Delhi-based enterprise software firm TraqCheck has made waves in the startup ecosystem by securing significant funding from Caret Capital and Peyush Bansal’s family office, Culture Cap, valuing the company at $9 million.
This infusion of capital marks a significant milestone for TraqCheck, affirming its commitment to leveraging AI technologies to innovate the background verification industry.
TraqCheck’s Vision for Advancement:
TraqCheck’s founders, Armaan Mehta, Jaibir Nihal Singh, and Rishabh Jain, are driven by a vision to revolutionize background verification through advanced AI technologies.
With a focus on enhancing hiring speed, cost efficiency, and accuracy, the company aims to empower individuals and businesses alike.
Partnership Announcement:
Expressing excitement about the partnership, TraqCheck’s founders welcomed Pankaj Bansal, Prajakt Raut from Caret Capital, and Peyush Bansal’s family office, Culture Cap, as strategic partners on their journey.
This collaboration signifies a shared commitment to innovation and growth in the background verification space.
Market Growth and Opportunities:
According to a Market Research Future report, the global background check market is poised for substantial growth, with a projected value of $34.25 billion by 2031.
TraqCheck is well-positioned to capitalize on this growth, offering instant verification services powered by machine learning and AI algorithms.
Addressing Industry Challenges:
Despite the market’s potential, traditional background verification companies face challenges due to reliance on manual processes and outdated technology.
TraqCheck aims to address these challenges by delivering fast and accurate verification services, catering to the evolving needs of modern businesses.
Insights from Caret Capital:
Prajakt Raut and Pankaj Bansal, Co-founders and Managing Partners of Caret Capital, underscored the significant opportunities ahead for TraqCheck. With the shift towards gig work and on-demand human resources,
there is a growing demand for instant background verification services. TraqCheck’s AI-driven approach is poised to meet this demand while offering identity solutions for the corporate world.
TraqCheck’s Journey and Impact:
Founded in 2021, TraqCheck has quickly gained traction in the market, serving over 200 clients, including prominent names such as Bajaj Capital, Cholamandalam Finance,
Reliance Retail, Samvardhana Motherson, and Yatra. The company’s innovative approach to employee background verification has earned it a reputation for reliability and efficiency.
Conclusion:
TraqCheck’s latest funding round marks a significant milestone in its journey to transform the background verification industry.
With the support of Caret Capital and Peyush Bansal’s family office, the company is poised to accelerate its growth and cement its position as a leader in AI-driven background verification solutions.
As the market continues to evolve, TraqCheck remains committed to driving innovation and empowering businesses with cutting-edge technologies.
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