identity solutions for the corporate world." 

TraqCheck, founded in November 2020 by Armaan Mehta, Jaibir Nihal Singh, and Rishabh Jain, allows organisations to recruit much faster, more precisely, and at a lesser cost with the help of AI.

"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 utilisation of personal data for individual advancement and aiding companies in making informed hiring decisions. This commitment fosters an optimal workplace culture and community," the founders added.

Reportedly, the background check industry in India is valued at USD 1 billion, and globally, it's estimated to be worth USD 15 billion. 

TraqCheck is revolutionizing the hiring process by providing rapid and efficient verification through cutting-edge machine learning and AI algorithms instead of a traditional approach of manual processes, using outdated technology that heavily depends on human input.