~The Chennai-based tech start-up has raised funds from seven prominent angel investors~
India, 29th November 2022: Moonlighting, Fraud, Accepting Offer Letters and Not Joining, Absconding and many such issues relating to employees have been more in the news lately. Companies are aware of such issues but what is the solution to such problems? This is where TRST Score comes in to solve the issues and to act like a rating for employees, agents, customers etc. A reverse of the Glass Door where employers who have invested in their personnel and businesses, have a voice too.
TRST Score, the World’s Only Human Risk Mitigation Platform that helps to understand the 360-degree risk of dealing with a human, be it as an employee, agent, gig worker, student or even a customer by asking companies to store data within its secure privacy protected TRST Score Vault. TRST Score (Fiducia Score Private Limited), a tech startup established in Aug 2021 has raised Rs. 20 million in seed funding from seven prominent angel investors. The focus is to create a community that will assist in reducing company costs and losses caused due to human trust deficiency. This industry-agnostic company is serving a client base of over 150+ companies across IT, NBFC, Micro Finance and other corporate sectors. With this funding, the company is geared up to expand its reach and strengthen its technology offerings.
Founded by former Oracle and KPMG executive from Silicon Valley Sudhakar Raja, TRST Score aims to solve a Human Trust issue that is costing companies an estimated loss of more than Rs. 10 lac crores in India alone. Statistics show that 30% of companies go bankrupt due to Human Risk in the US and is estimated to be the same in India as well. “What some consider a small issue such as Accepting offer letters and Not Joining alone may drain a large company of its valuable resources and is estimated to cost Rs. 1,00,000 for every time it happens,” says Sudhakar. The insurance industry loses 8% of its revenue due to Human Risk according to The Insurance Foundation of India.
“The potential for what we are doing has the same ramifications as what credit score had to the entire BFSI sector. We want to look at the person from a 360-degree perspective. Companies are trying to find ways and means to get alternative data points to reduce losses and also save money while improving business processes that can be automated” said Sudhakar.
There are many blue-collar workers and gig workers who are not part of any platform. Take your drivers, workers etc. They migrate to different places and work in many companies. What do you know about them? TRST Score will not only help in mitigating any risks, it can also help them get jobs quickly and allow them to get loans, insurance etc.
A market study shows that 20% of certificates presented by candidates to organizations are fake. There is nothing stopping an individual from claiming credentials from any skilling institution or educational institution as technology has made it very easy to fake documents. This is why TRST Score is bringing on board institutions, skilling companies and platforms to bring their certifications onboard TRST Score. This will allow companies to validate certificates in a single place without having to go to multiple portals.
Founded as a community initiative, Mr. Raja is driving the company’s strategic direction and working on making this powerful platform accessible globally. TRST Score also bagged the ‘Most Innovative HR Tech Award’ at the HR Tech Summit and Awards 2022. TRST Score is Privacy Protected, GDPR compliant and even compliant with the new privacy law that is in the process of being enacted by Govt of India.
TRST Score advisors comprise industry stalwarts with a vision to pioneer the HR Tech space. The advisory board members are Mr. Satish Mehta, Former Founding MD and CEO of CIBIL, Mr. Srinivas Acharya, Former MD of Sundaram Home Finance, Mr. Ashok Kalyanswamy, Former CIO of Saxo Bank, Mr. N. Sridhar, Founder of G.A.M.E. and Hon. Secretary of NHRD – Chennai, Ms. Taruna Hinduja, Currently an Entrepreneur and Former HR Head – of SPI Cinemas and Mr. Girish Ramdas, CEO of Magzter. They have also partnered with industry associations showing their dedication and commitment to building the TRST Score Platform to help the corporate world.
Commenting on the funding, Mr. Sudhakar Raja, Founder and CEO of TRST Score, said, “The objective of this first-of-kind human risk mitigation platform is to help corporates mitigate human risk. We are offering this free for two years. Companies can sign up by going to www.TRSTscore.com. The funding and the fact that over 150+ companies have signed up already and with a pipeline of 1000+ companies who in the process is a testimonial to the need of having a platform that will assist corporates to mitigate human-related risks. This platform will reduce bankruptcies and companies suffering silently due to the growing menace of human trust deficiency. With TRST Score, companies will be able to hire verified ethical and hard-working employees, reducing HR and hiring costs. Helping companies build a long-term workforce and excel due to this able workforce. With this funding, we will be able to expand further, onboard more clients, and upgrade our AI and NLP systems.”
Now that the TRST Score offering has gained instant traction and growth Sudhakar also added that they are looking at raising $5 million soon to grow the business exponentially and capture the potential 300 million+ addressable markets in India.