Hi @neethup ,
Do you want to check if the entered Text value existed in your data source already?
Could you please share a bit more about the LookUp formula in your app?
Based on the needs that you mentioned, I think the OnChange property of the Text Box and the LookUp function could achieve your needs.
I have made a test on my side, please take a try with the following workaround:

Set the OnChange property of the Text Input box (TextInput1) to following:
If(
IsBlank(LookUp('20190701_case7', Title=TextInput1.Text)),
Set(ShowErrorMsg, false),
Set(ShowErrorMsg, true)
)
On your side, you may need to type the following:
If(
IsBlank(LookUp('YourDataSource', FilteredColumn = TextInput1.Text)), /* <-- FilteredColumn represents the column in your data source, which you want to compare with the Text Input value */
Set(ShowErrorMsg, false),
Set(ShowErrorMsg, true)
)
Add a Error Message Label under above Text Input box, set the Text property to a error message you want to display. e.g.
"The value you typed has been existed, please re-type a new one!"
set the Visible property of the Label to following:
If(ShowErrorMsg, true, false)
Please check the following GIF screenshot for more details:
Best regards,