Ex-Citigroup Inc. banker Terence Zou started a carpooling app in Singapore to help cut road congestion, pollution and commuting costs. Now he’s in talks to raise money so he can bring that model to another crowded city -- Hong Kong.
Zou’s Ryde Technologies Pte is in discussions to raise about $10 million in new financing to help fend off rival GrabTaxi and prepare to take his app abroad. The discussions come two months after the company raised $2 million in a seed round from Singaporean investors.
Ryde is trying to capitalize on the sharing economy by matching private-car drivers with commuters on a similar route. Riders pay according to the distance they travel, helping offset the high costs of car ownership and gasoline in cities including Singapore. Ryde wants to expand that model to Hong Kong because it has similar regulations -- and traffic issues -- as Singapore.
“We’re rushing to go to Hong Kong because we’re pretty sure that Hong Kong doesn’t have this service yet,” said Zou, 40, the service’s chief executive officer. He declined to name potential backers.
Ryde, which charges subscribers a flat annual fee of $30, has signed up 20,000 members since its founding in September 2014, and Zou said he expects to have 50,000 members by the middle of this year. It’s capitalizing on the popularity of ride-sharing services that have sprouted up globally to meet growing demand in major cities.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
Zou’s Ryde Technologies Pte is in discussions to raise about $10 million in new financing to help fend off rival GrabTaxi and prepare to take his app abroad. The discussions come two months after the company raised $2 million in a seed round from Singaporean investors.
Ryde is trying to capitalize on the sharing economy by matching private-car drivers with commuters on a similar route. Riders pay according to the distance they travel, helping offset the high costs of car ownership and gasoline in cities including Singapore. Ryde wants to expand that model to Hong Kong because it has similar regulations -- and traffic issues -- as Singapore.
“We’re rushing to go to Hong Kong because we’re pretty sure that Hong Kong doesn’t have this service yet,” said Zou, 40, the service’s chief executive officer. He declined to name potential backers.
Ryde, which charges subscribers a flat annual fee of $30, has signed up 20,000 members since its founding in September 2014, and Zou said he expects to have 50,000 members by the middle of this year. It’s capitalizing on the popularity of ride-sharing services that have sprouted up globally to meet growing demand in major cities.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
0 comments:
Post a Comment