Zuver in talks to raise ₹13 crore

Zuver is in talks with a clutch of investors to raise about ₹13 crore in pre-series A funding, which the start-up intends to close in the next couple of months.

The firm, which provides drivers on demand, would use the proceeds for its expansion plans.

“We are in talks with private equity players, venture capitalists, private investors and family business to raise the funds. The talks are in various stages and many of them have evinced interest to invest in our company,” said Sidhanth Mally, co-founder, Zuver.

The company has already concluded the first round of discussions with Norwest Venture Partners, Matrix Partners, Nexus Partners and a host of private investors for the fund raising.

Zuver was set up in January by entrepreneurs Mally and Sovin Hegde, and it raised an initial ₹1.2-crore funding from angel firms Shruth & Smith Holdings and Hermes Group. Now, with operations in Mumbai, the start-up already has 60 drivers on its platform.

The start-up intends to use the proceeds for its expansion plans, which includes foraying into two more cities — Bengaluru and Pune — by May-end. Further, it plans to expand its presence to Delhi and Hyderabad by December.

“We plan to start in Bengaluru with 25-30 drivers and in Pune with about 15-20 drivers. Further, we also have plans to double the numbers of drivers in Mumbai to 120,” Mally added.

Zuver also intends to increase its presence in business-to-business, wherein the start-up provides drivers to corporates and educational institutions.

“We will also use a part of the proceeds for our marketing initiatives.”

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