An undisclosed sum of money has been invested in Delhi-based startup TraqCheck by sustainability fund Caret Capital and cofounder of Lenskart Peyush Bansal’s family office, Culture Cap. The corporate technology venture plans to improve its operating efficiency with the additional capital.
The AI-based startup TraqCheck is valued at $9 million with this recent investment, according to a statement from the business.
The AI-driven platform TraqCheck, developed by Armaan Mehta, Jaibir Nihal Singh, and Rishabh Jain, was introduced in November 2020 to assist businesses in running background checks on their workforce.
More than 200 customers are served by TraqCheck, including, to mention a few, Bajaj Capital, Cholamandalam Finance, Reliance Retail, Samvardhana Motherson, and Yatra.
“In the event that the sector shifts to an on-demand workforce and gig economy (such as in delivery, logistics, etc.), there will be a marked increase in demand for immediate background check services. Cofounders and managing partners of Caret Capital Prajakt Raut and Pankaj Bansal stated, “TraqCheck is an example of a company that uses AI to verify information instantly and quickly. Traditional background verification companies are unable to accomplish this.”
Verifying an employee’s background can be difficult and frequently calls for human assistance. Turnaround times (TAT) for background checks can be very long, often taking several weeks, which is the largest obstacle.
TraqCheck seeks to close the gaps in the background verification market pertaining to time, expense, and inaccurate data. In this field, the business competes with unicorns IDfy, AuthBridge, OnGrid, and others for a piece of the lucrative industry, which is expected to expand from $8.6 billion in 2021 to $18.6 billion by 2026 at a compound annual growth rate of 16.6%.
Elev8, KB Investment, and Tenacity Ventures contributed $27 million to Mumbai-based IDfy last month in order to help the company grow throughout Asia. IDfy was established in 2011 to help businesses automate and expedite their employee, merchant, and KYC onboarding processes.
Caret Capital, meanwhile, asserts that it has made investments in several firms, including Just Deliveries, Xindus, Stylmunia, Omnivio, and Celsius. The last time Peyush Bansal’s family office, Culture Cap, made an investment in a dental care business, Dezy, was in Bengaluru in 2022.
At a time when the Indian GenAI market is expected to grow to be a $17 billion or more market by 2030, TraqCheck has raised capital. More than 100 GenAI businesses are based in India at the moment, and they have raised more than $440 million since 2019.
