BlockChain-based certificates verification platform TheRollNumber has raised $165,000 as a part of a seed funding round led by Inflection Point Ventures.
The startup plans to use the raised capital to reinforce the technology stack, improve the platform, make greater use of data stacks, and expand the team and operations.
Sai Raghavendra Sharma, a second-time entrepreneur, founded TheRollNumber in December 2020 with the aim of creating a platform For the largely unorganized background verification and credential-issuing market. The company runs background checks in about 15 minutes.
The startup intends to concentrate its efforts on the background verification ecosystem as there are very few amalgamated platforms that focus on all the stakeholders, i.e., Employers, Universities, and Individuals in the ecosystem.
Providing secure, provable education credentials reduces fraud or over-claiming qualifications on resumes. Plus, the evolving working world means that people have to retrain every few years and need to be able to prove the skills they’ve acquired in non-college environments.
TheRollNumber said it aims to assist users who lack control over their certificates and need to carry all certifications and customizations. The platform offers BAAS and SAAS services for employers and banks to verify and issue credentials, as well as colleges and certification bodies and individuals such as students and employers.
Vikram Ramasubramanian, Partner, Inflection Point Ventures, said, “Blockchain technology has disrupted many niche sectors. TheRollNumber is cutting down the hassle of verifying the certificate/documents manually. We witness Lakhs of admission to institutions, especially in peak season and employment is an ongoing process and post-pandemic where scanned documents are shared with employers, one can leverage the TheRollNumber platform and verify the credibility in less time without spending much. Centralization of sensitive information led us to invest in TheRollNumber. Time-saving and cost effective approach of TheRollNumber has determined us to back their vision.”
Sai Raghavendra Sharma, Founder, TheRollNumber, said, “TheRollNumber aims to provide a credential management system to individuals which is need of the hour, TheRollNumber is building a system which not only enables digitization and verification in less than 15 minutes but also let users or Individuals know “ Who, why when and how are the credentials being utilized” which helps the problem of identity and credential theft.”
The employee attrition rate is over 20%, and the recent 40k layoff due to fake credentials in Nov 2022 proves the need for a solution, and also India accounts for 3.85 million graduates every year.
However, 45% of school and prior employment credentials are fraudulent, making it difficult, expensive, and less reliable for employers to evaluate them manually. While blockchain-enabled records are more reliable and secure, digital record verification is quicker and less expensive.
To ensure increased speed and dependability, TheRollNumber said it is developing this blockchain technology using Hyperledger fabric, starting with student records.
While developing blockchain technology, it has begun paid pilots on a hybrid approach that uses API to verify identification and historical job information. As a result, The Roll Number seeks to serve the whole ecosystem of document makers, users, and owners and is now testing its MVP before launching a beta in Q1CY23.