Caret Capital, a sustainability fund that invests across Mobility, Distribution and Employment, has invested in Delhi-based startup TraqCheck.
Founded in November 2020 by Armaan Mehta, Jaibir Nihal Singh and Rishabh Jain, TraqCheck is an AI-based platform for employee background verification. It enables enterprises to onboard employees significantly faster and more accurately at a lower cost than traditional methods.
“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 utilization of personal data for individual advancement and aiding companies in making informed hiring decisions. This commitment fosters an optimal workplace culture and community. 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,” stated Armaan Mehta, Jaibir Nihal Singh, and Rishabh Jain, the Founders of TraqCheck.
According to Prajakt Raut and Pankaj Bansal, Co-founders and Managing Partners of Caret Capital, “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.”
The background verification industry is a USD one billion industry in India and USD 15 billion globally. However, background verification is conventionally a manual process. Current market players are working off older generations of technology stacks and are dependent on significant human intervention. As a result, their speed, accuracy and costs are inefficient. TraqCheck fills this gap and provides quick and efficient verification leveraging the power of AI.