- TheRollNumber, a blockchain-based certificate verification platform, has raised $165K in a seed round led by Inflection Point Ventures.
- The funds will enhance the technology and platform, increase data usage, grow the team and operations.
- Inflection Point Ventures has invested over 550 Cr across 140+ ventures.
Hyderabad,9th February 2023: TheRollNumber, a blockchain-based certificates verification platform, raised $165K USD in a seed round led by Inflection Point Ventures. The funds will go towards enhancing the technology, improving the platform, expanding the team, and broadening data capabilities.
Founded in December 2020 by second-time entrepreneur Sai Raghavendra Sharma, TheRollNumber aims to provide a solution for the disorganized background verification market. The platform offers quick background checks in just 15 minutes and focuses on all stakeholders in the ecosystem, including employers, universities, and individuals.
TheRollNumber offers secure and verifiable education credentials, addressing fraud and over-claiming on resumes. With the changing job market requiring people to continuously retrain, the platform also helps individuals prove their acquired skills. TheRollNumber provides BAAS and SAAS services for employers, banks, colleges, certification bodies, and individuals, allowing them to verify and issue credentials.
Vikram Ramasubramanian, Partner, Inflection Point Ventures says, “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 says, “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 high employee attrition rate of over 20% and recent 40k layoffs caused by fake credentials in November 2022 highlights the pressing need for a solution. India produces 3.85 million graduates each year.
However, 45% of education and employment credentials are fraudulent, making it challenging, costly, and less reliable for employers to verify them manually. TheRollNumber is tackling this problem by using blockchain technology, powered by Hyperledger Fabric, to verify records, starting with student records. This makes verification quicker, more secure, and more cost-effective.
In addition, TheRollNumber is currently testing a hybrid approach that uses APIs to verify identification and historical job information. The company aims to serve the entire ecosystem of document issuers, users, and owners, and is preparing to launch its beta in Q1CY23 after testing its MVP.