TraqCheck, a startup based in Delhi, is revolutionizing the employee background verification process using artificial intelligence (AI) technology. Founded in 2021 by Jaibir Nihal Singh, along with his childhood friends Armaan Mehta and Rishabh Jain, TraqCheck aims to help organizations streamline their hiring process by making background verification more efficient and affordable. By leveraging AI, technology, and automation, TraqCheck enhances speed, accuracy, and compliance, ensuring that companies onboard the right individuals.
Overcoming Initial Challenges and Building a Viable Solution
Despite early scepticism from industry experts about automating background checks in India, the founders of TraqCheck were determined to develop a feasible product. They invested Rs 6 lakh from personal savings to bootstrap the startup and focused on advancing the technology. Jaibir Nihal Singh, Co-founder of TraqCheck, explains, “We persisted in building our product and discovered that it was indeed viable. This realization motivated us to focus on developing the technology and advancing ahead.”
Streamlining Background Verification with AI
TraqCheck offers an API-first product that can be seamlessly integrated with any Human Resource System (HRMS) using just a few lines of code. Once provided with candidate information, the platform runs a comprehensive background verification, producing results that can be accessed through the dashboard or the client’s HRMS system. TraqCheck’s AI-driven product ensures meticulous accuracy and a fast turnaround time by verifying an individual’s criminal record, education history, previous employment, identity, address, and psychometric results. The platform incorporates various bots and algorithms, such as the Identity Matching Algorithm, Employment Verification Bot, and Forgery Detection Algorithm, to provide end-to-end automated background check solutions. Additionally, TraqCheck’s algorithms employ the Positive Adjudication Matrix, which modernizes the adjudication process by identifying significant discrepancies.
Flexible Business Model and Growing Client Base
TraqCheck follows a per-background-check pricing model instead of charging for software leasing. The cost varies depending on the client’s monthly hiring volume, with an average charge of Rs 1,000 per person. The startup boasts an impressive client portfolio, including well-known companies such as Reliance Retail, Lenskart, Motherson Sumi, Hero Cycles, Bajaj Capital, Cholamandalam Finance, and Yatra. With more than 150 clients already onboard, TraqCheck adds 4-5 new companies to its clientele every month.
Rapid Revenue Growth and Future Plans
As the background verification market experiences a surge, TraqCheck generated a revenue of Rs 2.6 crore in FY22. The startup aims to exceed Rs 8 crore in the current year, surpassing Rs 20 crore the following year, and eventually reaching Rs 100 crore within the next 4 to 5 years. To stay at the forefront of innovation, TraqCheck has partnered with OpenAI to develop advanced features like criminal record categorization and computer vision for current address verification. In the future, the startup plans to collaborate with job portals and expand its workforce over the next three to four years.
Data Privacy and Timely Results
TraqCheck prioritizes data privacy and ensures strict protocols for data protection. Clients’ data is encrypted and stored on secure AWS cloud servers, and candidates’ consent is obtained before initiating any verification process. Most background checks are completed instantly and continuously updated in real-time, including ID, criminal, address, psychometric, credit, and employment verifications. In cases where physical verification from universities is required, the process may take 3-5 days. However, no complete background check, including physical components, takes longer