Startup news

Summery: TraqCheck, a Delhi-based startup specializing in AI-driven background verification, has received an undisclosed investment from Caret Capital and Peyush Bansal’s Family Office, Culture Cap. The funding will support TraqCheck’s efforts to improve operational efficiency. With a valuation of $9 million, TraqCheck serves over 200 clients and aims to address challenges in traditional background verification methods.

Delhi-based startup TraqCheck has received a significant boost with an undisclosed investment from sustainability fund Caret Capital and Peyush Bansal’s family office, Culture Cap. The infusion of capital will fuel TraqCheck’s mission to enhance operational efficiency through its innovative enterprise tech platform.

TraqCheck, founded in November 2020 by Armaan Mehta, Jaibir Nihal Singh, and Rishabh Jain, utilizes artificial intelligence to streamline background checks for employees. This investment has propelled the valuation of TraqCheck to $9 million, according to a company statement.

The AI-driven platform boasts a client base of over 200 enterprises, including prominent names such as Bajaj Capital, Cholamandalam Finance, Reliance Retail, Samvardhana Motherson, and Yatra. Prajakt Raut and Pankaj Bansal, co-founders and managing partners of Caret Capital, emphasized 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, presenting challenges for businesses. TraqCheck aims to address these shortcomings by leveraging AI technology to provide fast and accurate background checks.

In a competitive landscape dominated by players like IDfy, AuthBridge, and OnGrid, TraqCheck seeks to carve out its niche in the rapidly growing background verification market. Projections suggest that the market will reach $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 anticipated to exceed $17 billion by 2030. Caret Capital and Peyush Bansal’s Family Office have demonstrated a track record of strategic investments in innovative ventures, further underscoring the potential of TraqCheck to make waves in the industry.

As TraqCheck secures funding to propel its growth trajectory, the Indian startup landscape continues to evolve, offering promising opportunities for investors and entrepreneurs alike.