TraqCheck Raises Pre-Series A Funding at Over $14 Million Valuation

With the new funding, the company aims to expand its presence internationally, starting with the United Kingdom

Updated on: 23 September 2024 11:19 am

Left to Right- Armaan Mehta, Jaibir Nihal Singh and Rishabh Jain

TraqCheck, an enterprise software company focusing on AI-driven background check solutions, has completed its Pre-Series A funding round. The company now holds a base valuation of over $14 million.

The investors who participated in the round include Alok Oberoi, former head of Goldman Sachs' international wealth management division; Aakash Anand, founder of Bellavita; and Caret Capital, a venture firm focused on sectors such as mobility, distribution, and employment.

Founded in 2020 by Jaibir Nihal Singh, Armaan Mehta, and Rishabh Jain, TraqCheck claims to have become a partner of more than 200 corporations, including companies like Bajaj Capital, Reliance Retail, Cholamandalam Finance, Yatra, and Grant Thornton. The company claims that its AI-powered platform helps businesses streamline their hiring processes with fast, accurate, and reliable background checks.

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“This new funding allows us to expand our presence internationally, starting with the United Kingdom. Our vision is to provide companies worldwide with seamless and effective background check technology that enables confident and efficient hiring at scale,” said the founders of the company.

This Pre-Series A round follows an earlier investment secured in April 2024. The round saw participation from the family office of Peyush Bansal, founder of Lenskart, alongside Caret Capital. Speaking about the earlier fund raise, the founders of the company earlier said, “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.”

The founders further added, “Traditional background verification companies cannot do instant or fast verification, which companies like TraqCheck using AI can do, additionally providing much-needed identity solutions for the corporate world.”

With the increase in recruitments in the country, there has been a surge in the background check industry in the country. FactSuite, HireRight India, AuthBridge, Millow, First Advantage, and Quinfy are some of the background check companies in India.