Ryde scores funding to drive new features and payments

Singaporean ride-hailing app Ryde has secured an undisclosed amount of funding from local investment firm Nomad X.

The deal will see Tan Suan Jin – director and chief investment officer at Nomad X, and a former BlackRock exec – become chairman of the startup.

Photo credit: Ryde

“It is an honor to partner with a visionary Singaporean entrepreneur like Terence [Zou, Ryde founder and CEO] and his talented team,” said Tan. “Ride-hailing in Singapore has been a very exciting and competitive industry, and it is heartwarming to find a Singaporean company being able to hold their own against the competition and be at the forefront of innovation.”

Watch: Inside Ryde, Grab’s newest rival

In a statement, Ryde – which is currently available in its native Singapore, as well as Hong Kong and Malaysia – said it will use the fresh injection of capital to expand its operations, hire and train more technical talent, and launch new features.

Some of the funding will also go towards enhancement of its “proprietary payment systems,” it said.

“[Tan’s] professional experience in investing and working with companies over the years would be most useful for us as we plan to expand and innovate aggressively in the coming months,” said Zou.

The startup partnered with Singaporean taxi operator Comfort DelGro in May 2017, allowing its users to book the firm’s taxis directly via its app. As of that month, it had raised US$2 million in seed funding from undisclosed “strategic angel and private investors,” including a US$1.5 million round announced in November 2015.

In August last year Ryde launched an on-demand courier service using its network of both licensed taxi drivers and private-hire cars, though it subsequently suspended the feature after Singapore’s Land Transport Authority said it was in breach of regulations.