TraqCheck: Transforming Employee Background Verification with AI-Powered Efficiency

In a time marked by heightened security concerns and increasing cyber threats, ensuring robust employee background verification has become more critical than ever. Delhi-based startup TraqCheck, established in 2021 by Jaibir Nihal Singh and his childhood friends Armaan Mehta and Rishabh Jain, is on a mission to revolutionize this process, making it more efficient and cost-effective. Leveraging AI technology, TraqCheck offers advanced employee background verification solutions, helping organizations onboard the right talent while enhancing speed, efficiency, accuracy, and compliance.

Jaibir Nihal Singh, Co-founder of TraqCheck, shares their journey: "Despite initial skepticism from industry experts about automating background checks in India, we persevered in building our product and realized its viability. This realization motivated us to focus on developing the technology further."

The startup commenced its journey with an initial investment of INR 6 lakhs from personal savings and currently boasts a team of approximately 20 employees.

Automating Verification Solutions

TraqCheck introduces an 'Application Programming Interface (API)-first' product, highly customizable and seamlessly integrable with any Human Resource Management System (HRMS) using just a few lines of code. Upon gathering candidate information, it conducts background verification and provides results accessible via the dashboard or the client's HRMS system. The product meticulously authenticates and compiles historical data, encompassing criminal records, educational background, employment history, identity, address, and psychometric evaluations. It incorporates various bots and algorithms, including the Identity Matching Algorithm, Employment Verification Bot, and Forgery Detection Algorithm, all within an end-to-end automated system.

TraqCheck's sophisticated algorithms, notably the Positive Adjudication Matrix, identify significant discrepancies, modernizing the adjudication process. The startup's streamlined approach is designed to minimize additional workload for HR teams, ensuring a convenient and seamless experience while accelerating the background verification process.

TraqCheck has also partnered with OpenAI to develop features like categorizing criminal records and implementing computer vision for current address verification.

Business Model and Future Outlook

TraqCheck adopts a unique pricing model, charging clients per background check rather than leasing software. Costs vary based on an organization's monthly hiring volume, with an average charge starting at INR 1,000 per person. The startup boasts over 150 clients, including prominent names such as Reliance Retail, Lenskart, Motherson Sumi, Hero Cycles, Bajaj Capital, Cholamandalam Finance, and Yatra. It consistently adds 4-5 new companies to its clientele every month.

The background verification market is witnessing substantial growth, driven by the increasing presence of international firms in India, which makes background checks a crucial hiring requirement. TraqCheck generated a revenue of INR 2.6 crores in FY22 and aims to achieve over INR 8 crores in the current year, surpassing INR 20 crores the following year, with a long-term goal of reaching INR 100 crores within the next 4-5 years.

Discreet Data Policy

TraqCheck places a premium on data privacy and enforces rigorous protocols for data protection. Client contracts mandate explicit consent for data usage in background verifications. Additionally, TraqCheck secures and encrypts client data on AWS cloud servers, offering the option for data erasure post-verification upon the client's request. Candidates also grant consent before any verification process begins.

The Road Ahead

The global employment screening services market is on a growth trajectory, projected to reach $9.92 billion by 2028, according to Allied Market Research. TraqCheck distinguishes itself by offering a product-based approach rather than a service, ensuring scalability, timely results, accuracy, and cost-effectiveness. The startup plans to collaborate with job portals in the coming months and anticipates expanding its workforce over the next three to four years.