SUMMARY
- TraqCheck raised undisclosed Pre-Series A funding at a $14M valuation, co-led by Caret Capital.
- The AI-driven platform supports 200+ clients with employee background checks, including major corporations.
- The firm’s EBITDA increased by 21,818.72% and net worth grew by 2,432.19% in FY 2023.
TraqCheck, an enterprise tech startup, raised an undisclosed amount in a Pre-Series A round. The funding was co-led by Caret Capital and Alok Oberoi, former head of Goldman Sachs‘ international wealth management, with a company valuation set at $14 million.
The Jaibir Nihal Singh, Rishab Jain, and Armaan Mehta-led TraqCheck is an AI-driven platform that helps enterprises conduct background checks of employees. The business caters to more than 200 clients, including Bajaj Capital, Cholamandalam Finance, Reliance Retail, Samvardhana Motherson, Yatra, and Grant Thornton among others. The firm seeks to close the gaps in the background verification market about time, expense, and inaccurate data.
The business reported operating revenues that fell within the range of ₹1 crore to ₹100 crore for the financial year ending March 31, 2023. The company’s EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) experienced an extraordinary surge of 21,818.72%. This dramatic increase underscores the company’s ability to enhance its operational efficiency and profitability over the reporting period.
Furthermore, the firm’s book net worth saw an impressive growth of 2,432.19% compared to the previous year, reflecting a strong financial foundation and a robust strategy for growth.
