AI-Based Employee Background Verification Startup TraqCheck Raises Funding from Caret Capital and Peyush Bansal Through increasing recruiting speed, cost effectiveness, and accuracy, the Delhi-based platform hopes to innovate the background verification market by utilising the raised funds to advance and integrate new AI technologies.
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AI-Based Employee Background Verification Startup TraqCheck has announced the raising of an undisclosed amount of funding from Caret Capital, a sustainability fund that makes investments in employment, distribution, and mobility.
Lenskart CEO Peyush Bansal also participated in the round.
"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," said Armaan Mehta, Jaibir Nihal Singh, and Rishabh Jain, the Founders of TraqCheck.
Founded in November 2020 by Armaan Mehta, Jaibir Nihal Singh, and Rishabh Jain, TraqCheck is an AI-based platform for employee background verification. Compared to traditional approaches, it allows organisations to onboard personnel much faster, more precisely, and at a lesser cost.
"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.
Prajakt Raut and Pankaj Bansal, Co-founders and Managing Partners of Caret Capital, said, "There are significant tailwinds for TraqCheck's value proposition. 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/fast verification, which companies like TraqCheck using AI can do."
