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.
AI-driven Background Verification Startup TraqCheck Attracts Investment from Caret Capital and Culture Cap
Delhi-based startup TraqCheck is on the brink of transformation with a significant investment from sustainability fund Caret Capital and Peyush Bansal’s family office, Culture Cap. While the exact amount remains undisclosed, this infusion of capital is set to propel TraqCheck’s valuation to $9 million, according to a recent company statement.
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 delays and inaccuracies. With a growing client base of over 200 enterprises, including industry giants like Bajaj Capital, Cholamandalam Finance, and Reliance Retail, TraqCheck is already making waves in the market.
The timing couldn’t be better for TraqCheck. As industries increasingly rely on gig workers and on-demand human resources, the demand for instant background verification services is soaring. By leveraging cutting-edge AI technology, TraqCheck aims to deliver fast and accurate background checks, addressing a critical need in the market.
Also read: Healthcare Startup ClaimBuddy Raises $5 Million to Simplify Health Insurance Claim Process
In a landscape dominated by competitors like IDfy, AuthBridge, and OnGrid, TraqCheck is poised to carve out its niche. With projections estimating the background verification market to reach $18.6 billion by 2026, the potential for growth is immense.
The investment in TraqCheck comes amidst a flourishing ecosystem for AI startups in India, with the GenAI market forecasted to surpass $17 billion by 2030. Caret Capital and Peyush Bansal’s Family Office’s strategic investment underscores their confidence in TraqCheck’s innovative approach and its potential to disrupt the industry.
As TraqCheck gears up to accelerate its growth trajectory with this funding, it signifies yet another milestone in the dynamic landscape of Indian startups. With promising opportunities on the horizon, both investors and entrepreneurs are eagerly watching to see what the future holds for TraqCheck and the broader startup ecosystem.
