One of Singapore's small ride-hailing platforms, Ryde, recently finished a funding round to help grow their operations within their market, even as they face down rivals like Grab and Gojek.
According to a Business Times report, Ryde Technologies, which claims to be Singapore’s first carpooling firm founded in 2015, received an undisclosed amount from investment firm Nomad X for its Ryde app.
The funding comes more than three years after Ryde Technologies secured US$1.5 million in seed funding from unnamed investors and less than a year after the firm launched RydeX, its new private-hire car service as part of its growth expansion strategy.
With the investment, Ryde appointed Nomad X’s director and chief investment officer Tan Suan Jin as its chairman. Ryde said it will use the fresh funds to expand operations, introduce new features, upgrade its proprietary payment systems, and further hone up the skills of its team.
Ryde Technologies founder and CEO Terence Zhou said the company plans to expand and innovative aggressively in the coming months, even as Grab and Gojek are also in expansion mood.
Earlier this month, Indonesian ride-hailing giant Gojek said it has already completed more than a million trips since launching less than two months ago.
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