PRNewswire
Mumbai (Maharashtra) [India], April 15: IIFL Fintech Fund is pleased to announce its participation in the $8 million Series A funding round of TraqCheck, the London and New Delhi-based HR technology company building autonomous AI agents for enterprise hiring workflows. The round was led by IvyCap Ventures, with IIFL co-investing as a strategic partner in TraqCheck's next phase of growth.
TraqCheck is building a Human Operating System comprised of specialised AI agents that execute end-to-end hiring workflows autonomously. The company's flagship agent, Trace, automates background verification for nearly 300 enterprise customers across India and Europe. Its newly launched agent, Nina, moves upstream into talent acquisition itself: sourcing candidates in real time, initiating outreach, qualifying applicants, and delivering vetted talent directly to hiring managers.
IIFL Fintech Fund backs companies building deep, defensible infrastructure at the intersection of AI and enterprise workflows. TraqCheck is exactly that.
The global HR technology market is undergoing a fundamental structural shift. Legacy applicant tracking systems and point-solution recruiting tools were built for a world where software assisted human decisions. TraqCheck is building for a world where AI agents make and execute those decisions autonomously. The company does not layer intelligence onto existing software -- it replaces the workflow stack altogether.
Hiring is one of the most operationally intensive functions in any enterprise -- and one of the most underdigitised. Recruiters today spend the majority of their time on tasks that generate no competitive advantage: manually sourcing candidates, chasing background check vendors, coordinating across fragmented tools. The automation upside is enormous.
Conservative industry estimates suggest that autonomous AI agents could reduce time-to-hire by 40-60% and cut cost-per-hire by a comparable margin for enterprises that adopt full-stack agentic systems. For high-volume hiring organisations -- banks, logistics companies, healthcare providers -- this translates to tens of millions of dollars in operational savings annually.
TraqCheck's thesis is that HR will be among the earliest enterprise functions to see meaningful end-to-end automation, precisely because hiring workflows are highly repetitive, data-rich, and outcome-measurable. The company is positioning itself to own that automation layer before the market consolidates.
Ms Mehekka Oberoi, Fund Manager, IIFL Fintech Fund said, "The Human Operating System thesis resonates with us deeply. As agentic AI moves from experimentation to production in enterprise environments, companies like TraqCheck -- which own the full workflow stack across sourcing, screening, and verification -- are positioned to become category-defining infrastructure. We are excited to partner with the team as they scale this vision across India and Europe."
Armaan Mehta & Jaibir Nihal Singh, Co-Founders, TraqCheck said, "The shift from SaaS to AI-native systems is happening faster than most companies realise. Software required humans to operate it. Agents execute autonomously. We are building systems that collaborate and make decisions -- not just tools that display information."
About IIFL Fintech Fund
Established in 2021, IIFL Fintech Fund invests in early-stage fintech companies that can collaborate with the IIFL Group to build the next generation of financial services. With 14+ investments and multiple successful exits, the fund has delivered strong returns across segments including digital infrastructure, data and analytics, compliance, lending enablement, and wealth tech. Its portfolio includes Leegality, FinBox, DataSutram, Finarkein Analytics, Finvu, Trendlyne, Insurance Samadhan, Xtracap Finance, Castler, Vitra.ai, EasyRewardz, Multipl, Riskcovry, Fundamento, and TrustCheckr (acquired by Truecaller).
Disclaimer: https://assetmanagement.iiflcapital.com/aif-disclaimer
About TraqCheck
TraqCheck is an AI-native HR technology company building autonomous agents for enterprise hiring. Its Human Operating System platform integrates specialised agents -- including Trace for background verification and Nina for real-time talent sourcing -- to execute end-to-end recruitment workflows without manual intervention. The company counts nearly 300 enterprise customers across India and Europe and is backed by IvyCap Ventures, IIFL Fintech Fund, and angel investors including Peyush Bansal (Lenskart) and Alok Oberoi (Everstone Capital).
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