HelloVerify India on Tuesday announced that it has raised an undisclosed amount of funding from Lead Angels network along with leading Silicon Valley investors like Y-Combinator, Data Collective & Venture Souq. Hello Verify is an API background screening platform which grew 100% y-o-y in the last six months riding on 30 enterprise customer wins. The company is landing bigger and larger contracts for background checks and is now working with over 105 of Indiaâ€™s largest and biggest corporates and startup unicorns.
Commenting on the funding, Varun Mirchandani, Founder, Hello Verify, said, â€śWe are here to disrupt the fast growing background screening space in two ways â€“ replace traditional screening methodologies through robotic solutions and significantly improve upon the current client experience. We would also like to target millions of small businesses that require background checks. With the arrival of sharing economy services such as ride hailing companies, food delivery and handymen services, it opens up newer market segments which require background checksâ€ť.
The funds raised will be utilised for accelerating and expanding HelloVerifyâ€™s technology ecosystem by integrating and enhancing the role of artificial intelligence in its background check technology. This will lead to improved turnaround times, better data insights and enhanced quality and accuracy for clients. Hello Verify plans to expand across India with particular focus on the south Indian market. It is also keen on increasing its penetration into the white and blue collar segments. As per industry reports, Employment Screening Services Market is expected to reach US$4.9 billion globally by 2023 offering huge growth potential for background screening companies.
Sushanto Mitra, CEO, Lead Angels, said, â€śWe believe HelloVerify has all the makings of a future unicorn. The background screening space is likely to grow exponentially with the data ecosystem developing further and with enhanced corporate governance and security norms. And they have a disruptive product that is already making giant stridesâ€ť.