Hyderabad-based ride-sharing startup Zify has closed its first round of angel funding by raising Rs 1.2 crore from two city-based angel investors and Sean O'Sullivan of SOSventures, an early investor in Netflix and Guitar Hero. The funds will be utilised for investing technology and marketing as the company plans to expand to new cities.
In an attempt to solve the traffic problems in the country, Zify provides an app-based social platform to car-owners to share their rides with daily commuters. The company also has its own wallet for cashless transactions.
Currently, it is operational in Hyderabad, Bengaluru and Gurgaon. Zify has more than 11,000 registered users and the does about 500 daily rides on an average. The company is planning to launch in all metro cities with at least 10,000 daily rides by the end of the year.
Zify competes with the likes of BlaBlaCar, Tripda, Ryde by Ibibo and Carpool by Meru.
"Though we have a sizable chunk of users sharing city to city rides, our focus is more on within the city travel. Once we create a large enough user network for intra-city travel, the inter-city segment would be extremely easy for us to tap into," said Zify co-founders Anurag Singh Rathor and Pramod Kumar.