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Delhi-based enterprise software firm TraqCheck has secured funding from Caret Capital and Peyush Bansal’s family office, Culture Cap, at a $9 million valuation. 

“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,” said Armaan Mehta, Jaibir Nihal Singh, and Rishabh Jain—Founders of TraqCheck.

“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,” they added. 

As per the Market Research Future report, the global background check market is expected to grow from $13.83 billion in 2023 to $34.25 billion by 2031, with a Compound Annual Growth Rate (CAGR) of 12% during 2024-2031.

Despite its traditional dependence on manual processes, existing market players constantly rely on outdated technology. TraqCheck aims to tackle this challenge by delivering instant verification services through machine learning and AI algorithms.

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“There are significant tailwinds for TraqCheck’s value proposition. As the industry transitions to a gig workforce and on-demand human resources (eg in logistics, deliveries, etc), there will be a significantly higher demand for instant background verification services. Traditional background verification companies cannot do fast verification, which companies like TraqCheck using AI can do, additionally providing the much-needed identity solutions for the corporate world,” said Prajakt Raut and Pankaj Bansal, Co-founders and Managing Partners of Caret Capital.  

Founded in 2021, TraqCheck utilises AI for employee background verification, helping organisations select candidates while hiring.

It currently serves over 200 clients, including Bajaj Capital, Cholamandalam Finance, Reliance Retail, Samvardhana Motherson, and Yatra.