HelloVerify India, today 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 6-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 India’s largest and biggest corporates and startup unicorns.
Commenting on the funding, Varun Mirchandani, Founder, Hello Verify, said, “We are here to disrupt the fast growing background screening space in 2 ways – 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 ride hailing companies, food delivery and handymen services opens up newer market segment which require background checks”.
In his comments, Sushanto Mitra, CEO, Lead Angels, said, “We 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 enhanced corporate governance and security norms. And they have a disruptive product that is already making giant strides”.
The funds raised will be utilized for accelerating and expanding HelloVerify’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 & 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.
Founded by brothers Karan and Varun Mirchandani, HelloVerify aims to replace the prevailing model for background checks which is outdated, complicated, lengthy and manual. Helloverify is modernizing the background check experience by making it as simple as entering details and getting results instantly. The initial focus is on the white collar employee segment in India, where speed, accuracy and a simplified background screening experience was of vital important to clients. This later evolved into strategic technology focused products catering to an array on industries – IT/ITEs, Aviation, Banking, Education, Healthcare and Logistics. Helloverify Inc. has conducted over 5 million checks so far and serves over 100 clients from various corporate domains .The company has a nation-wide presence with over 300+ employees and sales presence in New Delhi, Bangalore, Hyderabad, Pune and Mumbai.
Lead Angels was started by a team of three IIT-Bombay alumni to provide end-to-end financial services to start-ups. Lead Angels Network with over 130+ members and chapters in Delhi, Mumbai, Ahmedabad, Bangalore & Hyderabad, invests in promising companies after comprehensive and rigorous filtering and shortlisting under the oversight of its investors. Post investment, Lead Advisory assists these companies in fundraising while LA Management & Professional Services supports compliance and governance requirements of these companies. As a consequence, Lead Angels’ portfolio of over 25 companies have shown remarkable resilience and success in raising external funding in a turbulent period and boasts of a survival rate significantly above the industry average – SuprDaily, Planet Superheroes, TinMen, Shopkirana to name a few.