Ride Sharing Service Firm Zify Raises $190K in Angel Round

Ride Sharing Service Firm Zify Raises $190K in Angel Round, Also Eyes $3M in Series A Funding, Shown Above - Zify's team, Image Credit: Facebook

Ride Sharing Service Firm Zify Raises $190K in Angel Round, Also Eyes $3M in Series A Funding, Shown Above – Zify’s team, Image Credit: Facebook

Founded by Anurag Singh Rathor and Pramod Kumar in 2014, Hyderabad based ZIFY which allows users to search and book a shared ride to their office with a verified member of the community, has raised $190,000 in angel round. Sean O’Sullivan of SOSventures and two other Hyderabad-based angel investors have invested in the round. The raised funding will be used for technology improvement and marketing.

The startup’s Smart Routing Algorithm matches user with a verified car-owner going to their destination and has its own wallet for cashless transactions. The firm is also planning to raise $3 million in its Series A round. It had previously secured $15,000 from ex-CMD of Microsoft India, Srini Koppolu, 50K ventures, Parampara Funds and CIE – IIIT Hyderabad.

Zify is currently operational in Hyderabad, Bengaluru and Gurgaon, and has more than 11,000 registered users on its platform. It is targeting to expand its presence across all the metro cities in the next six months. It has raised funds at a time where ride sharing has started to catch up in the country. Global carpooling firms Tripda and Blablacar entered India earlier this year, and Uber too is piloting its carpooling. Among the Indian companies, it is competing with the likes of Ibibo and Meru, which have also ventured into ride sharing through their new services Ryde and Carpool respectively. While technology driver cab hailing services like Uber and Ola have already penetrated several cities in the country, ride sharing is still warming up and no single player currently has emerged at the top.

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