TraqCheck, an enterprise software company, has raised an investment from Caret Capital and Peyush Bansal’s family office, Culture Cap, at a $9 million valuation.
The company currently facilitates background verifications for over 200 large corporate clients, such as Bajaj Capital, Cholamandalam Finance, Reliance Retail, Samvardhana Motherson, Yatra, and many others, as per a company 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."
The background check industry in India is valued at $1 billion, and globally, it's estimated to be worth $15 billion. Despite its traditional reliance on manual processes, current market players often use outdated technology and heavily depend on human input. TraqCheck is revolutionising the sector by providing rapid and efficient verification through cutting-edge machine learning and AI algorithms.
