Innovation Showcase: TraqCheck
Enabling enterprises to hire faster
As corporations shift from centralised to distributed structures, utilising gig workers and loosely coupled individual contributors and partners will be a key talent strategy. Flexibility in organising, dissolving, and reconfiguring a distributed, on-demand workforce will be crucial for competitive advantage for corporations.
And for this, faster, frictionless, accurate, and instant background checking, identity verification, and onboarding will become essential. SAAS startup TraqCheck makes this possible.
Traqcheck is an AI-based platform for background verification that makes the background verification progress significantly faster and more accurate, and at a lower cost than current methods. They are 10x faster with 50% more accuracy than traditional methods.
Unlike traditional methods that rely heavily on manual checks and paperwork, TraqCheck offers a digital-first approach, reducing human error, speeding up the process, and ensuring higher accuracy.
TraqCheck addresses the challenge of efficiently managing and verifying employee background checks and compliance processes.
Many businesses struggle with time-consuming, error-prone, and costly background verification procedures, which can delay hiring and onboarding processes. Efficient and accurate background checks are crucial for ensuring a trustworthy and secure workforce.
Delays or inaccuracies in these checks can lead to hiring risks, non-compliance with regulatory standards, and potential legal liabilities.
For businesses, this translates to financial loss, reputational damage, and operational inefficiencies.
Innovation: TraqCheck leverages advanced technology, including AI and machine learning, to streamline and automate the background verification process.
Their platform integrates seamlessly with existing HR systems, providing real-time updates and comprehensive reporting.
TraqCheck’s key value proposition is delivering fast, accurate, and compliant background checks .
By using TraqCheck, clients can expect a more efficient hiring process, improved compliance with industry standards, and a reduction in the overall cost of background verification. This leads to quicker onboarding of new hires, enhanced security, and better overall workforce management.
Adopting TraqCheck is designed to be straightforward for large corporations.
The platform is highly scalable and can be customised to meet the specific needs of different industries.
TraqCheck has adopted an “API First Approach’’ making it quick and efficient for companies to plug TraqCheck into their existing tech stack, ensuring minimal disruption during the transition.
TraqCheck offers two flexible pricing models.
- Per-check model, ideal for companies with variable hiring needs, where they pay only for the background checks they require.
- Subscription model, designed for companies with steady hiring month-on-month, providing a consistent and predictable cost structure.
This dual approach ensures that businesses of all sizes and hiring patterns can find a pricing plan that suits their specific needs, making our service both flexible and affordable.
Why Caret Capital invested in TraqCheck:
From economic factors, to policy to geopolitics to technology to changing social dynamics to changing emotional needs are aspects that will need to be carefully factored by corporations while designing their talent processes for tomorrow’s world.
E.g. Background verification has traditionally been a manual process. Currently leading players, though tech enabled, are working off older generations of technology stacks and dependent on significant human intervention. As a result, their speed, accuracy and costs are inefficient.
In the hiring process, solutions like Traqchek create significantly enhanced competitive advantage for companies than traditional means.
The background verification industry is already a USD 1bn industry in India and USD 15bn globally. More importantly, as industry transitions to gig workforce and on-demand human resources (e.g. in logistics, deliveries, etc.) there will be a significantly higher demand for instant background verification services.
“Identity solutions in context of corporations and its workforce is a big need… it’s like Aadhaar plus required for every seamless onboarding and speed of hiring”
Pankaj Bansal — Managing Partner — Caret Capital
