TraqCheck: Revolutionizing Employee Background Verification with AI and Automation
In an era where data security breaches and cyber threats have become prevalent concerns, the significance of thorough employee background verification cannot be overstated.
Addressing this need head-on is TraqCheck, a dynamic Delhi-based startup that emerged onto the scene in 2021 with the aim to transform and optimize employee background verification.
Through the strategic integration of AI and automation, TraqCheck endeavors to streamline the background verification process, making it both efficient and cost-effective.
TraqCheck was founded by Jaibir Nihal Singh and his childhood friends, Armaan Mehta and Rishabh Jain.
Recognizing the mounting importance of accurate and timely employee background checks, the trio embarked on a mission to revolutionize this process through technological innovation.
The startup’s approach leverages advanced technology to expedite verifications, minimize human errors, enhance efficiency, and ensure compliance, ultimately allowing companies to confidently onboard the right personnel.
The Vision and Journey Unveiled
Jaibir Nihal Singh, Co-founder of TraqCheck, reveals, “Despite initial feedback from several industry experts suggesting the infeasibility of automating background checks in India, 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.” Fuelled by their determination, the founders embarked on their journey, investing Rs 6 lakh from personal savings to bootstrap the startup.
Currently, TraqCheck’s dedicated team consists of about 20 employees, all driven by the shared mission to redefine employee background verification.
Innovating Through Automation
At the core of TraqCheck’s innovation lies an ‘Application Programming Interface (API)-first’ product.
This highly customizable solution seamlessly integrates with any Human Resource System (HRMS) through a few lines of code, facilitating a streamlined and efficient experience.
Singh explains that upon receiving candidate information, TraqCheck initiates a comprehensive background verification process. The results are then conveniently accessible on either the dashboard or the client’s HRMS system.
The startup’s cutting-edge technology authenticates and consolidates an individual’s historical data, encompassing criminal records, educational history, previous employments, identity, address, and psychometric results.
This is achieved with meticulous accuracy and swift turnaround times. The system is fortified with a series of advanced bots and algorithms, such as the Identity
Matching Algorithm, Employment Verification Bot, and Forgery Detection Algorithm. These, combined with end-to-end automation, provide organizations with holistic and dependable background check solutions.
TraqCheck’s innovation extends to its Positive Adjudication Matrix—a unique feature that identifies and highlights significant discrepancies in data, subsequently modernizing the adjudication process.
Singh emphasizes, “Our streamlined approach is designed to minimize any additional workload for HR teams, providing them with a convenient and seamless experience, while their advanced system handles the entire background verification process expeditiously.”
Moreover, in a strategic collaboration with OpenAI, TraqCheck has harnessed the capabilities of AI to develop various features, including criminal record categorization and computer vision for current address verification, among others. This union of expertise further enhances the startup’s comprehensive offerings.
A Business Model Anchored in Value
TraqCheck has adopted a unique pricing model that aligns with the diverse needs of its clients. Instead of charging for software leasing, the startup levies charges per background check.
The cost varies based on the client’s monthly hiring volume, ensuring that the charges remain fair and proportional to the services rendered.
The average charge begins at Rs 1,000 per person. For example, if a company requires 500 background checks in a month, the billing will be calculated based on the actual number of verifications conducted.
Notably, TraqCheck boasts an impressive client portfolio, with over 150 clients including industry giants like Reliance Retail, Lenskart, Motherson Sumi, Hero Cycles, Bajaj Capital, Cholamandalam Finance, and Yatra, to name a few. The startup’s track record speaks for itself, as it continues to onboard 4-5 new companies every month.
As TraqCheck forges ahead, its commitment to innovation and efficiency in employee background verification remains unwavering.
By effectively marrying AI, automation, and a client-focused pricing model, the startup is poised to not only disrupt the employee background verification landscape but also empower organizations with the tools they need to confidently onboard the right individuals.
In a digital age marked by ever-evolving challenges, TraqCheck is a beacon of progress, contributing to a more secure and trustworthy professional environment for all.