TraqCheck, an enterprise technology startup, has secured an undisclosed sum of funding in a Pre-Series A funding round that was jointly led by Caret Capital and former Goldman Sachs’ international wealth management division chief Alok Oberoi. The valuation of the company is $14 million.
Aakash Anand, the proprietor of Bellavita, also participated in the round.
The company, which is headquartered in Delhi, will utilize the new funding to enhance its operational efficiency and global expansion strategies, commencing with the United Kingdom.
TraqCheck is an AI-powered platform that enables enterprises to conduct background investigations on their employees.
TraqCheck serves over 200 customers, including Bajaj Capital, Cholamandalam Finance, Reliance Retail, Samvardhana Motherson, Yatra, and Grant Thornton, among others.
The objective of TraqCheck in the background verification industry is to address the voids associated with data inaccuracies, costs, and time.
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The venture faces competition from IDfy, AuthBridge, and OnGrid, among others.
It is anticipated that the market fraud background verification sector will expand to a $18.6 Bn market opportunity by 2026, with a compound annual growth rate (CAGR) of 16.6% from $8.6 Bn in 2021.
This follows a funding round that was conducted in April of this year, which included the family office of Peyush Bansal, the proprietor of Lenskart, and Caret Capital.
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