This start-up, which got listed on NSE last year, has signed up clients in the retail and e-commerce space.
Mumbai-headquarterd SecUR Credentials, one of India’s largest employee background verification companies, came into existence in 2016 when Pankaj Vyas and Rahul Belwalkar decided to convert their vision for due-diligence in employee onboarding into an organisation.
Today, SecUR Credentials does background verification of employees, riding on two strengths; namely, innovation and technology. Trusted by more than a thousand big companies to do their employee screening reports, SecUR has one of the most comprehensive countrywide reach in the background screening industry covering all 39,732 pincodes in the country.
“Currently our prime focus is on inculcating a culture of due diligence through background verification of all hires. Our objective is to ensure that right from joining an organisation, the integrity of a candidate is verified and maintained going forward so as to minimise the risk he brings to the organisation,” says Rahul Belwalkar, CEO, SecUR Credentials.
While Belwalkar has worked for over two decades with leading corporates such as ICICI Prudential Life, Reliance Life, ABN AMRO Bank and Arthur Andersen, co-founder Vyas had been closely associated with the background verification and due diligence space as an auditor for a major risk management firm earlier.
“We offer a wide variety of services within the realm of background verification—education validation, previous employment, criminal and court record, identity and address verification, drug test, database and media, reference checks, credit checks and psychometric test,” says Belwalkar .
SeCUR recently came up with a self-verification tool for employees and their employers. A 10-digit code provides access to a potential employee’s personal information such as educational qualifications, permanent address, past employment details, reference checks, identity details with the help of PAN or Aadhaar, criminal records, database and media searches. While employees can pre-verify their details with this code, employers can use the number to pre-screen candidate profiles, thus saving precious time on background checking and narrowing down the list of probable hires.
On the important milestones the start-up has achieved so far, Belwalkar says that in addition to signing up some turnkey clients in retail and e-commerce space,its biggest milestones include the initial public offer in 2017 which was oversubscribed around four times and the move to a swanky new office which is located in right in the centre of Mumbai. SecUR Credentials had got listed on the National Stock Exchange (NSE) in November last year. “We are currently valued at over `100 crore and have divested around 30% of our stock. We are cognizant of the responsibility placed upon us by all our stakeholders,” he says.
With the funds raised from the IPO, the start-up’s cash position is strong. The focus is now on scaling up and adding value to the business through enhanced operations, improved turn around time (TAT) and aggressive customer acquisition.
The company’s initial funding was mostly from high networth individuals and post the IPO, it has got good number of retail investors too. “We have an ideal mix of HNIs and retail investors who are confident in our abilities to perform in the coming years. Some global funds have also shown interest in investing in our operations which signals that we are ready for the next stage of growth,” says Belwalkar.