Summary
Delhi-based startup TraqCheck, specializing in AI-driven background verification, has secured an undisclosed investment from Caret Capital and Peyush Bansal’s Family Office, Culture Cap. The funding aims to enhance operational efficiency through its innovative enterprise tech platform. Founded in 2020, TraqCheck utilizes AI to streamline background checks for employees, boasting a client base of over 200 enterprises. The investment propels TraqCheck’s valuation to $9 million and comes amidst a thriving AI startup ecosystem in India. This funding underscores the potential for TraqCheck to revolutionize the background verification landscape and highlights promising opportunities in the Indian startup scene.
TraqCheck Secures Funding Boost from Caret Capital and Culture Cap to Enhance Operational Efficiency
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.
Founded in November 2020 by Armaan Mehta, Jaibir Nihal Singh, and Rishabh Jain, TraqCheck specializes in AI-driven background verification, aiming to revolutionize traditional methods plagued by lengthy turnaround times and data inaccuracies. This investment has propelled TraqCheck’s valuation to $9 million, according to a company statement.
With a client base of over 200 enterprises, including prominent names such as Bajaj Capital, Cholamandalam Finance, and Reliance Retail, TraqCheck addresses the increasing demand for instant background verification services, particularly in industries embracing gig work and on-demand human resources.
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Prajakt Raut and Pankaj Bansal, co-founders and managing partners of Caret Capital, emphasized the significance of TraqCheck’s role in the evolving landscape of background verification. They highlighted the potential of AI-driven solutions to provide fast and accurate background checks, thus meeting the growing needs of businesses efficiently.
In a market projected to reach $18.6 billion by 2026, driven by a compound annual growth rate of 16.6%, TraqCheck aims to carve out its niche among competitors like IDfy, AuthBridge, and OnGrid. The investment in TraqCheck reflects the confidence of investors in its innovative approach and the potential for disruption in the background verification industry.
The funding received by TraqCheck underscores the thriving ecosystem for AI startups in India, with the GenAI market expected to exceed $17 billion by 2030. Caret Capital and Peyush Bansal’s Family Office’s strategic investments in innovative ventures further validate TraqCheck’s potential to make significant strides in the industry.
As TraqCheck leverages this investment to fuel its growth trajectory, it symbolizes the ongoing evolution of the Indian startup landscape, offering promising opportunities for investors and entrepreneurs to explore innovative solutions and drive meaningful change.
