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, Delhi-Based AI Startup, Receives Undisclosed Investment to Transform Background Verification Landscape
Delhi-based startup TraqCheck has received a significant boost with undisclosed investment from sustainability fund Caret Capital and Peyush Bansal’s family office, Culture Cap. This injection of capital aims to fuel TraqCheck’s mission to enhance operational efficiency through its innovative enterprise tech platform, specializing in AI-driven background verification.
Founded in November 2020 by Armaan Mehta, Jaibir Nihal Singh, and Rishabh Jain, TraqCheck utilizes artificial intelligence to streamline background checks for employees. With a valuation now standing at $9 million, the startup serves over 200 clients, including prominent names like Bajaj Capital, Cholamandalam Finance, and Reliance Retail.
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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.
The investment in TraqCheck comes at a time of flourishing AI startups in India, with the market anticipated to exceed $17 billion by 2030. Caret Capital and Peyush Bansal’s Family Office have demonstrated a strategic vision in their investments, further highlighting the potential of TraqCheck to make significant strides in the industry.
In a competitive landscape dominated by players like IDfy and AuthBridge, TraqCheck aims to carve out its niche in the rapidly growing background verification market, projected to reach $18.6 billion by 2026. As TraqCheck secures funding to propel its growth trajectory, it reflects the ever-evolving Indian startup landscape, offering promising opportunities for investors and entrepreneurs alike.
